GPE sells 160 Great Portland Street
Great Portland Estates has sold 160 Great Portland Street, W1 to 139 Westar House Marylebone Limited, part of the Alduwaliya Asset Management group, for £127.4m.
FTSE 250
19,450.67
17:14 18/04/24
FTSE 350
4,334.00
17:14 18/04/24
FTSE All-Share
4,290.02
16:54 18/04/24
Great Portland Estates
393.50p
16:40 18/04/24
Real Estate Investment Trusts
2,205.22
17:14 18/04/24
The company said the price is "very marginally" behind the March 2018 book value, reflecting a net initial yield of 4.08% and a capital value of £1,328 per square foot.
The building, which provides 92,133 sq ft of grade A offices over lower ground, ground and six upper floors around a central atrium, was comprehensively refurbished and pre-let by GPE in 2012. The offices, which account 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 £5.55m a year.
Chief executive Toby Courtauld 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."
At 1320 BST, the shares were down 0.2% to 702.50p.