Royal Exchange to be sold for £80m

The Royal Exchange, one of London’s most iconic financial landmarks, is being sold for £80m.

The building is currently owned by The Irish Bank Resolution Corporation, a group formed in 2011 through the merger of Anglo and Irish Nationwide.

Last month the group hired property advisers CBRE to market the long leasehold in the 450-year-old building.

Bidding began last week and the sale is expected to be announced later this week.

The City of London Corporation is one potential buyer, along with Dutch fund Meyer Bergman.

The original building at Bank station was opened in 1571 by Elizabeth I, who awarded the building its royal title, and also its license to sell alcohol. The building has since burned down twice, once during the fire of London, and then again in 1838. The current building was opened by Queen Victoria.

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