15th Aug 2018 12:34
LONDON (Alliance News) - Great Portland Estates PLC said Wednesday it has sold 160 Great Portland Street, London for GBP127.4 million to Alduwaliya Asset Management Group subsidiary.
The sale is "very marginally" below the building's book value from March and reflects a net initial yield of 4.08% and a capital value of GBP1,328 per square foot.
The total contracted rent is GBP5.6 million per annum, across 92,133 square foot of offices, which account for 97% of the income, and a 3,790 square foot restaurant.
Chief Executive Toby Courtauld said: "The sale of 160 Great Portland Street is consistent with our approach of recycling capital out of long-dated mature assets where we have created value".
Shares in Great Portland Estates were down 0.2% Wednesday at 702.20 pence each.
Related Shares:
GPOR.L