Imperial Brands has confirmed it is selling its head office in Bristol as it seeks to capitalise on the rising Bristol property market.
The FTSE 100 parent company of Imperial Tobacco has appointed JLL to find a buyer for 121 and 123 Winterstoke Road, which provide 94,000 sq ft and 50,000 sq ft of office space respectively.
However, Imperial plans to leaseback the properties on a long lease.
The 121 Winterstoke Road site has been Imperial’s head office since it first opened in 2013, while 123 Winterstoke Road is home to Imperial’s UK and Ireland market teams.
Oliver Tant, Imperial’s chief financial officer, said: “We continually look at how best we can optimise our assets and this transaction allows us to capitalise on the current strong demand for commercial property in Bristol and realise value for shareholders.
“We have a long history in Bristol and are proud to have our global headquarters here. The sale-and-leaseback arrangement underscores our long-term commitment to the city and will release funds to support the growth of the business.”
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