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 7thand final stage of Caddens Hill, with minimum investment amounts starting at $250,000, targeting 17.5% investment return over the twelve-month construction period.
MP Funds Management (MPFM) has made its first investment of 2019, a co-investment with another group that MPFM has a successful and ongoing co-investment relationship with. The acquisition of the Crossroads Homemaker Supercenter (the subject property) is an opportunity of scale and dominance in one of Australia’s most significant growth regions. The centre offers an existing net lettable area of 47,997sqm on 143,997sqm land over 4 separate lots. 93% of the property income is underpinned by national retailers including Bunnings Warehouse, Freedom, Fantastic Furniture, the Good Guys and Nick Scali.
Dexus today announced its result for the half year and reaffirmed its guidance for distribution per security growth of circa 5% for FY19. Dexus Chief Executive Officer, Darren Steinberg said: “It has been a productive six-month period where we have added value through enhancing our development pipeline and attracting new investors to our funds management business. This has all been achieved while maintaining low balance sheet gearing. “In our office portfolio we continue to outperform the MSCI office benchmark1 over one, three and five years through driving higher rents and lower incentives, particularly in Sydney which has been reflected in property valuations during the period. “In our funds management business, we now have $15 billion under management with investors and partners that can invest alongside us through the cycle, reinforcing our objective of being the wholesale partner of choice in Australian property.”
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