trending Market Intelligence /marketintelligence/en/news-insights/trending/9HC79q3wP-tIgj8hScI1rA2 content esgSubNav
In This List

Report: Deutsche Bank, Sun Hung Kai discuss lender's Hong Kong tower lease

Blog

Japan M&A By the Numbers: Q4 2023

Case Study

An Investment Bank Taps S&P's Real Estate Modeling Expertise

Blog

FIMA EUROPE 2023: Exploring the Intersection of Data, Governance, and Future Trends in Finance

Podcast

Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)


Report: Deutsche Bank, Sun Hung Kai discuss lender's Hong Kong tower lease

Deutsche Bank AG is discussing with Sun Hung Kai Properties Ltd. its 10-year lease agreement on the landlord's International Commerce Centre office building in Hong Kong, Bloomberg News reported, citing people with knowledge of the matter.

According to the unnamed sources, the German lender may surrender as many as three of the 10 floors it occupies in the 484-meter skyscraper at 1 Austin Rd. in West Kowloon amid talks with Commerzbank AG for a potential merger that could be worth more than €25.6 billion. One of the people added that Deutsche Bank may also consider renting space in buildings with lower rates.

Without naming specific occupants, Sun Hung Kai confirmed ongoing talks with some International Commerce tenants regarding their respective leasing deals, noting it was confident it would reach agreements. On the other hand, a representative for Deutsche Bank declined to comment, the March 19 report added.

Aside from Deutsche Bank, the tallest building in the city also houses Morgan Stanley, Credit Suisse Group AG, the Ritz-Carlton Hotel and Elements Shopping Mall, according to the news agency.

In a separate report, Bloomberg cited Suyi Kim, the Hong Kong-based head of Asia-Pacific operations of Canada Pension Plan Investment Board, as saying that Canada's largest pension fund is considering to open in Beijing its first-ever office in China in 2020. The staff that will be housed in Beijing will work with its employees in Hong Kong, Kim added.