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The terms of Deutsche Bank's new HQ at Moorfields have been revealed

Deutsche Bank’s big move to Landsec’s 21 Moorfields development have been revealed to the stock exchange this morning after the German financial institution exchanged a pre-let agreement to relocate its UK headquarters to the building.

According to Landsec, Deutsche Bank has worked closely with the developer on the new 564,000 sq ft and has agreed to take a minimum of 469,000 sq ft at the proposed development which sits directly above Moorgate underground station.

The agreement itself is naturally dependent on planning permission being obtained and, if approved, will see Deutsche Bank signing on for a 25 year lease when it relocates from its Winchester House campus in the City.

Colette O’Shea, Managing Director London at Landsec, commented: “We are delighted that Deutsche Bank chose to build on its existing relationship with us when it was selecting the site for its new London headquarters.

“We are looking forward to continuing our partnership approach and working with Deutsche Bank to meet its design requirements and business needs as we deliver its London headquarters.”

Landsec acquired a long leasehold in the 21 Moorfields site in 2012 and obtained planning permission for two buildings totalling 522,000 sq ft on the site in 2016. It has said it will submit a revised application later this year with a targeted completion date of November 2021.

At the time of the announcement earlier this year, Deutsche Bank’s commitment to London was viewed as a major seal of approval for the capital’s Post-Brexit banking prospects.