More evidence of the London property market holding up strongly. The purchase fits with the group's strategy to cut long-term expenses (they bought back their global headquarters in New York in 2016) but interesting to note the new IFRS 16 rules being cited in this article as a possible driver. Will more companies act similarly to get lease liabilities off their balance sheets?
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Citigroup in talks to buy Canary Wharf HQ - IFRS 16 taking effect?
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Also a factor in buying out the current long-dated, index-linked lease on 25 Canada Square is that as of the start of the year leases must now be considered a liability and recorded on companies’ balance sheets due to a new international accountancy regulation called IFRS 16.
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