M&G Real Estate is set to acquire the Financial Times’ headquarters, One Southwark Bridge in London, for £115 million — 28% above the asking price originally set by current owner, Pearson.
Former owner of the Financial Times itself, Pearson sold the newspaper to Japanese firm Nikkei in 2015 but retained ownership of the building. However, it is now selling the site as part of an overall strategy to decrease its property portfolio.
Ben Almond, global head of property at Pearson, says: “This is an important step for Pearson in simplifying its UK property portfolio and becoming a leaner and more efficient company.”
Contracts have now been exchanged, and the sale should be completed by the end of the year. Once the agreement has been finalised, global advertising group WPP will lease the building from M&G, and the Financial Times will return to its former headquarters at Bracken House in the City of London.
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