Vodafone sells British HQ, rents half as an alternative amid downsizing

Vodafone Group Plc offered the headquarters it’s held for many years in Newbury, England, and can lease simply over half of the location’s premises again because it downsizes and cuts prices. Iqon Capital agreed to purchase the entire of seven buildings often called “The Connection” on behalf of Aljazira Capital for an undisclosed determine, it stated in an announcement on Tuesday.

Vodafone will vacate three of the buildings, which Iqon stated could be modernised as a enterprise campus. The positioning consists of about 486,810 sq ft of workplace house set in 38 acres of grounds. The sale comes amid main upheaval for Vodafone, which has had operations in Newbury about 97 km west of London since its inception within the mid-Nineteen Eighties. Its share worth is hovering round 25-year lows, and the board abruptly ousted CEO Nick Read in December.

Job cuts are deliberate as the corporate tries to enhance operations and strike offers to consolidate in key markets, together with Britain.

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