Compare Annuities  

Get latest annuity rates now

Free Pension Healthcheck  

Get a free online consultation now

HSBC sells Canary Wharf headquarters

HSBC has agreed the sale of its London headquarters at 8 Canada Square, Canary Wharf, to the National Pension Service of Korea (NPS) for £772.5 million in cash.

The sale-and-leaseback agreement will provide the group with a gain of approximately £350 million.

The transaction involves NPS’ wholly-owned subsidiary, NPS 8CS Holdings Sarl, purchasing HSBC’s 100% shareholding in Project Maple II B.V., the sole asset of which is the 998-year leasehold interest in 8 Canada Square.

HSBC will retain full control of occupancy for the remaining 17.5 years of its existing 20-year leaseback period at a current rent of £46 million per annum.

The bank’s chief technology and services officer, Ken Harvey, said: “We actively manage our global real estate portfolio in accordance with the needs of our businesses and in the interests of our shareholders, and we are delighted the National Pension Service of Korea, one of Asia’s largest sovereign investors, will be our new landlord.”

The building was only repurchased by the bank in December 2008, for £838 million, having been sold by the group in 2007 in a £1.09 billion sale-and-leaseback deal with Spanish property developer, Metrovacesa.

Comments (0)

There are no comments.

Leave a Reply