KPMG to sell London headquarters for £400m and stake in Shenzhen property project

International accountancy firm KPMG has arranged a sale and leaseback deal with Hong Kong–based Kingboard Investments for its London headquarters, 15 Canada Square in Canary Wharf, for £400 million ($533 million).

Kingboard Investments is a wholly owned subsidiary of Kingboard Chemical Holdings.

KPMG will continue to occupy 15 Canada Square, which comprises 434,261 square feet and is located next to the new Crossrail station in Canary Wharf. The firm will enter into a 25-year lease when the deal completes in January, reaffirming KPMG’s long-term commitment to London.

In a second sale, KPMG has agreed to sell a stake in a Shenzhen commercial property project for $483 million to its joint venture partner Shimao Property, which owns the remaining 51 per cent through Shanghai-listed subsidiary Shanghai Shimao.