Barclays has acquired a long-term leasehold interest in its global headquarters at One Churchill Place in Canary Wharf for £750m, securing control of the site beyond the expiry of its current lease in 2039.

The new 999‑year lease is effectively a virtual freehold, and gives Barclays near‑permanent rights over the new Canary Wharf site.

The transaction, one of Europe’s largest office deals in recent years, gives the bank greater certainty over long-term occupancy costs and is expected to be broadly neutral to Barclays’ common equity tier one ratio and earnings

Barclays, one of the largest companies in the FTSE 100 with a market value of around £70bn, said savings from its existing lease structure would be broadly offset by financing and depreciation costs linked to the acquisition. Stocks were little changed on today's announcement.

One Churchill Place, which provides more than one million square feet of office space, has served as Barclays’ global headquarters since 2005. According to Barclays, the acquisition forms part of the bank’s wider investment in its workplace strategy as it adapts to changing working patterns and future business needs.

C.S. Venkatakrishnan, CEO of Barclays, said: “This acquisition gives us long-term certainty, greater flexibility over our London footprint and reinforces our confidence in London as a leading global financial centre.”

The decision is also good news for the Canary Wharf Group, which is looking to attract major businesses in the face of hybrid and remote working and over demand for office space in London.

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