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Foster's first London skyscraper sold in massive lease-back deal

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Norman Foster's first major London tower, 8 Canada Square, which sits in the heart of London's Canary Wharf, has been sold for a whopping £1.09 billion.

HSBC agreed the price for its London headquarters with Spanish property group Metrovacesa, in a lease-back deal which is the largest of its kind in the UK.

The Spanish firm has signed up to a 998-year lease but HSBC will remain occupants of the 45-storey building.

Under the agreement, Metrovacesa will pocket a cool £43.5 million in rent over the next 20 years; the firm has an option to extend this rental period for a further five years.

Construction of the 213m tower began in 1997 and was completed in 2002. Tragically, three construction workers were killed in May 2000 when a crane collapsed during building.

by Max Thompson

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