Banking giant HSBC is planning to sell and leaseback its headquarters building at Canary Wharf for £800 mln (EUR 1.2 bn). The deal is being touted as the biggest ever in Britain, with some observers saying the sale price may reach as much as £1bn.
Banking giant HSBC is planning to sell and leaseback its headquarters building at Canary Wharf for £800 mln (EUR 1.2 bn). The deal is being touted as the biggest ever in Britain, with some observers saying the sale price may reach as much as £1bn.
HSBC is expected to sign a new 15-year lease on the property. The sale-and-leaseback decision is based on a wish to cash in on what many see as the continuing strength of the investment market.
The decision to sell the 1m sq ft (92,900 sq m) HSBC tower at 8 Canada Square was made at a board meeting on Sunday night following the recommendation of its property advisor, CB Richard Ellis. The skyscraper serves as the international headquarters for HSBC, and houses around 8,000 staff.
The 45-storey, 200-metre tower was designed by Lord Foster. Construction began in 1997 and was completed in 2002. It is the second-largest tower in the UK after the neighbouring Citigroup Centre, with trading room floor plates of around 45,000 sq ft (4,180 sq m).