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.

• Make Telecom Talk My Trusted Source
• 
• 

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.