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The ´óÏó´«Ã½ has today finalised the sale of its Woodlands site in West London to Imperial College London.

The 7.7 acre site had been occupied by ´óÏó´«Ã½ Worldwide, the ´óÏó´«Ã½'s commercial subsidiary, which has relocated to the nearby White City Media Village.

The site – which will create new teaching, research and administrative facilities for Imperial College London – was sold for £28million.

The site forms part of the area covered by the ´óÏó´«Ã½'s vision for Creative London, a new creative industries quarter for London (see Notes to Editors).

The ´óÏó´«Ã½ is working in partnership with landowners to build on the area's existing strengths and bring about the economic development of the White City area.

Chris Kane, Head of ´óÏó´«Ã½ Workplace, said: "For an education and research institution of the quality of Imperial College London to expand within W12 is a great boost for our Creative London vision and is a clear demonstration that, even in the most difficult of property markets, good sites – as part of a wider well-thought through proposition – will attract investment from the top players.

"We are delighted to have achieved a sale which offers good value for our licence fee payers. The new occupier shares the ´óÏó´«Ã½'s values, reinforces the innovative and creative culture of the area and offers potential partnerships for the future."

Dr Martin Knight, Chief Operating Officer of Imperial College London, said: "This purchase is an investment in Imperial's future growth and development.

"The acquired site, so close to our existing West London campuses, will allow us to create new teaching, research and administration facilities. It will also allow us to extend provision of quality affordable student accommodation, particularly for postgraduates.

"And we very much look forward to collaborating with the ´óÏó´«Ã½ on research and other projects."

Notes to Editors

1. Jones Lang Lasalle represented the ´óÏó´«Ã½.

2. The ´óÏó´«Ã½ originally developed the site on Wood Lane in 1981 as a base for ´óÏó´«Ã½ Enterprises (the forerunner of ´óÏó´«Ã½ Worldwide, the ´óÏó´«Ã½'s commercial subsidiary) and a base to co-site all its Studio Capital Projects departments. Later, ´óÏó´«Ã½ Worldwide occupied most of the site until it moved to the Media Village in September 2008.

3. The Creative London area comprises nearly 100 acres around the Wood Lane area in W12. Local landowners, including the ´óÏó´«Ã½, Westfield, Land Securities, Aviva, Marks & Spencer and Helical Bar, are working with the London Borough of Hammersmith & Fulham and the Greater London Authority to enable the regeneration of this opportunity area for mixed uses.

4. About Imperial College London

• Consistently rated amongst the world's best universities, Imperial College London is a science-based institution with a reputation for excellence in teaching and research that attracts 13,000 students and 6,000 staff of the highest international quality. Innovative research at the college explores the interface between science, medicine, engineering and business, delivering practical solutions that improve quality of life and the environment – underpinned by a dynamic enterprise culture.
• Since its foundation in 1907, Imperial's contributions to society have included the discovery of penicillin, the development of holography and the foundations of fibre optics. This commitment to the application of research for the benefit of all continues today, with current focuses including interdisciplinary collaborations to improve health in the UK and globally, tackle climate change and develop clean and sustainable sources of energy.
• Imperial has seven existing campuses in London, including its Hammersmith Campus which is 500 metres from the site purchased.

´óÏó´«Ã½ Press Office