9th Jan 2006 07:00
Great Portland Estates PLC09 January 2006 9 January 2006 GPE profits from Mayfair sale Great Portland Estates plc ("GPE") announces the sale of its virtual freeholdinterest at 27 Albemarle Street, London, W1 to The Church Board of FinanceProperty Fund for £13.5m, a premium of 29% to the property's September 2005valuation. The 16,000 sq ft period building comprises 16% retail space over the lowerground and ground floors with seven upper floors of offices, accounting for 84%of the total area. The current rent is £600,900 per annum, and the weightedaverage unexpired lease term is 2.7 years. The sale price of £13.5m reflects anet initial yield of 4.2% and a capital value per square foot of £850 overall. Toby Courtauld, Chief Executive of GPE said, "Through this sale we are takingadvantage of the strong institutional appetite for rack rented West Endinvestment stock. Off this price, we can put the capital to better useelsewhere, such as into our expanding development programme". Contacts: Great Portland Estates plcToby Courtauld Chief Executive 020 7612 1442Robert Noel Property Director 020 7612 1443 FinsburyGordon Simpson 020 7251 3801 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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