Barclays has purchased its Canary Wharf global headquarters from Canary Wharf Group (CWG) in a deal valued at £750 million.

The bank said the acquisition of a 999-year leasehold on One Churchill Place will secure its control of the building beyond its current lease, which expires in 2039, while providing greater certainty over long-term occupancy costs.

The building has served as Barclays' global headquarters since 2005 and provides more than one million square feet of office space. The bank said owning the leasehold interest will also give it greater flexibility to adapt its London office as working patterns and business requirements continue to evolve.

Barclays said the transaction is expected to be broadly neutral to the group's Common Equity Tier 1 capital ratio and earnings. Savings from its existing lease arrangements will largely offset the additional financing and depreciation costs associated with the purchase, it added.

"One Churchill Place has been our home and global headquarters for more than two decades,” said C.S. Venkatakrishnan, group chief executive at Barclays. “It is where our colleagues come together to innovate, build relationships and serve our customers, clients and communities in the UK and around the world.

"This acquisition gives us long-term certainty, greater flexibility over our London footprint and reinforces our continued confidence in London as one of the world's leading global financial centres."

Other financial services companies have recently taken steps to increase their presence in Canary Wharf.

In November, JPMorgan Chase set out plans to build a new three million square feet headquarters tower on the Riverside South site at Canary Wharf, creating capacity for up to
12,000 employees and consolidating its London footprint.

The project, co developed with Canary Wharf Group and designed by Foster + Partners, is expected to take six years to construct once approvals are secured. The bank said the scheme would serve as its principal UK headquarters and largest office in Europe, the Middle East and Africa.

JPMorgan said an independent study estimates the combined project and interim upgrades to 25 Bank Street could contribute approximately £9.9 billion to the UK economy over six years, creating more than 7,800 jobs across construction and local industries.

In April, the bank announced the tower would be the tallest in Canary Wharf after reaching an agreement with London City Airport.

In December, Visa announced it is relocating its European headquarters from Paddington to Canary Wharf in the summer of 2028.

The payments giant has signed a 15-year lease for 300,000 square feet at One Canada Square with CWG.

Antony Cahill, regional president and chief executive of Visa Europe, said that moving the company's European headquarters represents a “significant investment” and a “bold step forward” for Visa in Europe.

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