Great Portland Estates' joint venture sells London Property

Property investment group Great Portland Estates said its joint venture with Aberdeen Asset Management has sold its property at 95 Wigmore Street in London.

The FTSE 250 group said that The Great Wigmore Partnership had sold the property, which comprises of 98,800 sq ft of newly constructed office and retail building, to UBS Global Asset Management's real estate business in the UK for £222.4m.

GPE added the sale comprised an additional building known as 35 James Street (incorporating Browning Court and 2 Picton Place) totalling 1,882 sq ft.

"The sale continues our strategy of recycling capital out of assets where we have created significant value and back into our portfolio of central London development and refurbishment projects, timed to coincide with a shortage of new Grade A space to let," said GPE chief executive Toby Cortauld.

GPE shares were 0.25% to 812.50p at 10:02 on Monday.