ITV purchases London Television Centre fo 56m pounds

FTSE 100 listed company ITV has acquired the freehold of London Television Centre for 56m pounds.

According to the company, the purchase gives ITV flexibility in its property strategy as it continues to rebalance the company. It follows on from the ITV's earlier decision to refurbish its facilities in Leeds and relocate its northern offices in Manchester to MediaCity in Salford, an area on the outskirts of city.

The company purchased the 2.5 acre site from Coal Pension Properties. In addition to the £56m, Coal Pension Properties could receive additional payments up to a maximum of £6.5m if ITV undertakes substantial redevelopment of the site during the next decade.

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Prior to the purchase, ITV was locked into a 56-year lease with no breaks on the 22-storey tower and studio complex.

MF