Deutsche Bank will relocate to Revolut’s headquarters in Canary Wharf, according to reports.

Deutsche Bank Expands Presence in Canary Wharf

Dec. 6 (Reuters) – Deutsche Bank is set to occupy roughly 250,000 square feet of office space in London’s Canary Wharf, particularly in a building marked by the branding of British fintech company Revolut, as reported by the Financial Times.

According to the article, the bank’s footprint will be nearly double that of Revolut in the YY building located on South Colonnade, with sources familiar with the situation confirming these details.

While Deutsche Bank didn’t provide a comment on the report, Canary Wharf Group directed inquiries to Oaktree Capital Management, the asset management firm overseeing the property. Oaktree opted not to comment either.

In 2019, Oaktree acquired the building in a collaboration with real estate firm Quadrant Estates, although attempts to reach Quadrant for a statement were unsuccessful.

Revolut initially became the first tenant in this building last year, significantly boosting its headquarters’ space by 40%.

Canary Wharf Group, which manages a substantial financial district, is co-owned by Qatar Investment Authority and Canada’s Brookfield. The area has seen a downturn in office space demand during the pandemic, but as companies begin to encourage a return to in-person work, the sector appears to be rebounding.

Recently, Canary Wharf Group announced plans to relocate its European headquarters to this area.

Additionally, JPMorgan Chase revealed last week that the Canadian government aims to construct a tower in Canary Wharf, which is projected to generate around £9.9 billion ($13 billion) for the local economy and create approximately 7,800 jobs over a six-year period, including the construction phase.