M&G Real Estate has agreed to buy the Financial Times’s London headquarters for £115m (€131.8m).

Publishing firm Pearson said it will sell One Southwark Bridge to M&G Real Estate as part of Pearson’s ongoing simplification strategy and the consolidation of its property footprint.

This includes the previously announced London property strategy, where Pearson continues to explore options for leasing 80 Strand, it said.

Ben Almond, the global head of property at Pearson, said: “This is an important step for Pearson in simplifying its UK property portfolio and becoming a leaner and more efficient company.”

The property is currently home to the Financial Times until it returns to its former headquarters at Bracken House in mid-2019. Pearson said the terms of the deal will not impact the current lease obligations.