Mitsubishi acquires London Television Centre for €170m

UK commercial broadcaster ITV has sold its former headquarters property, the London Television Centre, to Mitsubishi Estate London, for £145.6 mln (€170 mln) in an equity deal.

The asset, which is located on the South Bank, was built in 1972 for London Weekend Televsion, the former London ITV franchise. The complex was initially owned by the pension fund of the National Coal Board and leased by the station.

In January 2013, ITV finally bought the freehold of the asset for £56 mln from Coal Pension Properties. The site closed in April 2018 for demolition. Initially, ITV announced plans to redevelop the site with three smaller studios, before revealing in October it would not return to the South Bank, and that the whole site would be redeveloped into premium housing.

Completion of the sale is expected to take place by the end of the month, with part of the proceeds used to reduce ITV's debt.

Knight Frank advised ITV.

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