Goldman Sells New London HQ To SKorean Pension Fund
Rukhshan Mir (@rukhshanmir) Published August 23, 2018 | 07:46 PM
London, (APP - UrduPoint / Pakistan Point News - 23rd Aug, 2018 ) :Goldman Sachs has sold his new European headquarters, opening next year in London, to South Korea's National Pension Service for $1.5 billion, the US investment bank has said.
Goldman added in a statement that it would lease back the building, worth �1.165 billion ($1.502 billion, 1.297 billion Euros), in a deal lasting up to 25 years.
"The Goldman Sachs Group Inc. today announced it has entered into a binding agreement for the sale and leaseback of Plumtree Court with Korea's National Pension Service," said the statement issued late Wednesday.
"Plumtree Court will be the new European headquarters of Goldman Sachs in London from mid-2019 when it is expected to take occupancy of the premises." Located in London's key City financial district, the 10-storey building can seat up to 8,000 staff, the statement added.
Goldman Sach's decision to keep its European headquarters in London is a boost for the capital heading into a post-Brexit Britain.
The bank employs about 6,000 staff in London but has indicated that a small portion of that amount could shift to Frankfurt and Paris following Britain's planned departure from the European Union in 2019.
"The development of Plumtree Court and our signing of a long-term lease demonstrates our continued commitment to London and our European operations more broadly," said Richard Gnodde, vice-chairman of Goldman Sachs and chief executive of the group's European operation.
Scott Kim, head of global real estate at Korea's National Pension Service, said the state pension fund was re-entering the London market with a "high quality asset".
The deal comes one year after Hong Kong condiment-maker Lee Kum Kee bought the London building nicknamed the "Walkie Talkie" for �1.3 billion, a record-high deal for a skyscraper in the capital.
Also last year, Chinese property magnate Cheung Chung Kiu bought another London landmark -- the "Cheesegrater" building -- for �1.15 billion.
Related Topics
Recent Stories
SIC chief asks PTI leaders to resign from assemblies
Pakistan working tirelessly to eradicate polio from country: PM
IHC Justice Sattar dismisses pleas moved by FIA, PEMRA and PTA in audio leaks ca ..
Gillespie, Kirsten feature in 48th edition of PCB Podcast
Security forces kill four terrorists in Tank
Fake immoral video of Ducky Bhai's wife goes on viral on social media
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 29 April 2024
Today Gold Rate in Pakistan 29 April 2024
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 28 April 2024
Today Gold Rate in Pakistan 28 April 2024
Fresh wave of rainfall in AJK continues for the second consecutive day
Babar, bowlers help Pakistan level series 2-2 against New Zealand
More Stories From World
-
With motorbikes banned, Yangon delivery riders struggle in heatwave
8 minutes ago -
England stars Kane and Bellingham headline Bayern-Real Madrid battle
9 minutes ago -
Kenya dam bursts, killing at least 42: governor
9 minutes ago -
China's energy storage capacity expands to support low-carbon goals
28 minutes ago -
China's giant panda couple set off for Spain
28 minutes ago -
China renews yellow alert for rainstorms
28 minutes ago
-
Scotland's first minister to resign: media
28 minutes ago -
South Africa's Ramaphosa fights for political future in tight vote
28 minutes ago -
Xi, Macron to discuss Ukraine during China leader's visit
29 minutes ago -
China expresses grave concerns over Japan's planned export controls
29 minutes ago -
Four things we learned in Spain's Matchday 34
39 minutes ago -
China's cultural sector continues to pick up in Q1
39 minutes ago