Deutsche Bank to buy upcoming FCA HQ in £370m deal

The asset management unit at Deutsche Bank AG is set to buy a building in the Stratford area of London for over £370m ($537m).

The Frankfurt-headquartered banking and financial services giant has agreed to purchase the 19-storey International Quarter development, which is currently under construction.

According to a Bloomberg report, the site will be home to the Financial Conduct Authority (FCA) from 2018.

James Petit, the head of real estate for the UK and Ireland at Deutsche Bank, said: “Buying this building is a great opportunity to invest in one of London’s emerging markets at an early stage and has great potential for strong growth as occupiers are attracted by the diversity and vibrancy of the area.”

Office space in Stratford is around half the price of the average office rent in central London at £30 - £40 per square foot, according to Mat Oakley, the London-based head of European commercial research at real estate services firm Savills Plc.

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