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Sky to sell west London HQ for £545M

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Sky to sell west London HQ for £545M

Sky plcis selling its headquarters and studios in Osterley, west London, for £545million, The Daily Telegraph ofLondon reported April 1.

The British pay TV giant tapped BNP Paribas Real Estate tofind a buyer for the buildings, which it plans to rent back via an expected30-year deal.

Initial talks with investors have reportedly started, with Skyaiming to complete the sale in end-June.

Sky is planning to reinvest the sale's proceeds into thecore areas of its business, according to the report, citing Estates Gazette. It could also use themoney to pay down some of its gross debt worth £7.7 billion.

The company reportedly first considered selling its Osterleyoffices in 2012 but later dropped the idea.