Citi in talks to buy Canary Wharf tower

London

CITIGROUP is in talks to buy the tower housing its European headquarters in London's Canary Wharf district, which is on the market with a price tag of around £1.2 billion (S$2.1 billion), a source said.

The tower at 25 Canada Square, which already houses many of the bank's 6,000 London-based staff, was put up for sale in October by AGC Equity Partners. The source said a deal had yet to be agreed, with Citi unlikely to offer the full asking price.

Should Citi agree to the purchase, the bank would look to move staff currently based in a second building in the area, 33 Canada Square, to the larger tower, the source said.

Such a move would be in line with Citi's strategy of buying buildings in locations where it has and intends to retain a presence, and follows a deal in 2016 to buy the group's New York office, the source said.

The deal would be a boost for London's commercial property market ahead of Brexit. REUTERS