STV’s headquarters in Glasgow have been sold in a deal worth £36.6m.
It won’t have a material impact on the broadcaster, which still has another 17 years to run on its lease for the 60,000sq ft Pacific Quay base.
LondonMetric Property PLC said that it had sold Pacific Quay and an office leased to BT in Glasgow to a “single buyer.” BT also has more than 17 years remaining on its lease.
The “single buyer” hasn’t been named.
“These are good, well-let assets. However, we continue to exit non-core sectors and geographies and reinvest in sectors where we have a competitive edge and which are enjoying a structural tailwind,” stated Andrew Jones, Chief Executive of LondonMetric.
Both buildings were previously owned by LXi Reit, which was acquired by LondonMetric in March.
The news comes as STV published a trading update, showing total advertising revenue was up 5% in Q1. It was also bullish about Q2, expecting advertising to rise by up to 20% as a result of the Euros.
“STV continues to make strong strategic progress and remains on track to deliver its ambitious growth plans out to 2026,” said Chief Executive, Simon Pitts.
“STV Studios continues to perform strongly, securing major new orders from Netflix, Sky and Discovery in the first half despite the challenging commissioning environment, and is on track to hit target revenues of £140m in FY26.
“We have a fantastic programming line-up for the rest of 2024, kicking off next week with live and exclusive coverage of the opening game of Euro 2024 between Germany and Scotland on STV and STV Player.”
