Vodafone Group sold the headquarters, which it held for decades in Newbury, England, and will rent over half of the premises of the site back as it downsizes and cuts costs. Job cuts are also expected as the company tries to improve operations and strike deals to consolidate in key markets, including Britain.
Vodafone Group sold the headquarters, which it held for decades in Newbury, England, and will rent just over half of the site's premises back as it downsizes and cuts costs, according to a Bloomberg report.
Also Read: Vodafone Spain Comes Under Europe Cluster, CEO Steps Down
Iqon Capital to purchase - The Connection
Iqon Capital announced in a statement on Tuesday that it had reached an agreement to purchase "The Connection," a group of seven buildings, for an undisclosed figure on behalf of Aljazira Capital. Vodafone will vacate three buildings which Iqon said would be modernized as a business campus. The site consists of approximately 486,810 square feet of office space set on 38 acres.
Also Read: Vodafone CEO Nick Read to Hand Over Reigns to Margherita Della Valle
The sale happens amid major upheaval for Vodafone, which has operated in Newbury, 60 miles (97 kilometers) west of London, since its inception in the middle of the 1980s. The company's share price is currently near 25-year lows, and in December, Chief Executive Officer Nick Read stepped down. In addition, job cuts are expected as the business strives to enhance operations and reach agreements to consolidate in major markets, including Britain.
Shrinkage in footprint
The footprint of Vodafone is reducing as the company embeds a blend of home, site, and field working for its 10,000 UK employees, with the campus acting as a hub for face-to-face meetings. The company's UK unit and research and development teams are located in Newbury.
Also Read: Vodafone to Sell Vodafone Hungary for 1.7 Billion Euros
Oval Real Estate to Lead
Oval Real Estate has been chosen to manage the development and asset management of the properties for Saudi Arabia's Aljazira and Iqon, a London-based private equity real estate firm founded by Giovanni Gregoratti and Carlo Ratti.
Vodafone Group, Antenna Hungaria and, IT Group 4iG, Corvinus International Investment (acting for the Hungarian State) have announced the signing of a binding sale and purchase agreement for 100 per cent of Vodafone Hungary operations.
