(Alliance News) - BT Group PLC said Wednesday it sold its headquarters in London for GBP210 million to Orion European Real Estate Fund V ahead of moving to a new base within the next three years.
The FTSE 100-listed telecommunications firm sold the 300,000 square foot office building near St Paul's Cathedral for GBP209.6 million. BT will initially leaseback the property for 30 months, and during this time BT will move to a new London headquarters.
BT expects to announce details of its new London headquarters "shortly", it said.
The former state monopoly announced plans to exit its historic London headquarters in May 2018 as part of its "Better Workplace" programme. Under this scheme, BT intends to consolidate its operations in 300 current locations to just 30.
Shares in BT were 0.9% lower at 188.44 pence in London on Wednesday.
BT (BT.A)