HSBC tower could be sold for over 1.1 bln stg

April 25 Thu Apr 24, 2014 8:49pm EDT

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April 25 (Reuters) - London's largest and most expensive office building, HSBC's global headquarters, is up for sale and could fetch over 1.1 billion pounds ($1.85 billion), a record price for the British market, the Financial Times reported.

The Canary Wharf-based 44-storey, 1.1 million square foot building is being marketed by estate agents JLL and GM Real Estate, according to sources familiar with the matter, the FT said. (link.reuters.com/maq78v)

At the height of the British property boom in 2007, the HSBC tower became the most expensive building in London when it sold for 1.09 billion.

The FT said HSBC had a 13-year lease on the building and is committed to annual upward-only inflation-linked rent reviews, citing sources familiar with the tenancy arrangements. This would make it an attractive proposition for investors seeking a hedge against inflation. ($1 = 0.5953 British Pounds) (Reporting by Richa Naidu in Bangalore; Editing by Bernard Orr)

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