Business

Pearson sells FT constructing to M&G Real Estate for £115 million

LONDON (Reuters) – British training writer Pearson is promoting its property at One Southwark Bridge in London, the present home of the Financial Times newspaper, to M&G Real Estate for 115 million kilos, it stated on Wednesday.

Pearson and M&G have exchanged contracts with a goal of finishing the deal by the tip of 2018.

The phrases of the deal is not going to influence the Financial Times’ present lease obligations, with the newspaper returning to its former headquarters at Bracken House within the City of London in mid-2019.

Pearson offered the newspaper to Japan’s Nikkei in 2015 to give attention to its training business.

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

Last month Pearson stated it was on monitor for a return to revenue progress this 12 months.

The group stated on Wednesday its priorities for capital allocation had been unchanged, with a give attention to sustaining a robust steadiness sheet, persevering with to put money into the business, sustaining a progressive dividend and returning any surplus money to shareholders.

Shares in Pearson, up 24 p.c this 12 months, had been flat on Wednesday.

Reporting by James Davey; enhancing by Jason Neely

Our Standards:The Thomson Reuters Trust Principles.

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