House prices may be yet to recover, but apparently the same doesn’t apply when it comes to skyscrapers. The Citigroup tower (the one to 1 Canada Square’s right) has been put up for sale, and its price is expected to top a whopping £1bn – exactly what the bank originally paid for it.
One of Britain’s tallest buildings, it’s US bank Citigroup’s headquarters for Europe, the Middle East and Asia. It was snapped up from RBS by two buyers in 2007, at the height of the property boom, and was one of the UK’s biggest property transactions. But since property prices tumbled, the pair have been desperate to sell the property in order to pay back the money borrowed to buy the tower four years ago.
If it sells for more than £1.09bn it’ll beat the record held by HSBC, who sold its London headquarters to Spanish property group Metrovacesa in 2007.