WPP share price: Company strikes deal for Shanghai campus

on Jul 15, 2015
Updated: Oct 21, 2019

WPP Plc (LON:WPP), the world’s largest advertising company, has signed an agreement to lease 41,000 square metres on 20 floors in Shanghai in one of the biggest deals for the city’s commercial district. The new WPP Shanghai Campus, located at 399 Heng Feng Road, will house 26 WPP companies along with 3,000 staff, currently spread across 10 locations. GroupM, Ogilvy & Mather, Blue Hive, J. Walter Thompson and TNS are some of the companies that will be relocated.

399 Heng Feng Road is part of a three-stage redevelopment project in Shanghai’s Zhabei District, which is set to include a shopping mall, six office towers, two luxury boutique hotels, and luxury residential sections. The project is scheduled to complete in 2017, with move-in expected to begin at the end of the year.
The deal further demonstrates WPP’s commitment to China, which is one of the company’s most important markets. The UK advertising giant generates revenue of $1.5 billion annually and employs 15,000 people in the country.
WPP founder and chief executive officer Martin Sorrell commented: “China is now WPP’s third largest market, and our commitment to China is deeper than ever.” He added:“One of WPP’s key objectives is horizontality – promoting cooperation across our group companies to improve outcomes for our clients — and bringing our people in Shanghai into this location is an important step towards this goal.”
In today’s trading, WPP shares were up 0.7 percent at 1,517.00p, as of 13:54 BST. The company’s stock has risen 12.8 percent since the start of the year.
The 28 analysts offering 12 month price targets for WPP have a median target of 1,670p, with a high estimate of 2,035p and a low estimate of 1,250p.
As of 15:51 BST, Wednesday, 15 July, WPP PLC ORD 10P share price is 1,511.50p.

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