7th Nov 2013 10:06
LONDON (Alliance News) - Great Portland Estates PLC Thursday said it had entered into a joint venture agreement with the Hong Kong Monetary Authority to bring forward its 208,000-square-foot Hanover Square Estate development in London's Mayfair.
Great Portland has transferred properties forming part of the Hanover Square Estate to GHS Limited Partnership, the new joint venture, for GBP202.0 million. The new venue will develop the project which will include offices, shops and six apartments by 2018.
The square is famous for being the London headquarters of fashion magazine Vogue.
Part of the site is owned by Crossrail, which are developing the eastern ticket hall of the Bond Street Crossrail station.
GHS has an agreement to acquire long-leasehold interests in this element of the site once Crossrail has completed construction of the station structure, currently anticipated to be during 2016.
Great Portland expects the sale to result in a small increase to its most recently published net asset value per share. The company will act as both asset and development manager to GHS.
The stock was trading at 568.50 pence Thursday morning, down 3.50 pence or 0.6%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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