7th Jan 2016 07:48
LONDON (Alliance News) - Property developer Great Portland Estates PLC on Thursday said it has swapped two London buildings with German property group Deka Immobilien Investment GmbH, including one currently occupied by financial news and information company Bloomberg.
The FTSE 250-listed company said it has sold 33 Margaret Street in central London to Deka for GBP216.3 million, reflecting a net initial yield of 3.3%. The property comprises 103,700 square feet of predominantly office space and was acquired by Great Portland in 2012.
The offices are let to Savills PLC, the real estate services group, at a rent of GBP7.0 million a year, with a further GBP552,000 in rent coming from the two retail units at the base of the building.
Under the second deal, Great Portland has bought 50 Finsbury Square in the City of London for GBP119.0 million from Deka, reflecting a net initial yield of 5.3%. The building offers 126,500 square feet of office space and is currently let to Bloomberg for GBP5.7 million a year.
By Sam Unsted; [email protected]; @SamUAtAlliance
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