Quinlan in £1bn Canary Wharf deal

Financier Derek Quinlan has agreed the second-largest-ever real estate transaction in Britain with the acquisition of a £1 billion…

Financier Derek Quinlan has agreed the second-largest-ever real estate transaction in Britain with the acquisition of a £1 billion 42-storey office tower in Canary Wharf, London.

The transaction, which was confirmed this morning, is a joint venture between the executive chairman of Quinlan Private, who is acting in a personal capacity, and Propinvest, a private property company that owns over £2.5 billion of UK property assets, with a further £500 million of property assets in continental Europe and Scandinavia.

The €1.4 billion building, at 25 Canada Square, compromises 1,223,474 square feet of high specification office space and other accommodation, along with basement car parking for 219 vehicles.

Mr Quinlan said: "This is a long-term personal investment in a prime property in the heart of London's new financial centre. The quality of this asset is matched by the calibre of its long-term tenant, Citigroup, the world's largest bank."

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Mr Quinlan recently bought 47 Marriott hotels for £1.1 billion.