Real estate investment trust British Land done a deal with the Daily Mail owners to buy the land which is currently home to the newspaper's printing operations.
The purchase of the 14.57 acre Harmsworth Quays printing works site at Canada Water in South East London is British Land's latest investment in the area.
In January it announced plans for a £34m investment at nearby Surrey Quays shopping centre along with improvements to public spaces and transport connections.
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British Land will take possession of the site in late 2013 following the relocation of the Daily Mail General Trust's (DMGT) 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," said British Land's Development Director Mike Rayner.
DGMT said it was changes in technology that had led to the relocation out of the area.
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