Apple to Move Into London's Battersea Power Station
September 28 2016 - 9:35AM
Dow Jones News
By Giles Turner
Apple Inc. has agreed to lease office space within London's
Battersea Power Station.
The iPhone maker said it is planning to move into the site in
2021, shifting 1,400 London staff into the old coal-fired power
station. The site has space for double that number of staff.
A person familiar with the matter said Apple's main 4,000-strong
European headquarters will remain in Ireland. Apple has previously
said it is planning to appeal the European Commission's ruling that
the Irish government should recoup EUR13 billion ($14.5 billion) in
allegedly unpaid taxes from Apple.
"It's a great opportunity to have our entire team working and
collaborating in one location," Apple said in a statement.
U.K. Treasury chief Philip Hammond said the move was a vote of
confidence in the British economy, sending a clear signal that
companies "are continuing to invest in Britain's future."
Battersea Power Station--based the south bank of the River
Thames a few miles away from central London--was decommissioned in
1983. Featured on the cover of Pink Floyd's 1977 album "Animals,"
the site languished as developers struggled to raise interest in
regenerating the site.
Apple's new home, already being called its London campus, will
sit in the power plant's boiler section, spreading across six
floors and over 500,000 square feet.
Battersea Power Station is backed by a group of Malaysian
investors at an estimated cost of $8 billion in 2012. Apple will
take up around 40% of the total office space in the new
development.
"It is a further sign that London is open to the biggest brands
in the world and the leading city for trade and investment," said
Sadiq Khan, Mayor of London.
Nicholas Winning also contributed to this article.
Write to Giles Turner at giles.turner@wsj.com
(END) Dow Jones Newswires
September 28, 2016 10:20 ET (14:20 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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