BBC, Stanhope Plc, Mitsui Fudosan, and AIMCo Complete Sale of Television Centre
According to the press release, “Today, the BBC and a consortium of Stanhope, Mitsui Fudosan UK and Alberta Investment Management Corporation (AIMCo) completed the sale of BBC Television Centre in West London.
The sale follows a year-long selection process. 240 expressions of interest were whittled down to six shortlisted bids which were tested against the BBC’s three key objectives: maximising the value of the site for Licence Fee payers; protecting the legacy of this iconic building and choosing a buyer that could deliver.
Stanhope has bought the site for guaranteed consideration of £200m. The BBC will also benefit from future overage payments.
Stanhope Plc’s funding partners in the transaction are Mitsui Fudosan and the Alberta Investment Management Corporation (AIMCo), who are both blue-chip, well-funded and experienced development partners.
The sale is part of long-term plans to reduce the size of the BBC’s property portfolio by 30 percent. The proceeds from the sale, together with the end of running costs for the site will contribute towards the BBC’s target of achieving annual savings in property expenditure of £47m pa by 2016/17.”
Read more: BBC Press Release