Credit Suisse May Seek Sale Leaseback of Second Canary Wharf Tower

Property Week / Financial Times - May 29, 2009

Credit Suisse has begun a sale of its London property estate that could raise as much as £500m as part of a strategy to focus on core banking operations.

The investment bank this week instructed CB Richard Ellis to begin marketing the smaller of its two buildings in Canary Wharf, with indications that its tower at Cabot Square is also likely to be brought to the market before the end of the year.

In total, the sales of the two buildings – 20 Columbus Courtyard and 1 Cabot Square – could raise more than £500m, depending on the terms set by the bank on the length of its occupancy and rent.

The move comes as other banks and companies look to sell off non-core assets, with property advisers forecasting that several billion pounds of sale and leaseback deals will be completed in the next few months. Sphere: Related Content