M&G joins WPP in talks for FT’s London HQ

UK investment manager M&G Real Estate is in talks to buy the Financial Times’s headquarters and lease it back to advertising group WPP. WPP has been in talks to acquire the FT’s headquarters at 1 Southwark Bridge, SE1, for around £93m from the newspaper’s former owner, Pearson. It is understood that it is now in discussions over a sale-and-leaseback deal with M&G. Knight Frank and JLL are acting on behalf of Pearson. The FT, which Pearson sold in 2015 to Japanese media company Nikkei, is to relocate to the Obayashi Corporation’s Bracken House, EC4, next year. All parties declined to comment. Last week, EG revealed that Pearson was also looking to sublease up to 250,000 sq ft at its current head office at 80 Strand, WC2, overlooking the River Thames. The move to sublease its headquarters at 80 Strand is part of Pearson’s continuing restructuring programme, begun last year, to turn it into a leaner and more agile business. The plan includes reducing the company’s office locations to fewer than 100 by 2020. To send feedback, e-mail anna.ward@egi.co.uk or tweet @annaroxelana or @estatesgazette