Prudential tipped as frontrunner for £1bn HSBC head office

UK financial services group Prudential is the frontrunner in the public auction to buy HSBC bank's head office in London's Canary Wharf, researchers at merchant bank Kempen & Co have claimed. The property was put on the market last February with a price tag of £800 mln (EUR 1.2 bn). Market watchers believe it could now fetch as much as £1 bn, becoming the most expensive office building in the UK. Other investors included in the final shortlist of bidders according to Kemp & Co are UK real estate investment manager Prupim, two US investment funds and a private Middle Eastern buyer. The auction is expected to be conclude this week.

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