Sunday, 25 August 2019

BT sells its London HQ for £209.6m

By Chris Kelly, Total Telecom
Wednesday 17 July 19

BT employees will ultimately be relocated to one of 7 new regional offices but could find themselves remaining in St paul's as part of a leaseback agreement

BT Group has announced the sale of its iconic London headquarters, for a reported £209.6 million.  The company will sell the St Pauls building to real estate fund Orion Capital Managers…

BT Group has announced the sale of its iconic London headquarters, for a reported £209.6 million. 

The company will sell the St Pauls building to real estate fund Orion Capital Managers. As part of the deal, BT will be permitted to lease back office space in the building for the next 30 months. 

BT is set to close 270 offices in the UK as part of its plans to reduce its operational expenses by £1.5 billion, in 2019.

BT's "Better Workplace Programme" will see the company consolidate its real estate footprint from 300 locations to just 30.

“The Better Workplace Programme is about bringing our people together in brilliant spaces, and transforming the way we work,” BT Group chief executive Philip Jansen said in June. 

As part of the consolidation of its workforce, BT is continuing with plans to cut its workforce in the UK by around 7,000 (13,000 redundancies, offset by 6,000 new hires).  

Also in the news

BT: Only smart network infrastructure can deliver the ubiquitous connectivity that consumers demand

EE starts up its 5G network in the UK

The UK's inconvenient truth - We wouldn't be launching 5G without Huawei 

Since you're here...

...the Telecoms industry is characterised by constant change and evolution. That's why it's crucial for telecoms professionals to keep up-to-date with what is happening. Join 35,000+ of your peers and sign up to our free newsletter service today, to be in the know about what is going on. PLUS, as a member you can submit your own press releases!

See all membership options

Please enable JavaScript to view the comments powered by Disqus.

Newsletter signup

Quickly get on board and up to date with the telecoms industry