Great Portland Estates PLC GPE sells 160 Great Portland Street, W1 (9021X)
August 15 2018 - 5:44AM
UK Regulatory
TIDMGPOR
RNS Number : 9021X
Great Portland Estates PLC
15 August 2018
15 August 2018
Great Portland Estates sells 160 Great Portland Street, W1
Great Portland Estates plc ("GPE") announces that it has sold
160 Great Portland Street, W1 to 139 Westar House Marylebone
Limited, part of the Alduwaliya Asset Management group. The
headline sale price of GBP127.35 million, very marginally behind
the March 2018 book value, reflects a net initial yield of 4.08%
and a capital value of GBP1,328 per sq ft.
160 Great Portland Street was comprehensively refurbished and
pre-let by GPE in 2012. The property provides 92,133 sq ft of grade
A offices over lower ground, ground and six upper floors around a
central atrium. The offices, accounting for 97% of the income, are
let to Double Negative Limited, one of the world's leading visual
effects companies for feature film and television, until May 2032.
In addition, there is a small restaurant unit arranged over ground
and lower ground floors and extending to 3,790 sq ft. The total
contracted rent is GBP5.55 million per annum.
Commenting on the sale, Toby Courtauld, Chief Executive of GPE
said, "The sale of 160 Great Portland Street is consistent with our
approach of recycling capital out of long-dated mature assets where
we have created value".
Contacts:
Great Portland Estates plc
Toby Courtauld, Chief Executive +44 (0) 20 7647 3042
Nick Sanderson, Finance Director +44 (0) 20 7647 3034
Finsbury Group
James Murgatroyd +44 (0) 20 7251 3801
Gordon Simpson +44 (0) 20 7251 3801
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END
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