M&G is considering selling its long leasehold on 20 Churchill Place in Canary Wharf, E14, for around £300m, reflecting a yield of circa 4.5%.
It is understood that the Prudential-owned business is planning to appoint JLL to look for a buyer for the 16-storey office block.
Tenants include the European headquarters of US bank State Street Bank and Trust, law firm Clifford Chance and Japanese container and shipping company Ocean Network Express.
In 2006 Prudential Retirement Income acquired the long leasehold from Canary Wharf Group for just under £200m. It was Prudential’s first investment in Canary Wharf.
Designed by Kohn Pedersen Fox and completed in 2009, 20 Churchill Place sits next door to the London home of the European Medicine Agency at 25 Churchill Place. The EMA is due in court this month as it fights to exit its 25-year lease, which it agreed to in 2014 with landlord Canary Wharf Group.
The decision to relocate the EMA to Amsterdam was one of the first visible results of the EU referendum.
M&G has been contacted for comment.
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