Canary Wharf to Sell Stake in UK Tower

28 September 2010 (Last Updated September 28th, 2010 18:30)

Developer Canary Wharf Group (CWG) may sell a stake in its Walkie Talkie development in London to other investors. CWG, which owns a 50% stake in the scheme, is expected to sell a 35% stake to its shareholders while it may retain 15% holding in the development. The joint ven

Developer Canary Wharf Group (CWG) may sell a stake in its Walkie Talkie development in London to other investors.

CWG, which owns a 50% stake in the scheme, is expected to sell a 35% stake to its shareholders while it may retain 15% holding in the development.

The joint venture of CWG and Land Securities were due to commence construction this month on the landmark, but an agreement to proceed has not yet been signed.

The shareholders include Qatar Holding, China Investment Corporation, New York investor Simon Glick and Morgan Stanley Real Estate Funds, according to Bloomberg.

The tower, designed by Rafael Viñoly Architects, is expected to provide over 600,000ft² of office space upon its completion in 2014.