Overbury\u2019s project to refurbish a London office tower for US bank Citi is set to cost \u00a31.1bn, the client has revealed.<\/p>\n
The bank disclosed the extent of its investment in the scheme at 25 Canada Square ahead of US president Donald Trump\u2019s state visit to the UK this week.<\/p>\n
In early 2022 Citi unveiled<\/a> plans to refurbish the 42-storey tower, which is just 20 years old. Reports at the time<\/a> estimated the cost at \u00a3100m.<\/p>\n Now the bank has said it expects to spend 11 times that amount, in a move it said represented its \u201cdeep and longstanding commitment to the UK economy\u201d.<\/p>\n It said about two-thirds of the investment would go directly to UK firms and workers.<\/p>\n \u201cThis focus on local sourcing has brought in many small and medium-sized enterprises and specialised manufacturers from across the country,\u201d Citi said in a statement.<\/p>\n \u201cAt the time of completion, almost 6,000 people will have worked on the project, many of whom live within a 25-mile radius of the building.\u201d<\/p>\n Citi chief client officer David Livingstone added: \u201cThis significant investment, which I am pleased to say is progressing on schedule and within budget, underscores Citi\u2019s deep roots and future ambitions in the UK.<\/p>\n \u201cAs our second-largest market and a critical financial hub, the UK holds strategic importance to how we serve our clients globally.<\/p>\n \u201cWe are proud to reinforce our role both as a financial institution and as a key contributor to economic prosperity and regional development across the country.\u201d<\/p>\n Citi employs about 14,000 people across its UK offices in London, Edinburgh, Belfast and Jersey.<\/p>\n Head of enterprise services and public affairs Edward Skyler said the \u00a31.1bn overhaul of 25 Canada Square was an investment in its people.<\/p>\n \u201cIt\u2019s a statement to our thousands of colleagues that they deserve best-in-class workspaces and to our communities that they deserve our lasting commitment,\u201d he added.<\/p>\n Workers are expected to begin moving into the refurbished tower from next spring.<\/p>\n Morgan Sindall subsidiary Overbury has been contacted for comment.<\/p>\n","protected":false},"excerpt":{"rendered":"Overbury\u2019s project to refurbish a London office tower for US bank Citi is set to cost \u00a31.1bn, the…\n","protected":false},"author":2,"featured_media":428927,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7757],"tags":[748,393,4884,257,16,15],"class_list":{"0":"post-428926","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-london","8":"tag-britain","9":"tag-england","10":"tag-great-britain","11":"tag-london","12":"tag-uk","13":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/115214109202489675","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/428926","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=428926"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/428926\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/428927"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=428926"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=428926"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=428926"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}