2006
PA Consulting Group sells 123 Buckingham Palace Road to Westbrook Partners
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12 December 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.”
Mark Donnor, Managing Principal, Westbrook Partners added:
“Westbrook Partners has invested £1.1Bn in Central London over the last 24 months. The purchase of 123 Buckingham Palace Road is consistent with our strategy of acquiring growth stock in strategic prime locations. We have worked with PA Consulting Group to create a leaseback structure that provides flexibility for growth and asset managment opportunity for our business”.
ENDS
For more information, please contact:
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| Heather Smith |
| PA Consulting Group |
| 123 Buckingham Palace Road |
| London |
| SW1W 9SR |
| United Kingdom |
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Tel: +44 20 7312 4975 |
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Fax: +44 20 7312 4639 |
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E-mail:
heather.smith@paconsulting.com |
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Notes to editors
Westbrook Partners
Westbrook Partners was founded in 1992 as a money manager for US Pension Funds and Endowments since which time over $6Bn has been raised and invested in over $26Bn of transactions worldwide. Westbrook currently targets real estate opportunities in the US, the UK, France and Japan. Westbrook retains total discretion for all investment and asset management decisions. Over the last 24 months Westbrook has invested in excess of $2.14Bn into the UK real estate market principally in the office and residential sectors in London.
PA Consulting Group
PA Consulting Group is a leading management, systems and technology consulting firm. Operating worldwide in more than 35 countries, PA draws on the knowledge and experience of 3,000 people, whose skills extend from the initial generation of ideas, insights, solutions and new technology, all the way through to detailed implementation.
From the development of innovative strategies and solutions right through to their successful delivery, all of our work and support is based on deep sector insight and expertise. We work across the private and public sectors, with particular strengths in financial services, energy, life sciences and healthcare, government and public services, manufacturing, defence, and telecommunications. We help our clients to design optimum strategies for growth, deliver effective IT that improves business performance, mobilise human resources, deliver complex programmes and major business transformations, and develop breakthrough products and processes through our unique applied technology capability.
As an employee-owned company, with no audit arm nor exclusive alliances with third-party vendors or service providers, we are answerable only to ourselves and our clients. This independence means the advice we give to clients, and the work we deliver, are based only on what is best for our clients’ business. We will, however, work in non-exclusive alliances on specific programmes when it is in the best interests of our clients.
PA’s independent, benefits-driven approach is founded on our strength in innovation, our responsiveness to our clients’ needs, and our unyielding focus on delivery:
Innovation. Innovation comes in a variety of forms - in how customers' needs are identified and satisfied, in business models, in motivating and aligning staff, in the use of technology, and many more. PA has an unsurpassed track record in innovation, from developing pharmaceutical anti-counterfeiting measures and wireless technologies, to helping launch an innovative online bank, to development work that is helping alleviate poverty and boost the economies of developing countries.
Responsiveness. We recognise that each client and each problem have their own challenges and issues. Our solutions are therefore tailored to our clients’ specific circumstances, drawing on the deep industry insight of our consultants. Our relationships with clients are characterised by respect, flexibility and collaboration, and we pride ourselves on the speed of our response and the dedication of our people.
Delivery. At PA, delivering client value is ingrained in our culture. We focus on detailed implementation, with a renowned track record of delivering innovative solutions that achieve lasting change. At PA, we see projects right through to the finishing line - and beyond - delivering significant and measurable value to our clients.
PA: Innovation. Responsiveness. Delivery.
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