U.S. bank buys office building in City of London
U.S. bank Wells Fargo has paid £300 million ($393 million) for a full ownership in a new London headquarters, despite growing uncertainty following the recent Brexit vote in favor of the United Kingdom leaving the European Union. The seller is international real estate developer HB Reavis Group.
The transaction is one of the largest single-office deals in the City of London market this year.
Marian Herman, CFO of HB Reavis, said in a statement, “Many have doubted what will happen to the real estate market after the Brexit vote. We see the successful signing of this deal as strong endorsement of the quality of our real estate solutions.”
The new asset, 33 Central, is an 11-story office development project in London’s City financial district at 33 King William St. It is scheduled to be completed during third quarter 2017, with Wells Fargo planning to begin moving into the new location in 2018. The bank currently has 850 employees