British Land is to buy the Daily Mail print works at Harmsworth Quays.
The company will buy Daily Mail & General Trusts’s part leasehold part freehold interest in the 14.57 acre site.
British Land is no stranger to Canada Water from its joint venture with Southwark Council and its share in Surrey Quays Shopping Centre.
British Land will take possession of the site in late 2013 following the relocation of DMGT’s printing operations from Harmsworth Quays to Thurrock.
“The purchase of this large site adjoining our existing ownerships re-enforces our confidence in the area and demonstrates our continued commitment to the wider Canada Water regeneration and Rotherhithe,” says development director Mike Rayner.
“We look forward to working together with the London Borough of Southwark and the local community to realise the full potential of this site.”
DMGT’s David Dutton said: “Canada Water has been a really good location for our printing works, it has been changes in technology that have led to the relocation out of the area and I am sure British Land will deliver a really first class scheme on the site which will benefit the local community.”
The freehold of part of the site is held by Southwark Council which is expected to sell its interest in the land.