Barclays has purchased its Canary Wharf global headquarters from Canary Wharf Group (CWG) in a deal valued at \u00a3750 million.<\/p>\n
The bank said the acquisition of a 999-year leasehold on One Churchill Place will secure its control of the building beyond its current lease, which expires in 2039, while providing greater certainty over long-term occupancy costs.<\/p>\n
The building has served as Barclays’ global headquarters since 2005 and provides more than one million square feet of office space. The bank said owning the leasehold interest will also give it greater flexibility to adapt its London office as working patterns and business requirements continue to evolve.<\/p>\n
Barclays said the transaction is expected to be broadly neutral to the group’s Common Equity Tier 1 capital ratio and earnings. Savings from its existing lease arrangements will largely offset the additional financing and depreciation costs associated with the purchase, it added.<\/p>\n
“One Churchill Place has been our home and global headquarters for more than two decades,\u201d said C.S. Venkatakrishnan, group chief executive at Barclays. \u201cIt is where our colleagues come together to innovate, build relationships and serve our customers, clients and communities in the UK and around the world.<\/p>\n
“This acquisition gives us long-term certainty, greater flexibility over our London footprint and reinforces our continued confidence in London as one of the world’s leading global financial centres.”<\/p>\n
Other financial services companies have recently taken steps to increase their presence in Canary Wharf.<\/p>\n