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Lloyds plans sale of London headquarters

Lloyds Banking Group will soon sell off its London headquarters, according to reports.

The bank stands to make £140 to £150m from a sale and leaseback deal on its 25 Gresham Street City office, according to the Financial Times.

While the paper reports that Lloyds is likely to stay in the building under a long lease deal, it should be able to take advantage of strong office building demand in the capital, particularly from Asian investors, who have put £4bn into the capital’s real estate so far in 2016, figures from property advisers CBRE show.

Lloyds was placed bank in private hands in May, and has resided in the City building for the last 15 years.

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It has recently sold off a number of other property interests in sale and leaseback deals, including 44 branches, and Scottish Widows’ – a Lloyds subsidiary – Edinburgh headquarters.

The deals together have pocketed the bank around £145m.

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Comments

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  1. Wow – as head offices go, the example shown isn’t that impressive. Still £140-£150m seems very generous. I knew London property prices are high but this is extraordinary. Then again it may just be a stock photo of a branch.

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