BAT Mulls Sale of Globe House

British American Tobacco (BAT) is considering a sale-and-leaseback deal for its Globe House headquarters in London. The Times of London reported the tobacco manufacturer may be able to sell the Westminster property for more than £250 million ($328.69 million).

“We are continually striving to become a stronger, simpler and faster organization,” a spokeswoman was quoted as saying. “As part of this journey, we are always exploring ways to best leverage our assets, including the possible option of a sale and subsequent leaseback of our Globe House head office in London.”

She said that irrespective of the outcome, the company had no plans to leave Globe House, which it has occupied since 1998.

In September 2019, BAT cut 2,300 jobs as part of a restructuring effort to focus the firm on e-cigarettes and other new products. The company employs around 55,000 employees worldwide, with 55 factories in 48 countries.

When asked by a U.S. newspaper whether it had plans to sell its U.S. headquarters in Winston-Salem, North Carolina, BAT did not comment.

In June 2014, Reynolds American sold its iconic former headquarters building for $7.8 million to PMC Property Group of Philadelphia.