German chemicals giant BASF is in talks to sell its UK headquarters in Cheadle, near Manchester, to gaming company Cloud Imperium.
EG understands that the building is being sold off-market, with Cloud Imperium in talks to move its staff from its current offices in Freedom House on Church Street, Wilmslow, to BASF’s offices on Earl Road, Cheadle Hulme.
It is understood the chemicals company is planning to stay in Greater Manchester. One option it may pursue is to lease space at Muse Development’s 2 Stockport Exchange.
Muse’s new 60,000 sq ft office building, currently under construction, is part of a wider £145m Stockport Exchange development being delivered in partnership between the developer and Stockport Council.
2 Stockport Exchange is earmarked for completion in spring 2020.
According to reports, BASF’s Cheadle HQ is home to roughly 220 employees, making the company one of the biggest employers in the area.
Cloud Imperium employs 318 staff, according to its latest financial reports submitted in 2017.
BASF bought the Cheadle Hulme office in 1994. In 1995, it became the company’s UK headquarters, which had previously been located in Wembley.
It is understood Avison Young is advising Cloud Imperium and JLL is advising BASF.
The move follows BASF’s first-quarter financial update earlier this month, which showed that its EBIT (before special items) declined by €549m to €1.7bn, compared with the same period last year, although sales were up 3%.
BASF, Cloud Imperium, JLL and Muse Developments declined to comment. Avison Young could not be reached for comment.
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