The Financial Times headquarters is to be sold to M&G Real Estate for £115m, a price 28% above the asking price set when Pearson, the former owner of the newspaper, put the building up for sale.
Pearson said on Wednesday it had exchanged contracts with M&G, the fund manager owned by Prudential, and aimed to complete the deal to sell the building at One Southwark Bridge in London by the end of the year.
WPP, the world’s largest advertising group, is set to lease the building from M&G.
Pearson sold the Financial Times to Japan’s Nikkei in 2015 but retained ownership of the building, which the educational publisher is now selling as part of a broader strategy to reduce its property portfolio.
