Metrovacesa paid 1.09 billion pounds (euro1.60 billion; US$2.18 billion) for a 998-year lease on the 210-meter (689-foot) tower at 8 Canada Square in Canary Wharf, London’s second financial district.

HSBC will remain in the building under a 20-year lease, with a five-year option.

The company moved into the building in 2002. It houses 8,000 staff in 1.1 million square feet (102,000 sq. meters) of floor space.

Metrovacesa, based in Madrid, owns more than 4 million square meters (43 million square feet) for lease in Spain and France, and its residential development business builds 3,000 units per year in Spain.

“The acquisition of the HSBC global headquarters through this sale and leaseback transaction is evidence of our commitment to establish a significant presence in major international cities such as London and thereby achieve our aim to be one of the world’s leading international real estate investors,” said Jesus Garcia de Ponga, deputy to the Chairman of Metrovacesa.

Shares in HSBC Holdings were up 0.3 percent at 928 pence (euro13.59; US$18.54) on the London Stock Exchange.

Subscribe to The China Post and save.  Click hereSharePrintEmail

Write a Comment

Enter your comments - 800 characters max

Receive China Post promos

Respond to this email