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Canary Wharf could be about to sell off its stake in the Walkie Talkie Tower, according to a new report from Bloomberg News yesterday. The new report claims that the Canary Wharf Group Plc might be on the verge of selling off some of its fifty percent of its stake in the Walkie Talkie development. And it is alleged that the people to whom the Canary Wharf Group Plc are allegedly planning on selling its stake in development to are none other than its own investors.
Upon being completed, the planned landmark tower on 20 Fenchurch Street, EC3, London – which has already coined the nickname of the Walkie Talkie Tower – will be able to offer over six hundred square feet of new office space. The Tower is expected to be completed by 2014, at which time it is predicted that the city of London will be about to experience a major shortage in the amount of executive office space available even as demand continues to increase.
Construction on the tower was supposed to begin this month in what was a fifty – fifty joint venture between the Canary Wharf Group Plc and Land Securities, but the agreement to begin has not yet been signed and now the Canary Wharf Group Plc is tipped to sell off around thirty five percent of its own investment to shareholders such as Qatar Holding LLC and the China Investment Corp, keeping only a fifteen percent investment in the project.
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