INDUSTRY NEWS

Pernod Ricard set to move to new London office

Pernod Ricard is set to move to a new west London office it has been revealed.

CoStar has reported the drinks group has agreed to move into China Investment Corporation’s Chiswick Park. It is expected to agree upon a 40,000 sq ft sublet from Disney in Building 12.

The firm had previously been rumoured to be interested in 37,000 sq ft of offices at Development Securities and Scottish Widows’ 10 Hammersmith Grove, but talks failed to materialise leaving the drinks giant to look elsewhere for its new London office.

China Investment Corporation officially completed its acquisition of Chiswick Park in January of this year for £780m from Blackstone. Blackstone itself only acquired the park in March 2011 from the Chiswick Park Unit Trust for a reported £480m.

Despite selling the park on to CIC, Blackstone has retained ownership of building 7 – the largest of the office buildings at the business park – after spending a reported £80m on its construction. Blackstone will also act as asset manager for the entire park on CIC’s behalf.

Since Blackstone took over the park, it has become home to a number of tenants including International Game Technology, Otis Lifts and Aker Solutions. Pernod Ricard will also be joining follow drinks firm Absolut Spirits as well as Pepsi.

By: Kirsty MacGregor

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