CAY.L Share News (CAY)

(ShareCast News) - Investment management company Charles Stanley has sold its long lease in Shoreditch for £5.6m as part of an office consolidation.The firm exchanged contracts for the sale of the 35 Luke Street property's lease on Thursday and the proceeds will offset the one-off costs involved in the reorganisation.Charles Stanley, one of the oldest firms to be listed on the London Stock Exchange in 1852, is consolidating its London offices, including staff at 131 Finsbury Pavement to headquarters at 55 Bishops Gate.Chief executive Paul Abberley said: "The disposal of 35 Luke Street is in accordance with our plans to rationalise our London footprint, bring our London staff together in one building and contribute toward our drive for cost savings."The move to our new offices in Bishopsgate will commence ahead of schedule next month and we are confident that this will enable our professional and support teams to work together more efficiently and place us in good stead to better serve our clients' needs."Shares in Charles Stanley were up 1.56% to 325p at 1032 BST.