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BT Group PLC on Wednesday said that it has agreed to sell the BT Tower to MCR Hotels, which plans to preserve the building as a landmark hotel.
According to the London-based telecommunications operator, the £275 million sale to the American hotel owner-operator is reflective of a wider digital shift. A number of network operations that were traditionally carried out from the building are now delivered via fixed and mobile networks.
Additionally, while the BT Tower was previously used by the firm’s Media & Broadcast business, the division has already been migrating services onto its cloud-based platform, which it said would ‘allow a more straightforward move to more modern and efficient premises’.
‘The BT Tower sits at the heart of London and we’ve been immensely proud to be the owners of this important landmark since 1984. It’s played a vital role in carrying the nation’s calls, messages and TV signals, but increasingly we’re delivering content and communication via other means. This deal with MCR will enable BT Tower to take on a new purpose, preserving this iconic building for decades to come,’ said Property Director Brent Mathews.
BT Group shares were trading 0.1% lower at 106.75 pence each in London on Wednesday morning.
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