Docklands tower sold for £12.2m

THE Property Income Trust, managed by Standard Life Investments, has agreed to sell the Northern & Shell Tower in London’s Docklands for £12.2 million.

The property, which is let to the media group which owns the Daily Express group and Channel 5 on an annual rental of £909,000, was bought in November 2009 for £10m.

Fund manager Jason Baggaley said the trust would look to reinvest the sale proceeds in the first quarter of 2012 when he believed there will be “more attractive purchase opportunities”.