7th Mar 2019 09:07
LONDON (Alliance News) - Great Portland Estates PLC on Thursday said it has agreed a pre-letting deal with FTSE 100 miner and commodities broker Glencore PLC.
Glencore will occupy 53,900 square feet, across three floors, at the Hanover Square development in central London on three separate 20-year leases. No financial details were disclosed.
Hanover Square is a nine-storey building near Bond Street station, and is run by a joint venture, GHS Ltd Partnership, owned by Great Portland and the Hong Kong Monetary Authority.
The agreement follows one announced in 2018 by Great Portland which saw it lease 57,200 square feet on the fifth to eighth floors to Kohlberg Kravis Roberts & Co LLP.
Only the first floor is now available to let, Great Portland said.
Great Portland Chief Executive Toby Courtauld said: "This has been a rare opportunity to create a world-class development, on a premier garden square, in the heart of Mayfair. We have been delighted by the strong occupier interest, and to have attracted both Glencore and KKR to 18 Hanover Square is a testament to its quality.
"To date we have secured 41% of the overall gross development value of the scheme, 18 months ahead of practical completion, and we are encouraged by further leasing discussions ongoing on much of the remaining space."
Great Portland shares were 0.1% higher on Thursday at a price of 761.00 pence each.
Related Shares:
GlencoreGPOR.L