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ITV confirms South Bank studios sale

Former London Studios site sold to Mitsubishi Estate London

ITV has announced it has sold its former South Bank site to Mitsubishi Estate London for £145.6 million.

The deal is expected to complete by the end of November.

The broadcaster first announced plans to sell the South Bank site rather than go ahead with a planned redevelopment in October 2018.

In a statement, ITV said it established a Pension Funding Partnership with the Trustees backed by The
London Television Centre in 2014 which resulted in the assets of Section A of the defined benefit pension scheme being increased by £50 million.

Part of proceeds of the sale of the South Bank site, net of tax and fees, will be used to replace the asset security, and the remaining sale proceeds used to reduce ITV’s net debt.

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