Japanese bank Sumitomo signs 20-year lease in London

British Land 100 Liverpool Street
mock-up of how British Land’s 100 Liverpool Street development
will look when completed.


  • Sumitomo Mitsui Banking Corporation Europe signs a
    20-year lease for 160,000 square foot of space in central
  • British Land: “A strong endorsement of London as a
    global city.”

LONDON — Japanese bank Sumitomo Mitsui Banking Corporation Europe
has signed a 20-year lease on 160,000 square foot of space in
central London.

British Land, which is leading the development of the 100
Liverpool Street building, announced the deal on Tuesday.
Sumitomo is taking three floors in the development, which is in
London’s financial district. The office is due to be completed in

Tim Roberts, head of offices at British Land, said in a
statement: “SMBCE’s decision to invest in Broadgate for the long
term is not only a strong endorsement of London as a global city
which remains attractive to international organisations as a
place to do business but of the wider campus and 100 Liverpool

Sumitomo’s commitment is a boost to London’s ambitions to remain
a global financial centre post-Brexit. There are concerns that
thousands of finance jobs could be lost post-Brexit if the UK
loses passporting rights, which allow companies to sell services
across the EU from Britain.

JP Morgan and Goldman Sachs are among the employers who have been

vocal about the risks posed
and have been
eyeing offices in locations like Paris
and Dublin. Sumitomo
itself was said to have
taken space in Frankfurt last year.
The German city’s
financial industry is expected to get a boost from Brexit.

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However, other international employers based in the UK have
reaffirmed their commitments in the wake of Brexit. Wells Fargo
£300 million on a new London headquarters
just a month after
Brexit and US bank Citi announced this week that it is
establishing an innovation centre in the UK capital.