Pearson Explores Potential Sale of London Properties

   By Adria Calatayud 
 

Pearson PLC (PSON.LN) said Friday that it is exploring a possible sale of its London properties as part of its efforts to restructure the company.

The London-based education publisher said it could market its property located at One Southwark Bridge--where the Financial Times newspaper is headquartered--for sale or redevelopment.

Another option could be to transfer its entire lease commitment at 80 Strand to an investor in a deal that would include the building at One Southwark Bridge, Pearson said. The company is also considering to sublease its entire 80 Strand property to find an alternative London location.

Pearson said it remains committed to having headquarters in London, but that it aims to have fewer than 100 office locations across the world by 2020. In 2014, Pearson had more than 200 offices.

The company said the property review is part of its 2017-19 restructuring program. It aims become a simpler and more efficient company, but Pearson said the review isn't linked to any further headcount reductions.

Pearson said it would remain in 80 Strand and review options at a later date if none of its planned scenarios is executed. One90 High Holborn would remain a key location for the company in any scenario, the company said.

Pearson sold the FT to Nikkei Inc. in 2015, but kept hold of its offices.

Write to Adria Calatayud at [e-mail]

(END) Dow Jones Newswires

May 25, 2018 11:04 ET (15:04 GMT)

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