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Queen's Bank Building Readied For Sale

Coutts Bank

Henderson Global Investors plans to sell the HQ of the private bank Coutts, which counts the Queen among its clientele, by the end of 2016. The company was one of a handful that suspended trading its UK property funds in the aftermath of Brexit, and is now offloading prime assets to provide liquidity to investors.

440 Strand was valued at £220M before the Brexit vote and will be marketed in the autumn, according to the Financial Times. It has been occupied by Coutts since 1904 and is let to Royal Bank of Scotland, which owns the bank, until 2037.

Aberdeen Asset Management, which suspended its fund for a shorter period than the others, has begun marketing properties, including an office building at 10 Hammersmith Grove, the UK headquarters of Fox International, a division of 21st Century Fox.

British Land announced last week it had sold the Debenhams flagship store on London’s Oxford Street to a private investor for £400M. [FT]