On Wednesday, it was revealed that iPhone maker Apple Inc. (AAPL - Free Report) is taking over London’s Battersea Power Station, a decommissioned power plant close to the River Thames, for its brand new headquarters in the city.
According to the Evening Standard, who first broke the news, Apple will move 1,400 employees from eight locations from around England’s capital to “a new Apple campus.” The tech giant will take over almost 500,000 square feet across six floors in the space. Once the Battersea Power Station is complete, it will contain over 8.5 million square feet of usable space, perfect for companies like Apple and other commercial, retail, office, and restaurant uses.
“We are delighted to welcome Apple, the world’s most valuable brand, to Battersea Power Station, London’s most iconic development,” Battersea Holding Company chairman Dato Johan Ariffin said in a statement.
Apple will be moving to its new HQ in 2021, saying in a statement to the Standard that “This is a great opportunity to have our entire team working and collaborating in one location while supporting the renovation of a neighbourhood rich with history.”
The company’s main European headquarters, however, will remain in Cork, Ireland; 6,000 employees work at that location, but the new Battersea site will be Apple’s largest outside of the U.S.
Apple is also building a new headquarters site in Cupertino, California, dubbed the Apple Campus 2. It will be expansive, with 2.8 million square feet and enough office space for 12,000 employees, and boasting restaurants, a huge fitness center, a park, and a research-and-development center. The new U.S.-based HQ has been nicknamed “spaceship” because of its glass-based, circular design.
Currently, AAPL stock is a #3 (Hold) on the Zacks Rank, and has gained 7.44% year-to-date.
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