British Land will take possession of the site, currently called Harmsworth Quay, in late 2013 following the relocation of the newspaper’s printing operations to Thurrock.
Canada Water is a major regeneration zone in Southwark and British Land has a long term interest in the area, both from its joint venture with the London Borough of Southwark at Canada Water and its joint venture at Surrey Quays Shopping Centre.
In January, British Land announced plans for a £34m investment at Surrey Quays shopping centre including an extensive refurbishment of the existing centre and an extension.
British Land development director Mike Rayner said: “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. We look forward to working together with the London Borough of Southwark and the local community to realise the full potential of this site.”