European Banking Authority’s switch from London to Paris confirmed

French commercial property company Cegereal has confirmed that the London-based European Banking Authority (EBA) will be making a switch to Paris, taking up space at its EuroPlaza building in La Defense.

The closely watched move has caused ripples as the decision by the EBA to leave its London HQ was prompted by the UK’s decision to leave Europe.

The EBA is expected to take possession of EuroPlaza in April 2019 for a period of nine years. Fully renovated this year, the 5,300 m2 space is located in the upper floors of the tower, which will provide employees with a full range of premium amenities, said Cegereal, which has refurbished the property's fitness centre and auditorium.

Cegereal was advised by BNP Paribas Real Estate, Taj and Linklaters.

The property company also said the EU institution's arrival in La Défense highlighted the appeal of Europe's largest business district.

News that the EBA would be relocating to Paris first broke in November 2017.

Two EU agencies
The competition by cities to host the EBA and a second EU agency – the European Medicines Agency (EMA) – was only decided after a prolonged voting process in Brussels which involved three inconclusive rounds in one evening.

Paris eventually won against Dublin after the drawing of lots. Meanwhile, Amsterdam was tied with Milan and also succeeded by drawing lots.

Confirmation by Cegereal on Tuesday comes just weeks after a high-level delegation from Paris hosted an event in London to lure financial services, workers, and global capital.

La Defense’s strongest point is the availability of state-of-the-art offices, said Marie-Célie Guillaume, the Parisian district’s CEO, at the presentation.

‘We have 200,000 m2 available today and more coming soon. No other city in Europe, apart from London, has the capacity to welcome large numbers of occupiers right now,’ she said.

The full report on the French delegation is available in this month’s edition of PropertyEU.


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