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UBS 'planning new $944m office in London'

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UBS 'planning new $944m office in London'
UBS is set to announce plans to house its new European headquarters in London following a deal estimated to be worth £600 million ($944 million).

It is expected that the agreement between the bank and British Land and Blackstone to construct a site of more than 700,000 sq ft on the Blackstone estate will be confirmed today (August 2nd 2010), reports the Financial Times.

Two existing offices are to be demolished to make way for the new one, which will be the largest single building in the City of London.

However, the new office is not expected to be a tower, because of height restrictions as well as the need for large trading floors.

Last month, UBS reported a net profit of 2.005 billion Swiss francs ($1.89 billion) in its figures for the second quarter of 2010.

Oswald Grubel, group chief executive officer of UBS, said: "This was a good result in volatile market conditions and demonstrates the progress we are making as we move towards our mid-term targets."

By Tony Aynsley

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