5th Jan 2016 07:22
LONDON (Alliance News) - Property developer Great Portland Estates PLC on Tuesday said it has agreed to sell 60 Great Portland Street in central London for GBP102.2 million, in line with the valuation of the property in September 2015.
The FTSE 250-listed company said the property has been sold to Cityhold Office Partnership, a joint venture between TIAA-CREF General Account and the AP1 and AP2 Swedish national pension funds.
The property was refurbished and extended by Great Portland in 2007, with the office space let to The Engine Group Ltd and the retail space in the building let to Evans Cycles (UK) Ltd. The sale also includes 48/50 Mortimer Street and 1-3 Little Titchfield Street, which comprises two ground and basement retail units.
The property delivers a contracted rental income of GBP4.2 million a year, Great Portland said.
"The sale of 60 Great Portland Street continues our disciplined and profitable recycling from mature assets back into our largest ever development programme which we expect to be a significant driver of future returns," said Toby Courtauld, Great Portland's chief executive.
By Sam Unsted; [email protected]; @SamUAtAlliance
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