Wells Fargo will pay about $397m to acquire a new London headquarters enabling the bank to increase its presence in the U.K. capital, according to two people familiar with the matter who asked not to be named because the details are private.
The property in the City of London district would have room for about 2,600 people, based on the specification listed on the building’s website. Wells Fargo employs 850 people across four London office properties and plans to occupy all of the new building, according to a spokeswoman. The firms declined to comment on the price.
The deal, just three weeks after Britain’s shock vote to leave the European Union, signals London real estate demand may be resilient even as some banks plan to move staff away.
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