US bank JP Morgan (JPM) is set to relocate its European headquarters to London's Canary Wharf from the City after it struck a £237 mln (EUR 280mln) deal with Songbird Estates, the majority owner of the Canary Wharf Group (CWG). The financial group is buying the 999-year leasehold interest of Canary Wharf Group in a plot of land at the Riverside South site at Canary Wharf for £237 mln.
US bank JP Morgan (JPM) is set to relocate its European headquarters to London's Canary Wharf from the City after it struck a £237 mln (EUR 280mln) deal with Songbird Estates, the majority owner of the Canary Wharf Group (CWG). The financial group is buying the 999-year leasehold interest of Canary Wharf Group in a plot of land at the Riverside South site at Canary Wharf for £237 mln.
Under the agreement, CWG will complete on behalf of JPM the design, planning and further infrastructure works for a new European headquarters building which will enable the bank to bring together its several locations across London. CWG will wait for instruction from JPM before proceeding with final construction. If construction of the building is postponed, or put off altogether, CWG will be paid for completed work and also retain £76 mln representing a portion of Developers Profits related to the development, the company said on Monday.
