PA Consulting Group Web Site - December 12, 2006
PA Consulting Group, the leading management, systems and consulting firm, today announced that it had sold its London HQ,123 Buckingham Palace Road, to Westbrook Partners, a US Opportunity Fund, for a sum in excess of £170 million.
PA will continue to occupy the building for a minimum of 12 years under a sale and leaseback arrangement with Westbrook that takes in PA’s requirement for expansion space for further growth. PA bought the 194,000 sq ft building in October 1999 and currently occupies half the space for its global headquarters. The firm decided to sell the building to take advantage of a buoyant property investment market.
Jon Moynihan, Executive Chairman, PA Consulting Group, commented: “This is good news for PA and its employees who are all shareholders in our business and stand to benefit from the significant increase in our share price as a result of the sale. We will be reinvesting the capital freed up into developing new businesses and new markets.”
Sphere: Related Content
Thursday, December 14, 2006
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment