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LONDON -- J Sainsbury Plc, the third-largest U.K. supermarket chain, has decided to move its headquarters here to King's Cross in the north of the capital to cut costs, according to press reports. Sainsbury has been based in Holborn, central London since 2001.
The retailer is currently the target of a proposed $21 billion takeover by the Persian Gulf emirate of Qatar.
Its headquarters move will take place in 2011 and should "significantly reduce" costs, the company said yesterday.
The King's Cross site is designed to be energy-efficient, and will have wind turbines on the roof and solar-powered hot water, according to a company statement. The office's carbon emissions will be 40 percent lower than average, Sainsbury said.
The retailer will also reportedly build a supermarket at the site, which is being developed to accommodate 1,900 new houses, as well as schools, shopping, and entertainment facilities.