Revamp of London tower to cost £1.1bn

US banking giant Citi has unveiled a formidable £1.1 billion investment for the comprehensive refurbishment of its 42-storey London office tower at 25 Canada Square. This figure, disclosed amidst a US presidential visit, represents an extraordinary eleven-fold escalation from the initial £100 million estimate in early 2022. The project, executed by Morgan Sindall subsidiary Overbury, unequivocally signals Citi’s deep and enduring commitment to the UK economy, its second-largest global market and a critical financial centre. Citi affirms that two-thirds of this substantial capital outlay is being directed to UK firms and a diverse workforce, encompassing numerous small and medium-sized enterprises and specialist manufacturers nationwide. By completion, nearly 6,000 individuals, many local to the area, will have contributed to the scheme. David Livingstone, Citi’s chief client officer, confirmed the undertaking is progressing on schedule and within budget, with phased occupancy anticipated from next spring. This strategic investment is positioned as both a crucial enhancement of Citi’s operational infrastructure and a significant driver of regional economic prosperity. Read More