The Leading News & Information Service For The Facilities, Workplace & Built Environment Community

British American Tobacco Considers Selling London HQ

British American Tobacco Considers Selling London HQ
19 August 2020
 

British American Tobacco is considering selling its eight-storey Westminster headquarters, according to media reports. 

The makers of Lucky Strike and Vogue cigarettes has occupied Globe House in central London since 1998, and the sale could raise more than £250 million as reported in The Times.

A spokesperson told the newspaper that the company was considering a sale-and-leaseback deal in which it would remain as tenant: “We are continually striving to become a stronger, simpler and faster organisation. As part of this journey, we are always exploring ways to best leverage our assets, including the possible option of a sale and subsequent leaseback of our Globe House head office in London.”

September 2019 saw BAT restructure and cut 2,300 jobs, citing a new focus on e-cigarettes and other products lines as its reasoning. The company employs around 55,000 employees worldwide, with 55 factories in 48 countries.

According to Co-Star News’ data, the lease on Globe House commenced in June 2002 and expires in July 2024, and British American Tobacco (BAT) pays £47.01 per sq ft on the current lease.

The potential sale of the FTSE 100 company was first reported by Estates Gazette.

Picture: A view of Globe House from across the River Thames. Image Credit: H005

Article written by Ella Tansley | Published 19 August 2020

Share



Related Articles

SEGRO Acquires £133 million Estate From Schroders

SEGRO plc has acquired Electra Park, a 13-acre urban warehouse estate in Canning Town, London from Schroders for £133 million. Electra Park provides 21,200 sq m...

 Read Full Article
Moving From Moorgate

2022 will see Smith & Williamson, the financial and professional services firm, move in to impressive refurbished City office space at 40 Gresham St near the...

 Read Full Article
CMA Clears MRI Software’s Acquisition of Capita One

The Competition and Markets Authority has cleared the acquisition of Capita One by MRI Software.  The deal was first announced in July...

 Read Full Article
British Land to Extend Broadgate Tower

British Land will add a three-storey extension to Broadgate Tower and create a new green plaza. Broadgate Tower, a 34-storey office building within British...

 Read Full Article
Ranger Fire and Security Acquires McGoff & Vickers Fire & Security Systems

Ranger Fire and Security has announced its first acquisition of 2025: North-West based McGoff & Vickers Fire & Security Systems. Backed by private investment...

 Read Full Article
Consultation Opens for 31-Storey Fenchurch Street Tower

Detailed proposals for the redevelopment of 130 Fenchurch Street have been launched for further consultation.   Watch the...

 Read Full Article
andwis Acquires Rock Compliance

Warwickshire-based Rock Compliance has been acquired by the andwis Group. The deal will help andwis to expand its critical compliance offering to its customers,...

 Read Full Article
Apleona Acquired by Bain Capital

Private investment firm Bain Capital has acquired European FM service provider Apleona. Having been acquired by equity firm PAI Partners in 2020, Apleona now has a new...

 Read Full Article
London’s First Roman Basilica Found in Gracechurch Street Development Site

The remains of London’s first Roman Basilica have been discovered underneath the basement of 85 Gracechurch Street, near Leadenhall Market in the City of...

 Read Full Article
VINCI Acquires FM Conway

VINCI has completed its acquisition of infrastructure services business FM Conway. FM Conway specialises in essential maintenance and construction services across...

 Read Full Article