Vodafone has sold all seven buildings at its Newbury head offices and leased back four of them.

The 486,810 sq ft campus called The Connection has been acquired by IQON Capital, on behalf of Aljazira Capital with Oval Real Estate acting as asset and development manager.

The three buildings Vodafone is vacating will be comprehensively refurbished and redesigned into sustainable workplaces. Colliers which advised Vodafone, said a world-class business and innovation campus is planned.

The mobile phone giant has moved to a hybrid working model.

Chris Lewis, Colliers’ head of office investment, said: “The sale and subsequent part leaseback by Vodafone of The Connection demonstrates the flexibility that the right approach to real estate can provide. The ongoing commitment by Vodafone to the Newbury campus is testament to its fantastic facilities, its strong location and high quality office space. We are looking forward to seeing what the next chapter holds for the campus as it continues its evolution.”

Rob Campkin, Colliers’ head of corporate capital solutions, occupier services EMEA, said: “We have been delighted to work closely with Vodafone as they implement their new hybrid work solution.

“By providing strategic options analysis and expert support, we were able to help the client identify the optimal financial and operational solution resulting in a sale and partial leaseback of their campus in Newbury. The transaction was successfully executed at a challenging time in the market.”

The 15-hectare site was built for Vodafone in the early 2000s.

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