9th Oct 2018 08:24
LONDON (Alliance News) - Property investment company Great Portland Estates PLC said on Tuesday it has sold 27/35 Mortimer Street in West London for GBP38.5 million.
The sale was made to Orchard Street Investment Management on behalf of St James's Place UK PLC, part of St James's Place PLC, and reflects a net initial yield of 3.9%.
The asset is a multi-let office and retail building which extends to around 31,000 square feet, fully let to Sainsbury's Supermarket Ltd, part of J Sainsbury PLC, and providing rental income of GBP1.6 million.
"The sale of 27/35 Mortimer Street is marginally ahead of the March 2018 book value and follows the profitable sale of the adjacent Mortimer House in April 2016," said Investment Management Director Hugh Morgan.
Shares in Great Portland Estates were down 0.1% at 666.55 pence on Tuesday. St James's Place shares were up 0.5% at 1,105.50p.
Related Shares:
St James's PlaceGPOR.L