LONDON 14 NOVEMBER, 2018: Pearson, the world’s learning company, has agreed to sell its property at One Southwark Bridge to M&G Real Estate for £115m. The two parties have exchanged contracts with a target completion date by the end of 2018.
The property is currently home to the Financial Times until it returns to its former headquarters at Bracken House in mid-2019. The terms of the deal will not impact the FT’s current lease obligations.
This agreement represents further progress in Pearson’s ongoing simplification strategy and the consolidation of its property footprint. This includes the previously announced London property strategy, where Pearson continues to explore options for leasing 80 Strand.
Pearson’s priorities for capital allocation remain unchanged, with a focus on maintaining a strong balance sheet, continuing to invest in the business, maintaining a progressive dividend and returning any surplus cash to shareholders.
Ben Almond, global head of property at Pearson, said: “This is an important step for Pearson in simplifying its UK property portfolio and becoming a leaner and more efficient company.”
Tom.Steiner@pearson.com / Hannah.Hawkins@pearson.com