Thursday 19 September 2019

Financial Times building in London sold

One Southwark Bridge, the current home of the FT
One Southwark Bridge, the current home of the FT

British education publisher Pearson is selling its property at One Southwark Bridge in London, the current home of the 'Financial Times' newspaper, to M&G Real Estate for £115m (€132m).

The terms of the deal will not impact the newspaper's current lease obligations, with it returning to its former HQ at Bracken House in the City in mid-2019.

Pearson sold the newspaper to Japan's Nikkei in 2015 to focus on its education business.

"This is an important step for Pearson in simplifying its UK property portfolio and becoming a leaner and more efficient company," said Ben Almond, Pearson's global head of property.

Last month Pearson said it was on track for a return to profit growth. It said yesterday its priorities for capital allocation were still a focus on a strong balance sheet, investing in the business, maintaining a progressive dividend and returning any surplus cash to shareholders.

Reuters

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