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Said Holdings sells London office tower for £270M

Said Holdings sold a 319,000-square-foot office tower at 5 Churchill Place in Canary Wharf in London to Chinese property developer Cheung Kei Group for £270 million, London's Financial Times reported.

Citing an analysis from Capital Real Estate Partners, Cheung Kei's adviser on the transaction, the report noted that the sale price represents a net initial yield of 5.2% for Said Holdings, which acquired the property in 2009 from Canary Wharf Group for £208 million. The 12-story building is let to JPMorgan.

Cheung Kei previously paid £410 million to acquire the 12-story 20 Canada Square mixed-use property, also in the same area, from Brookfield Properties.