BT sells London HQ to Orion
BT has sold its global headquarters in the City of London to Orion Capital Managers for £209.55m.
The deal includes an initial leaseback agreement of 30 months.
Orion European Real Estate Fund V, managed by Orion Capital Managers, has acquired the 300,000 sq ft building.
BT has sold its global headquarters in the City of London to Orion Capital Managers for £209.55m.
The deal includes an initial leaseback agreement of 30 months.
Orion European Real Estate Fund V, managed by Orion Capital Managers, has acquired the 300,000 sq ft building.
EG reported in June that Orion had been selected as the preferred bidder to buy BT’s HQ at 81 Newgate Street, EC1.
The private equity firm is understood to have beaten off rival bidders believed to include Brookfield, Henderson Park with CO-RE, Hong Kong firm K&K and Tishman Speyer.
BT has already found a location to relocate to in London, having placed all the 328,064 sq ft office space available at Aldgate Developments’ One Braham in Whitechapel, E1, under offer.
The telecoms giant is to take the space on a 15-year lease, paying between £55 and £60 per sq ft.
One Braham is a £230m, 18-storey commercial building being built above Aldgate East Tube station.
BT decided to sell its home last year after revealing plans to cut 13,000 jobs over the next three years and reduce its costs by £1.5bn, and in the wake of the decision by its then chief executive, Gavin Patterson, to step down.
Patterson was replaced in February by Philip Jansen, the former co-chief executive of global payments services group Worldpay.
Cushman & Wakefield advised BT.
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