UK-based asset manager M&G Real Estate has struck a deal with publishing giant Pearson to acquire office property One Southwark Bridge for £115 mln (€132 mln).
The two parties have exchanged contracts with a target completion date by the end of 2018.
The property is currently home to UK newspaper 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 is an important step for Pearson in simplifying its UK property portfolio and becoming a leaner and more efficient company,' said Ben Almond, global head of property at Pearson.
According to Pearson, the agreement represents further progress in the firm's ongoing simplification strategy and the consolidation of its property footprint. This includes the previously announced London property strategy, where Pearson said it continued to explore options for leasing 80 Strand.