24th Aug 2005 07:01
Great Portland Estates PLC24 August 2005 24 August 2005 Great Portland sells 90 Fetter Lane for £37.3 million Great Portland Estates plc ("GPE") announces that it has exchanged contracts forthe sale of its freehold interest in 90 Fetter Lane, London EC4 to Blue CapitalEuropa Immobilien GmbH for £37.33 million. The price to be paid represents an 8%premium to the property's book value at 31 March 2005. The property was constructed by GPE in the early 1990's and comprises 58,000 sqft of office space over 6 floors let to two firms of solicitors; Bird & Bird andGoodman Derrick and a 4,000 sq ft public house let to Mitchells & Butlers. Thecurrent rent receivable of £2,467,590 per annum reflects a headline office rentof £44.50 per sq ft, compared to a market value of £33.50 per sq ft as at March2005, and shows the purchaser a net initial yield of 6.25% after acquisitioncosts. Weighted by rent, the average unexpired lease length is 10 years. Toby Courtauld, Chief Executive of GPE said; "90 Fetter Lane has performed wellover the last two years and we believe this is the right time to crystallize ourposition and recycle the capital more profitably elsewhere, in line with ourstrategy to actively manage the group's portfolio." Contacts: Great Portland Estates plcToby Courtauld Chief Executive 020 7612 1442 FinsburyEdward Orlebar 020 7251 3801Charlotte Hepburne-Scott This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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