July 17, 2019 / 11:11 AM / a month ago

UPDATE 1-BT to sell London headquarters for $260 mln

(Adds detail, background)

July 17 (Reuters) - Britain’s BT Group on Wednesday said it will sell its St Paul’s headquarters in London to a fund managed by European private equity firm Orion Capital Managers for 209.6 million pounds ($260 million).

The former telecoms monopoly, which has been based at the BT Centre, near St Paul’s Cathedral and the London Stock Exchange in the City of London since it was privatised in 1984, said it would disclose details of its new headquarters shortly.

BT had said last month it would leave its global headquarters to find “a new home” for the business in London and slash its UK offices to roughly 30 sites from 300.

Britain’s biggest broadband supplier began restructuring last year.

The sale of the 300,000-square-foot office, based in central London, includes a 30-month leaseback agreement during which the company will move its headquarters to a new location in the capital, it said.

$1 = 0.8057 pounds Reporting by Shashwat Awasthi in Bengaluru; editing by Sherry Jacob-Phillips and Jason Neely

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