27th Apr 2015 06:26
LONDON (Alliance News) - Great Portland Estates PLC on Monday said its Great Wigmore Partnership joint venture with FTSE 100 fund manager Aberdeen Asset Management PLC has sold the 95 Wigmore Street property in central London for GBP222.4 million.
FTSE 250-listed Great Portland said the property has been sold to UBS Global Asset Management's real estate business and said the sale price reflects a net initial yield of 3.4%.
The 98,800 square foot office is located in the Bond Street area of central London and produces a total contracted rental income of GBP8.1 million per year.
"The sale of 95 Wigmore Street is the culmination of an exceptional development project for GWP, with the office accommodation fully let only six weeks after practical completion. 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 Great Portland Chief Executive Toby Courtauld.
By Sam Unsted; [email protected]; @SamUAtAlliance
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