City building snapped up
US banking giant Wells Fargo has snapped of an office block in the City in a £300m deal.
The news comes after rumours that banks and other financial institutions will leave the City following last month’s Brexit vote.
Wells Fargo has bought an 11-storey block at 33 Central, King William Street, close to the Bank of England.
“Many have doubted what will happen to the real estate market after the Brexit vote,” Marian Herman, chief financial officer of the property developer HB Reavis Group, said in a statement.
“We see the successful signing of this deal as strong endorsement of the quality of our real estate solutions, as well as the resilience of the HB Reavis business even under seemingly challenging market conditions.
“This divestment, although initially not envisaged given the original strategy to retain and lease, strengthens our balance sheet and will allow us to continue investing in similar high-quality development opportunities in London and elsewhere.”
The 21,000 sq m new build is designed by award-winning British architecture practice John Robertson Architects, which worked alongside HB Reavis’ in-house design and technical experts to combine stunning design with state-of-the-art technical solutions. Following the sale, 33 Central will continue to be developed by HB Reavis.