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Deutsche Bank’s New London Headquarters to Sell for a Discount

  • Landsec agreed to sell at a 9% discount to the last valuation
  • The buyer is an investment vehicle managed by Lendlease
The development in the City of London in Nov. 2021.

The development in the City of London in Nov. 2021.

Photographer: Richard Baker/In Pictures/Getty Images

Land Securities Group Plc has agreed to sell the building that will house Deutsche Bank AG’s new London headquarters at a sharp discount to its valuation. 

Landsec has exchanged contracts for the sale of the office development with an investment vehicle managed by Australia’s Lendlease Corp. for £809 million ($917 million), according to a statement Wednesday. That’s 9% less than the March valuation but promises to yield £145 million of development profit.