Nama secures more than £300 million from sale of Citi Tower in London’s Canary Wharf

The National Asset Management Agency has concluded one of its biggest asset disposals following the sale this week of Citi Tower in London's Canary Wharf.

Nama will receive about one-third of the proceeds of the transaction or about £333 million. The 1.2 million sq ft, 40-storey building is believed to have been sold to a Middle East investment fund.

The identity of the new owner has not been revealed but AGC Equity Partners was named recently in the UK media as close to securing the deal.

Nama's interest relates to loans that were held by Irish financier Derek Quinlan and British lawyer Glen Maud.

One source said Nama had “washed its face” on the deal, indicating that it has received par value for the loans it held relating to the property.

Citi Tower is the UK headquarters of global financial group Citigroup, which has a lease until 2037.

The building was sold by Royal Bank of Scotland in 2007 for £1 billion to a joint venture between Quinlan Private and Mr Maud’s Propinvest.

Mr Quinlan and Mr Maud bought the tower, situated at 25 Canada Square, using £875 million of senior debt from a consortium of banks, led by AIB.