Global law firm Herbert Smith Freehills LLP has advised Pearson, the digital learning company, on the sale of One Southwark Bridge to M&G Real Estate for £115m. The two parties have exchanged contracts with a target completion date by the end of 2018.
The building, which has been home to the Financial Times since 1989, will continue to be occupied by the paper until it returns to its former headquarters at Bracken House next year.
The Herbert Smith Freehills team was led by real estate partner David Rosen alongside senior associate Sophie Bulmore. The team also included real estate partner Alice Dockar, and associates Ruth Benfield and Amy Stolberg, and tax partner Neil Warriner with associates Michael Alliston and Casey O'Hara.
David commented: "We are delighted to have helped Pearson on this high profile deal. This sale is important in the context of the client's ongoing simplification strategy as it consolidates its UK property footprint, which also includes 80 Strand."
Holly Baker, Senior Counsel, Finance at Pearson, said: “We are delighted to have been supported by the HSF team in this important step in our property simplification strategy.”
About Herbert Smith Freehills
Operating from 27 offices across Asia Pacific, EMEA and North America, Herbert Smith Freehills is at the heart of the new global business landscape providing premium quality, full-service legal advice. The firm provides many of the world’s most important organisations with access to market-leading dispute resolution, projects and transactional legal advice, combined with expertise in a number of global industry sectors, including Banks, Consumer products, Energy, Financial buyers, Infrastructure & Transport, Mining, Pharmaceuticals & Healthcare, Real estate, TMT and Manufacturing & Industrials.
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