Vodafone Sells Its British Headquarters and Rents a Portion Instead

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.

Highlights

  • Iqon Capital reached an agreement to purchase - The Connection - a group of seven buildings.
  • Iqon will modernize the 3 buildings which Vodafone vacate into a business campus.
  • The sale happens amid a major upheaval for Vodafone.

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Vodafone Sells Its British Headquarters and Rents a Portion Instead

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 ReadVodafone 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 ReadVodafone 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 ReadVodafone 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.

Reported By

Aparna, from a journalism background, closely follows the developments in the telecom Industry.

Aviation and Fintech News

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