Time Inc., the magazine publisher spun off from Time Warner Inc., is seeking around 450 million pounds ($685 million) for the London headquarters of its U.K. unit, according to two people with knowledge of the matter.
The company appointed broker Eastdil Secured to sell the Blue Fin building, according to Karen Myers, director of corporate communications at Time Inc.. She declined to comment on the price. The property on the south bank of the River Thames has appeared in movies including "Salmon Fishing in the Yemen" and Woody Allen's "You Will Meet A Tall Dark Stranger."
Time Inc. has been reducing its property holdings, selling buildings in Birmingham, Alabama, and Menlo Park, California, according to Myers. The company's U.K. unit was known as IPC media before it was renamed Time Inc. U.K. after the parent company was spun off from Time Warner.
Time Inc. U.K. occupies almost half of the 500,000 square- foot (46,450 square-meter) building, the parent company said Thursday in a statement. The Blue Fin building is a popular filming location in London thanks to its all-glass facade, central atrium and the 2,000 aluminum blue fins designed to keep the building cool. Feature film "Page Eight" and the drama "Spooks" were also shot there.
A sale at 450 million pounds would represent an initial yield of about 4.65%, said the people, who asked not to be identified because the information is private. The publisher of titles including Marie Claire U.K. and NME plans to remain a tenant following any sale.
~ Bloomberg News ~