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Lloyds sells London HQ to a Chinese property investment company for an undisclosed price

Under the terms of the sale to Hengli Investments Holding, Lloyds will lease back the 25 Gresham Street building, which it has occupied since its construction, for the next 20 years
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There will be no disruption to Lloyds' operations or staff in the building as a result of the sale, a spokeswoman told Reuters

Lloyds Banking Group PLC (LON:LLOY) has sold its London headquarters to a Chinese property investment company for an undisclosed price, according to Reuters.

Under the terms of the sale to Hengli Investments Holding, Lloyds will lease back the 25 Gresham Street building, which it has occupied since its construction, for the next 20 years, the news agency said.

READ: Lloyds to close a further 49 branches as more customers turn to online banking

There will be no disruption to Lloyds' operations or staff in the building as a result of the sale, a spokeswoman told Reuters.

"The transaction enables the group to capitalise on the market conditions and realise value in its property portfolio for shareholders," she continued.

The move comes as the lender – which returned to full private ownership earlier this year after the government sold its remaining stake – announced last month that it is to shut a further 49 high street branches next year, leading to the loss of 99 jobs.

READ: Lloyds capital requirements may impact potential for dividend growth, says Goldman Sachs

Lloyds closed a total of 100 branches between July and October this year as part of cost-cutting plans announced in 2016 to shut 400 branches.

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