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By Carlo Martuscelli
Pearson PLC (PSON.LN) said Wednesday that it will sell its One Southwark Bridge property to M&G Real Estate for GBP115 million as part of its ongoing simplification drive.
The company said the sale of the property--which currently houses U.K. business daily the Financial Times--is expected to be completed by the end of 2018. The sale will not affect the FT's lease, Pearson said.
The educational publisher said the sale progresses its ongoing simplification. It is continuing to explore leasing options for its 80 Strand property, it said.
"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 company said.
Pearson announced its plans to slim down its London property portfolio in May. At the time, the FTSE-100 listed company said it was exploring the sale or redevelopment of One Southwark Bridge. Pearson sold the FT to Nikkei Inc. in 2015, but kept hold of its offices.
Adria Calatayud contributed to this article.
Write to Carlo Martuscelli at email@example.com
(END) Dow Jones Newswires
November 14, 2018 05:13 ET (10:13 GMT)
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