Canadian bank subsidiary confirms Dublin expansion post-Brexit

The Irish subsidiary of a Canadian multinational bank, Toronto-Dominion Bank, will expand its Dublin presence having signed an agreement to let space at the prominent office development of One Molesworth Street.

The fifth floor in the flagship Green Reit development has been leased to TD Global Finance, part of Canada’s largest lender by assets, which signalled last August it wanted to expand its Dublin office in a bid to create a post-Brexit European hub.

The Dublin expansion, which will also see the group establish a bond-trading unit, is part of the bank's growth strategy in Europe.

A 20 year agreement for 985sq m (10,600sq ft) of space means the Green Reit building, which has already signed leases with Barclays Bank and Goshawk Aviation, is now 88 per cent full.

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The remaining office space in the building comprises the balance of the third floor, over which Barclays have an option exercisable by March 31st. Additionally, one retail unit of 820sq m still remains to be let following the ground floor lettings to the Ivy restaurant and Le Pain Quotidien.

TD Securities will pay Green annual rent of €740,000 for the space and has a break option at the end of year 13. Additionally, the tenant is entitled to a nine month rent free period at the outset of the least.

TD, which has more than 3,800 people in 13 offices around the world, already has an operation in Dublin which first opened in 1998, and is located in the IFSC.

A small operation, it trades international equity, interest rate and credit product, as well as engages in structured finance activities for customers of the TD network.

"We are excited about the opportunities for TD Securities in Ireland and today's announcement marks another milestone in the expansion of our business there. Our increased presence in Dublin will help us support our growing global business, meet the evolving needs of our clients and respond to the changing regulatory environment," said Peter Walker, vice chair and regional head of Europe and Asia-Pacific for TD Securities.