3rd Apr 2006 07:02
Great Portland Estates PLC03 April 2006 Great Portland buys and sells 3 April 2006 Great Portland Estates plc ("GPE") announces the acquisition of New City Court,20 St. Thomas Street, London SE1 for £43.15m (£438 per sq ft capital value) froma member of the Fordgate Group of Companies. The freehold 1980's buildingcomprises 98,500 sq ft of air-conditioned office accommodation located oppositeLondon Bridge mainline station. It is multi-let to 7 tenants on institutionalleases, predominantly to 2011; tenants include British Airways, Pitney Bowes,Tindall Riley Marine and Greater London Enterprise Ltd. The total passing rentis £2.44 million rising to £2.79 million (£28.36 per sq ft overall) once a rentfree period expires later this year. North of Oxford Street, GPE has sold its freehold interest in 136/142 GreatPortland Street, W1 for £16 million (£556 per sq ft capital value), some 26.5%ahead of its September 2005 valuation. The 28,800 sq ft period office and retailproperty produces income of £0.93 million with an Estimated Rental Value atSeptember 2005 of £0.75 million. Commenting on the transactions Toby Courtauld, GPE Chief Executive, said "Thesetransactions provide further evidence of us recycling capital from propertieswhere we have completed our asset management strategies and into attractivegrowth opportunities. New City Court provides the group with a significantholding opposite a major transport interchange, in a rapidly improving area ofLondon. It produces a healthy running yield, off low rents, with plenty of assetmanagement opportunities. The disposal of 136/142 Great Portland Street bringsthe total sales during the second half to £64.7 million, at an average premiumto their September 2005 valuations of 25.4%". Contacts:Great Portland Estates plcToby Courtauld, Chief Executive 020 7647 3042Robert Noel, Property Director 020 7647 3043 FinsburyEdward Orlebar 020 7251 3801Gordon Simpson 020 7251 3801 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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