South Korea’s National Pension Service will next week complete the purchase of the HSBC tower in Canary Wharf for £773m ($1.3bn) in cash – about a quarter less than it was sold for at the peak of the market in 2007.

The building was acquired by Metrovacesa, the Spanish property company, in a sale and leaseback deal for £1.1bn in 2007, but the company was then forced to sell it back to the bank for about £840m. The bank made a gain of £250m on the transaction.