Pearson Explores Potential Sale of London Properties
May 25 2018 - 11:19AM
Dow Jones News
By Adria Calatayud
Pearson PLC (PSON.LN) said Friday that it is exploring a
possible sale of its London properties as part of its efforts to
restructure the company.
The London-based education publisher said it could market its
property located at One Southwark Bridge--where the Financial Times
newspaper is headquartered--for sale or redevelopment.
Another option could be to transfer its entire lease commitment
at 80 Strand to an investor in a deal that would include the
building at One Southwark Bridge, Pearson said. The company is also
considering to sublease its entire 80 Strand property to find an
alternative London location.
Pearson said it remains committed to having headquarters in
London, but that it aims to have fewer than 100 office locations
across the world by 2020. In 2014, Pearson had more than 200
offices.
The company said the property review is part of its 2017-19
restructuring program. It aims become a simpler and more efficient
company, but Pearson said the review isn't linked to any further
headcount reductions.
Pearson said it would remain in 80 Strand and review options at
a later date if none of its planned scenarios is executed. One90
High Holborn would remain a key location for the company in any
scenario, the company said.
Pearson sold the FT to Nikkei Inc. in 2015, but kept hold of its
offices.
Write to Adria Calatayud at
adria.calatayudvaello@dowjones.com
(END) Dow Jones Newswires
May 25, 2018 11:04 ET (15:04 GMT)
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