Aberdeen Asset Management is to move offices, taking advantage of a three year rent free offer. Because of the collapse of Icelandâ€™s Landsbanki, the company can now relocate offices. The fund manager firm will move into Bow Bells House, situated in the right in the middle of the City of London. The company require more office space after purchasing Credit Suisseâ€™s asset management business earlier this year.
Because the company signed a 15 year lease, they have been offered very favourable terms – including a three year rent free period. The offices were completed in March of 2008 with the Icelandic bank due to move in later that year. However, following their collapse and the near bankruptcy of the whole country, the owners needed a new tenant. The former bank had spent a reputed Â£20 million on fit out costs, one source alleges.
Aberdeen chief executive Martin Gilbert said: â€œThe premises next door to our current offices provided an excellent opportunity to relocate our expanded London operation following Aberdeenâ€™s acquisition of various businesses from Credit Suisse.