BT picks new home in London's Aldgate area

FILE PHOTO: The logo for the British Telecom group is seen outside of offices in the City of London, Britain, January 16 , 2017. REUTERS/Toby Melville/File Photo

(Reuters) - Britain's BT Group Plc BT.L said on Monday it will relocate its global headquarters from the St Paul's area of London to a new site in the city's Aldgate area.

BT said last week it would sell its St Paul’s headquarters to a fund managed by European private equity firm Orion Capital Managers for 209.6 million pounds ($261.31 million).

The former telecoms monopoly 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 privatized in 1984.

BT’s new headquarters will be housed in a new fit-for-purpose building, developed and owned by Aldgate Developments, the company said.

Reporting by Noor Zainab Hussain in Bengaluru; Editing by Shounak Dasgupta