Blackstone is preparing a fresh attempt to sell Cargo, the office building at 25 North Colonnade in Canary Wharf, as improving sentiment lifts prospects for the East London financial district, Bloomberg reports.

The private equity firm may launch a process as early as next year, according to people familiar with the matter, though no decision has been finalised.

Blackstone acquired the building in 2014 for about £165m and has since invested more than £100m in renovations. An earlier sale effort was abandoned at the height of Canary Wharf’s downturn, when soaring vacancies and tenant departures depressed values. At that time, talks centred on a yield above 7%, implying a price near £270m. Any new attempt is expected to target a higher valuation given the district’s recovery.

Cargo is home to BP’s oil trading unit and previously housed the Financial Conduct Authority. A successful sale would mark the first disposal of an income-producing Canary Wharf office in several years. The last major transaction occurred in 2021, when Brookfield bought 20 Churchill Place.

Sentiment has strengthened as large firms recommit to the district. HSBC has taken additional space, and JPMorgan is planning a new tower for its UK headquarters. Blackstone declined to comment on the potential sale.

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