Citigroup is in talks to buy its Canary Wharf headquarters

Citigroup is in talks to buy its Canary Wharf headquarters, which it currently leases,  for a reported £1.2bn from owner AGC Equity Partners. The US bank’s bid for 25 Canada Square is the latest step in the group’s long-term goal of taking direct control of its most important offices, after it acquired its global New York HQ in 2016 for £1.6bn. Citi has occupied the 42-storey skyscraper as its EMEA HQ since 2001 and currently holds a leasing agreement on the entire 1.2m sq ft space lasting until 2037. However, it only occupies less than 40% of the building, subletting the majority of the space to other businesses and housing its own additional staff at the neighbouring 33 Canada Square. The group’s lease on the adjoining 18-storey building ends in seven years, after which time the company plans to consolidate its London workforce under one roof at 25 Canada Square, displacing some subtenants.

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