The Canary Wharf office headquarters of HSBC has changed hands once again. HSBC has signed a deal, agreeing to transfer ownership of the building to a Korean company for £772.5m.
The South Korean Investment fund that will add the Canary Wharf office space to its list of assets is National Pension Service. The company had already shown its keenness on acquiring the building back in September this year. Many international investors are evincing serious interest in the UK business property market ahead of predictions that the real estate markets will soar here. With this HSBC deal, National Pension Service has seen an increase in its portfolio value to the tune of some nine hundred percent.
For HSBC, the sale is not being viewed by its London clientele very favourably as it services many customers here. However, the good news is that the offices of HSBC will continue to be located in the building. HSBC has opted for a leaseback sale under which it will reside in the same premises by paying an annual rental of £45m for the next 17 years. This will mean that the company can continue to stay in the place that it has occupied for about seven years now.
The Canary Wharf office was earlier sold to Metrovacesa, a Spanish company, in 2007. However, the inability of the group to fulfil the terms of the agreement brought the building back into the control of HSBC. This latest deal has changed the ownership of the building for the third time in three years. HSBC bank sheet will show gains of £350m from this deal by the end of 2009.
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