Mitsubishi UFJ, the Japanese financial group, has agreed to relocate two of its subsidiaries into a new headquarters in a cut-price deal that demonstrates the troubles in the UK commercial property market.

Bank of Tokyo-Mitsubishi UFJ and Mitsubishi UFJ Securities yesterday signed a preletting agreement to occupy more than a third of the 560,000 sq ft Ropemaker scheme in the City of London, which is being developed by British Land, the UK's second largest real estate investment trust.