Korea's NPS seals €1.3bn deal for Goldman Sachs UK HQ

The Goldman Sachs Group has confirmed it has agreed the sale and leaseback of its new London HQ to Korea’s National Pension Service (NPS), in a deal valuing the asset at £1.165 bn (€1.296 bn). 

Plumtree Court will be the new European headquarters of Goldman Sachs in London from mid-2019 when the Wall Street bank is expected to take occupancy of the premises.

'The development of Plumtree Court and our signing of a long-term lease demonstrates our continued commitment to London and our European operations more broadly,' said Richard Gnodde, vice-chairman of Goldman Sachs and CEO of Goldman Sachs International.

'NPS is a leading global investor with a long-term horizon and we look forward to a continued strong relationship.'

As part of the agreement, Goldman Sachs will enter into a 25-year lease on the building with a break option after 20 years, and the ability for Goldman Sachs to extend the lease beyond the initial term.

The deal allows the firm to consolidate its activities - currently located across three buildings - into one location.

'This is one of the finest office buildings in London, which will be let to an exceptional tenant for 25 years,' said Scott Kim, head of global real estate at NPS.

'We are excited to re-enter the London market with this high-quality asset which is well-aligned with our defensive strategy and will be an excellent addition to our already strong core portfolio.'

The sale and leaseback of Plumtree Court is part of Goldman Sachs’ long-term global real estate strategy. It follows the sale and leaseback of Goldman Sachs’ current headquarters on Fleet Street, Peterborough Court, in 2005.

Events

Latest news

Best read stories