Barclays and CWG today announce that Barclays has acquired a long-term leasehold interest in its global headquarters at One Churchill Place from CWG.

The transaction secures Barclays’ control of its global headquarters beyond the current lease term, which runs to 2039, while providing greater certainty over long-term occupancy costs. The transaction values the acquired leasehold interest at £750 million and is expected to be broadly neutral to Barclays Group’s CET1 ratio and earnings.

The building provides over 1 million sq ft of workspace and has served as Barclays’ global headquarters since 2005.

C.S. Venkatakrishnan, Group Chief Executive at Barclays, said:

“One Churchill Place has been our home and global headquarters for more than two decades. It is where our colleagues come together to innovate, build relationships and to serve our customers, clients and communities in the UK and around the world. This acquisition gives us long-term certainty, greater flexibility over our London footprint and reinforces our continued confidence in London as one of the world’s leading global financial centres.”

Shobi Khan, Chief Executive Officer of CWG, added:

“Barclays’ decision to acquire its global headquarters at One Churchill Place is a strong endorsement of both Canary Wharf and London. It underlines the long-term confidence that leading businesses continue to place in the district as a location where they can invest, grow and bring people together. Alongside high-quality workspace, Canary Wharf offers access to nature and green spaces, waterside surroundings, retail, hospitality and a broad range of amenities that make it an exceptional place to work and conduct business.”