Monday, 23 April 2018

Barclays inks deal in Pune for largest office


23/4/2018

PUNE (MUMBAI): British banking giant Barclays has struck a deal with K Raheja Corp to lease 1.1 million sq ft new office in Pune, possibly its single-biggest facility outside the Canary Wharf headquarters in London, people directly aware of the matter said.

The new built-to-suit office space will accommodate the back office work - Barclays Global Services Centre - supporting the bank’s investment and retail banking operations globally. The facility will have more than 8,000 people in the Kharadi suburbs of Pune when fully built.

The new office will consolidate existing teams of the global services centre in Pune, besides adding some new hires. The Indian back-office functions of Barclays are spread across Pune, Noida and Chennai. Barclays will pay annual lease rental of around Rs 80 crore (or $12 million) after having struck the deal at about Rs 60 per sq ft, sources said.

A formal announcement on the office deal, advised by JLL, is expected on Monday morning. The Barclays deal is one of the biggest office leasing activities nationally in recent times, and the largest in Pune till date. “We are constantly looking at ways by which to deliver the best outcome for our colleagues, customers and clients. India is a crucial component of our growth plan and we remain deeply committed to growing our business and presence here,” a Barclays spokesperson said.

Barclays is taking up space in Gera Commerzone, an IT Special Economic Zone jointly built by K Raheja and Pune-based Gera Developments. The decade-old Barclays Global Service Centre offers technology and operations solutions to the bank’s business spread across 40 markets globally. It runs large centres at Edinburgh in UK and the US as well.

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