Stockmarket

Google shows faith in office with $1 billion London deal



© Reuters. FILE PHOTO: The logo for Google LLC is seen at the Google Store Chelsea in Manhattan, New York City, U.S., November 17, 2021. REUTERS/Andrew Kelly

LONDON (Reuters) -Tech giant Google has spent $1 billion to buy a central London building where it is currently a tenant, showing its confidence in the future of the office as a place to work, the company said on Friday.

Google, which employs 6,400 people in Britain, plans a multi-million pound refurbishment of its offices within the Central Saint Giles development it is buying, close to Covent Garden in central London.

“We have been privileged to operate in the UK for nearly 20 years, and our purchase of the Central Saint Giles development reflects our continued commitment to the country’s growth and success,” said Ruth Porat, CFO of Google’s parent company Alphabet (NASDAQ:).

Google plans to refit the building so it is adapted for in-person teamwork and has meeting rooms for hybrid working, as well as creating more space for individuals.

The new refurbishment will also feature outdoor covered working spaces to enable work in the fresh air, the company said.

Google said it would eventually have capacity for 10,000 workers at its UK sites, including one being developed in the nearby King’s Cross area of London.

“This investment in jobs from Google is a big vote of confidence in the UK as a world-leading tech hub,” finance minister Rishi Sunak said in a statement.

Google said last month that it was delaying its return-to-office plan globally amid growing concerns over the Omicron variant of the coronavirus.

The Central Saint Giles building had been owned by a joint venture between Legal & General Investment Management Real Assets and Mitsubishi Estate London Limited.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.