INDUSTRY NEWS

News International sells its Wapping London office space for £150m

The newspaper publishing division of Rupert Murdoch’s News Corporation empire, News International (NI) has announced the sale of its Wapping site – which features London office space – according to an article published by the Evening Standard.

Formerly the headquarters of NI, the Wapping site has been purchased by St George PLC in a deal worth around £150 million. The group already have plans in place to use the site for a new development featuring shops, offices and residential properties.

Managing director of St George PLC, Ross Faragher, commented on the acquisition.

He said: “Working with the London Borough of Tower Hamlets and the local communities we plan to create an exciting and attractive place to live and work, a new quarter in Wapping that will revitalise this important area of London.

“This is our first significant acquisition in Tower Hamlets for many years and St George is delighted to be investing in the borough again.

“We are looking forward to working with the borough, local communities and business on our plans for a high quality mixed use development,” Mr Faragher added.

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