Leaders of Asia-Pacific economies have failed to agree a communique at a summit in Papua New Guinea after a war of words between the US and China over trade and investment.

Facebook has found itself drawn into an escalating political row in Sri Lanka as opposition MPs accuse the ruling party of using data to launch a crackdown.

Theresa May will step up her fightback against moves by Conservative MPs to oust her with a hard-hitting speech to business leaders on immigration.

Nick Collier is to become the City of London Corporation’s key representative in Brussels after Brexit – Reports Sky News

Banking and housebuilding stocks remain under pressure as businesses exposed to the UK economy continue to feel the heat from the ongoing political crisis over Brexit.

 

Amazon says its new second headquarters will be split between New York City and Arlington, Virginia – ending months of speculation.

An investigation by cyber security firm Symantec has now uncovered that the North Korean government is stealing tens of millions of dollars by hacking into banks and forcing ATMs to dispense cash to mules.

FINANCE TOP STORIES

Goldman Sachs sells new London headquarters for $1.53bn

Wall Street bank agrees sale and leaseback deal for Plumtree Court with Korean pension fund

The Wall Street bank stated that it had agreed to sell and lease back Plumtree Court in a deal struck with Korea’s National Pension Service– which is acquiring the building via LaSalle Investment Management.

Goldman will take a 25-year lease on the 10-storey building, stated the bank. There will be a break option after 20 years. The staff is expected to move from its existing offices in the capital next year.

Richard Gnodde, chief executive of Goldman Sachs International, stated: “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.”

Scott Kim, head of global real estate at National Pension Service, described Goldman’s building as “one of the finest office buiildings in London”.

JLL advised the buyer on the deal. CBRE advised Goldman Sachs.

Asian institutional investment in London real estate has picked up markedly since the UK’s vote to leave the European Union in mid-2016. Buyers have found more attractive yields in the UK than in their home markets, on top of which the weakened pound has made properties cheaper.South Korean buyers had been missing from the market for several years but have picked up several properties since the tail-end of 2017.

Banks’ approaches to managing real estate in London has been under increased scrutiny since the Brexit vote, as firms try and work out whether they need to move jobs and resources to other locations in Europe.

News that Goldman may sell Plumtree Court had broken out earlier this year.

-GBO Correspondent.

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