NEW YORK & LONDON--(BUSINESS WIRE)--Time Inc. today announced the completion of the sale of the Blue Fin Building in London, England. The building was purchased by Oxford Properties, the global real estate arm of the Ontario Municipal Employees Retirement System (“OMERS”), in a joint venture with Temasek.
“This sale was certainly the right move for us given the attractive valuation of this property,” said Time Inc. Executive Vice President Jeff Bairstow. "As a media company, real estate management is not core to Time Inc. Since we became an independent public company in 2014, we have invested in expanding our brands, content and audiences into new revenues streams, through a combination of organic investment and acquisition. The cash proceeds allow us to continue to invest in the business, provide capital returns to our shareholders, repay debt and make strategic acquisitions.”
As part of the sale, we are leasing back space at the Blue Fin Building and it remains our UK headquarters.
About Time Inc.
Time Inc. (NYSE:TIME) is one of the world's leading media companies, with a monthly global print audience of over 120 million and worldwide digital properties that attract more than 150 million visitors each month, including over 50 websites. Influential brands include People, Sports Illustrated, InStyle, Time, Real Simple, Southern Living, Entertainment Weekly, Travel + Leisure, Cooking Light, Fortune and Food & Wine, as well as more than 50 diverse titles in the United Kingdom, such as Decanter, Horse & Hound and Wallpaper*. Time Inc. is home to celebrated events and franchises, including the Fortune 500, Time 100, People’s Sexiest Man Alive, Sports Illustrated’s Sportsman of the Year, the Food & Wine Classic in Aspen, the Essence Festival and the biennial Fortune Global Forum. Hundreds of thousands of people attend these live media events each year. Time Inc. also provides content marketing, targeted local print and digital advertising programs, branded book publishing and marketing and support services, including subscription sales services for magazines and other products, retail distribution and marketing services and customer service and fulfillment services, for Time Inc. brands and third-party clients, including other magazine publishers.