30 Jul 2018 | 11:05 am | 1 min. read
International law firm Pinsent Masons is advising Barclays on the development of a new state-of-the-art campus to be built at a new major mixed-use scheme on the banks of the River Clyde, to be known as Buchanan Wharf, Glasgow.
The new campus for Barclays will extend to circa 450,000 sq ft of grade A office accommodation and will provide a workplace for the bank’s functions, technology and operations teams. With cutting-edge technology and design, the working environment will help the bank foster innovation and collaboration. The campus will play a pivotal role in the execution of Barclays’ long-term strategic priorities and will be one of a small number of key global sites.
It is expected that, once completed, the campus will be able to accommodate up to 2,500 additional roles, doubling Barclays’ current workforce in Scotland and making the bank one of Glasgow’s biggest commercial employers. The project has been made possible by the continued close collaboration with Scottish Enterprise, with which Barclays has reached an agreement for a funding grant of £12.75m, and Glasgow City Council, which has been instrumental in turning the initial proposal into a viable scheme.
Paul Connolly and Katharine Hardie, Real Estate partners in Pinsent Masons led the team advising Barclays on this deal, one of the largest single occupier development projects in Scotland in recent times.
Paul Connolly says, "We are delighted to have been involved in this landmark transaction. This new campus will create not only a world class facility for Barclays, but will also create a new destination for business within Glasgow's financial district and open up the south side of the River Clyde for new development and investment opportunities."
Chris Jones, Legal Counsel to Barclays Corporate Real Estate Solutions said, “This has been an excellent example of the partnership between our internal and external legal teams delivering on Barclays’ strategy.”
First Minister of Scotland, Nicola Sturgeon said, “This is a project that will be transformational for Glasgow, creating up to 2,500 new jobs in the heart of the city. The new campus will strengthen Glasgow’s financial services sector and shows Scotland continues to be a highly attractive location for inward investment. I am particularly pleased that as part of this investment, Barclays has committed to employing local people who often face barriers into work, including those with disabilities and young people.”
Paul Compton, Chief Operating Officer at Barclays, said, “The Glasgow campus, alongside others in Whippany, New Jersey, and Pune, India, is part of a global strategy to create world-class facilities for our functions, technology and operations teams. This new campus at Buchanan Wharf is a flagship project for the bank, which builds on Barclays’ long history in Scotland and clearly demonstrates our commitment to supporting the UK economy. This is a fantastic opportunity to deepen our close ties with local communities and academic institutions to attract and retain the very best talent. It will be somewhere that our colleagues are incredibly proud to work.”
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