Canary Wharf’s Citigroup skyscraper goes on the market for £1.2b

The owner of Citigroup’s iconic Canary Wharf tower is bringing the building to market for approximately £1.2 billion ($1.6 billion), according to European outlets.

AGC Equity Partners has owned the skyscraper at 25 Canada Square for five years, after paying £1 billion ($1.3 billion) for the 42-story office block in 2013.

The potential sale of the 1.2 million-square-foot tower was first reported by Bloomberg.

Investors spent about £4.7 billion ($6.2 billion) on central London offices in the second quarter, almost a third more than a year earlier, according to Knight Frank. Overseas buyers benefiting from a weak pound, particularly those from Asia, accounted for about 89 percent of spending in the City of London district.