Mar 23 2017Add to Favorites
Sarah Jones, Bloomberg
Deutsche Bank AG is in exclusive talks to move its U.K. headquarters to a new building being constructed at 21 Moorfields in the City of London financial district.
Germany’s biggest bank is negotiating with Land Securities Group Plc on a 25-year lease for the building, with staff due to start moving across in 2023, according to a memo sent to the lender’s staff and seen by Bloomberg News. The move is subject to the lease being agreed to and the building gaining planning consent. Sky News reported the talks earlier Thursday.
Corporate demand for office space in London has fallen in the wake of the Brexit vote, with BNP Paribas SA estimating that firms leased 19 percent less space in central London in 2016 than a year earlier. Deutsche Bank, which is in the process of overhauling its businesses, said this month that the next phase of its plan will cause additional job losses. In 2015, it predicted that 9,000 jobs would be eliminated through 2018.
“The move underlines the bank’s commitment to the City of London and the importance it attaches to being an employer of choice in the capital,” Garth Ritchie, Deutsche Bank’s U.K. chief executive officer, said in the memo. “It will advance the bank’s strategic goals of increasing efficiency, reducing complexity and strengthening links between the business divisions and infrastructure functions.”
Residential developer Legacy Property is set to commence a syndicated equity raise for its 7th and final stage of Caddens Hill, with minimum investment amounts starting at $250,000, targeting 17.5% investment return over the twelve month construction period. Legacy Property has $3bn of projects completed and in progress consisting of c.3,600 dwellings . 14 projects have been completed with another 7 underway, gross completed project values range from $85m to $248million for each project.
Home loan approvals have fallen significantly off the back of the APRA and the Royal Commission initiatives together with new Responsible Lending Criteria. The ABS recently reported that home loan approvals have fallen by 13.6% year on year and within that, investment loans have come back by c.20%
Off the back of successfully settling a $48m syndicated first mortgage for a residential apartment development in Sans Souci just weeks ago, Sydney-based real estate investment manager Centennial Property Group (CPG) opened a new fund with a focus on the industrial and logistics market, Centennial Industrial and Logistics Fund II (CIL II). The fund, available only to wholesale and private high net worth investors, opened on 1 November and was seeking to raise c. $38 million. CPG closed the fund less than two weeks later, well before the official close date, due to oversubscription.
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