4th May 2006 07:01
Great Portland Estates PLC04 May 2006 4 May 2006 GPE takes further profits Great Portland Estates plc ("GPE") announces the sale of two London officeproperties, one in Victoria, the other North of Oxford Street, at an aggregatesale price of £47.0 million, representing an initial yield of 4.8% and a premiumof 28% to their September 2005 book values. In Victoria, the Group has sold its freehold interest in Gillingham House,Gillingham Street, SW1, to Scottish Widows Unit Funds Ltd for £21.4 million. Theproperty comprises a recently refurbished six storey office and residentialbuilding fronting Gillingham Street and a four storey distribution unit at therear, both constructed in the 1970's and extending to approximately 43,000 sqft. The eight tenancies produce a current income of £1.06 million per annum witha weighted average unexpired lease term of 9.4 years. The initial yield to thepurchaser is 4.7% and the sale represents a price of approximately £500 per sq ft. North of Oxford Street, the Group has sold its long leasehold interest in 79 NewCavendish Street, W1, to Legal & General (Pensions Management) Limited for £25.6million, reflecting a net initial yield of 4.9% and a capital value of £700 persq ft. The 1960's property, last refurbished in the late 1990's, comprises anoffice building of 35,355 sq ft let to Colt Telecommunications, who are not inoccupation, until June 2015, with a tenant break in 2010. Total net income fromthe property is £1.32 million per annum, reflecting £38.50 per sq ft on the offices. Robert Noel, Property Director of GPE said, "These disposals conclude a salesprogramme we initiated late last year to take advantage of the unprecedentedappetite for property in the Capital. Off these prices, we can put the proceedsto better use elsewhere, such as into our expanding development programme acrosscentral London. Since September 2005, we have sold eleven properties for a totalof £111.7 million at a premium of some 30% to their September book values". 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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