By Oliver Haill
Date: Wednesday 14 Nov 2018
LONDON (ShareCast) - (Sharecast News) - Pearson has agreed to sell the Financial Times' headquarters on the banks of the Thames to investor M&G for £115m.
Pearson, which sold the Financial Times Group to Nikkei for £844m in 2015, said contracts had been exchanged and the deal was expected to complete by the end of the year.
The FT had already planned to move back its former headquarters at Bracken House on Cannon Street in the middle of next year. Pearson said The terms of the deal will not impact the FT's current lease obligations.
As part of a wider simplification process, the education-focused publisher has been looking slim down its property portfolio, which includes an intention to lease out a property on the 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," the FTSE 100 group said.
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