(Reuters) - Land Securities (LAND.L), the developer for Deutsche Bank’s (DBKGn.DE) new UK headquarters, said on Tuesday it had secured a revised planning permission for the proposed development in the heart of London’s City financial district.
Deutsche Bank chose the new office for its London headquarters in March last year, signaling a vote of confidence in London’s future as a global financial hub despite Britain’s decision to leave the European Union.
The German lender entered into exclusive negotiations with Land Securities over a 25-year lease on a new building to be constructed at 21 Moorfields, close to the head offices of Standard Chartered Bank (STAN.L) and Legal & General (LGEN.L).
Since then Germany’s biggest bank has also said it expected to relocate fewer UK-based staff than some senior officials had estimated following Britain’s departure from the EU.
The deal with Land Securities was conditional on achieving revised planning consent, with Deutsche Bank committing to take a minimum of 469,000 square feet, the developer said.
Land Securities, who described Deutsche Bank as “one of the largest employers in the city”, expects practical completion for the “strategically important site” in November 2021.
“Deutsche Bank’s move demonstrates a high level of confidence in the City of London as a leader in financial and professional services,” Chris Hayward, Planning and Transportation Committee Chairman at the City of London Corporation, said in the statement.
Deutsche Bank did not immediately respond to requests for comment.
Reporting by Noor Zainab Hussain in Bengaluru, editing by Sinead Cruise