Wells Fargo said to acquire new London HQ

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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.

Bloomberg News reports that the building, known as 33 Central, is due to be completed in the third quarter of 2017, according to a statement on Monday from the developer HB Reavis Group.

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.

To access the complete Bloomberg News article hit the link below:

Wells Fargo Said to Pay $397 Million for City of London Office

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