Sumitomo Mitsui to Lease New European Headquarters in London

(Bloomberg) -- Sumitomo Mitsui Financial Group Inc.’s European banking unit agreed to lease a new European headquarters from British Land Co. and GIC Pte at London’s Broadgate complex.

Japan’s second-largest bank by market value will rent 161,000 square feet (15,000 square meters) at 100 Liverpool Street, British Land said in a statement Tuesday. The company will occupy the first three floors of the building on a 20-year lease.

SMBC is the latest bank to confound expectations that Britain’s decision to leave the European Union would dramatically damp demand for London offices. Wells Fargo & Co. and Deutsche Bank AG are among those that have secured new premises in the City of London financial district since the Brexit vote.

SMBC’s decision is a “strong endorsement of London as a global city,” Tim Roberts, British Land’s head of offices, said in the statement. The bank is currently based in two City offices.

©2018 Bloomberg L.P.

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