WPP (LON:WPP) is in advanced talks to buy the Financial Times’ London headquarters, industry magazine Property Week has reported. The news comes after it recently emerged that the blue-chip advertising giant was set to leave its central London headquarters, in another break with the past following the departure of chief executive Sir Martin Sorrell earlier this year.
WPP’s share price has fallen into the red in London in today’s session, having given up 1.36 percent to 1,048.50p as of 10:31 BST. The stock is underperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.24 percent higher at 7,076.06 points. The group’s shares have lost just under a quarter of their value over the past year, as compared with about a 5.8-percent dip in the Footsie.
WPP in talks to buy FT’s HQ
Property Week revealed yesterday that WPP was is in advanced talks to buy the FT headquarters at One Southwark Bridge for £93 million. The Telegraph meanwhile noted in its coverage of the news that it was unclear what elements of the FTSE 100 group, which owns a host of advertising agencies, public relations firms and data companies, would occupy the building should the sale come off.
The update comes after it recently emerged that WPP would stop leasing the small mews property located in Farm Street in the upscale district of Mayfair.
Analysts on blue-chip ad giant
The 26 analysts offering 12-month price targets for WPP for the FT have a median target of 1,310.00p on the shares, with a high estimate of 1,845.00p and a low estimate of 1,000.00p. As of October 16, the consensus forecast amongst 27 polled investment analysts covering the FTSE 100 group advises investors to hold their position in the company.