GPE is preparing the sale of roughly £1.2bn (1.38bn) of assets to take advantage of “strengthening prices for prime, stabilised assets”.
In a statement and presentation announcing its full-year 2025 results, the UK developer-investor said it is considering the disposal of three major London office and retail assets: Hanover Square, 30 Duke Street and 2 Aldermanbury Square.
The firm has £200m of sales under consideration and sees potential for a further £1bn over the medium term. Proceeds are expected to be reinvested into higher-returning opportunities, improving portfolio quality and supporting long-term performance.
“Our approach to capital allocation remains deliberately contra-cyclical,” commented CEO Toby Courtauld. “We raise capital and buy when markets are dislocated, as we did in 2009 and 2012, and most recently with our rights issue in 2024, positioning ourselves ahead of what we anticipate will be rising rents and values.”
He added: “We have recently taken advantage of strengthening prices for prime, stabilised assets, selling £490m at an average 2% premium to book value. This disciplined buy, build, sell approach enables us to crystallise value through the cycle and, should it generate capital in excess of our needs, return it to shareholders.”
Hanover Square is a 221,200 sqft mixed-use scheme above the new Bond Street Crossrail station. At 30 Duke Street, GPE has pre-let all office space to CD&R and is on track to deliver the building in Q3 this year. In March, the firm also announced that it had reached practical completion at 2 Aldermanbury Square, delivering 321,650 sqft of best-in-class HQ office space.
Get all the latest info on completed deals, new properties to market, completed loans and funds brought to market in the list below.
| Recently completed deals | |||||||
|---|---|---|---|---|---|---|---|
| Asset | Asset type | Location | Buyer | Vendor | Size | Price (mln) | Key facts |
| holiday park assets | hotel | UK | Aermont Capital | Sun Communities | NA | £768 (€889) | The firm has agreed to sell its UK assets, which include the Park Holidays business, as part of its plan to focus on the US and Canada. |
| 10 Canons Way | office | Bristols, UK | Lloyds Banking Group | Knight Frank Investment Management | 176,000sqft | £65 (€75) | The building is leased to the bank with a weighted average unexpired lease term of 6.5 years. |
| Eroski hypermarket and two Continente supermarkets | retail | Spain and Portugal | Hahn Group and Sonae Sierra | NA | 22,800m2 | €70 | The acquisition is the first for the recently launched “Hahn Sierra Food Retail Fund.” |
| industrial portfolio | logistics | Sweden | Episurf | Lilium | 59,095m2 | €61 | The 45-property strong portfolio consists primarily of vehicle inspection properties. |
| logistics facility | logistics | Helsinki | Catena | Terrieri Kiinteistöt Ky, A. Ahlström Kiinteistöt Oy and S‑Pankki Tontti Erikoissijoitusrahasto | 23,260m2 | €53 | The property serves as Cramo Finland’s headquarters as well as the company’s main logistics and service hub in the region. |
| three-star hotel | hotel | Torremolinos, Spain | Covivio | FERGUS Group | 22,900m2 | €43.5 | The property, which underwent refurbishment in 2023, comprises 440 rooms. |
| resi development | living | Valencia | Aviva Investors | Layetana Living | 132 units | €5 | The development of the residential building on a former industrial site will be managed by Propia, a dedicated real estate operating platform launched last year. |
| Schönhauser Tor | mixed | Berlin | Deka Immobilien | Unnamed investor | 16,200m2 | NA | The property was owned by the Deka-ImmobilienEuropa open-ended real estate fund. |
| site at HPARK | development | Manchester | Panattoni | Russell LDP | 16 acres | NA | The buyer plans to develop 2.1 million sqft of high-specification, flexible logistics space. |
| Terhills Resort | hotel | Belgium | TwentyTwo Real Estate | LRM | 63 hectares | NA | Operated by Center Parcs, the premium holiday park spans 63 hectares and comprises 250 waterfront cottages alongside central leisure facilities. |
| five logistics assets | logistics | UK, France, the Netherlands | Fidelity International | NA | NA | NA | The acquisitions were made for the Fidelity Real Estate Logistics Impact Climate Solutions Fund. |
| The Broadway | retail | Bradford, UK | Eurofund | Fixed charge receivers | 570,000sqft | NA | The retail and leisure asset is set to undergo a £10m capital expenditure enhancement plan. |
| Cramo Campus | mixed | Helsinki | Catena | Terrieri Kiinteistöt Ky, A. Ahlström Kiinteistöt Oy, and S-Pankki Tontti Erikoissijoitusrahasto | 23,260m2 | NA | The property is fully leased to Cramo Finland Oy, a leading Nordic equipment rental company. |
| six newly developed supermarkets | retail | Portugal | Clarion Partners Europe | Ten Brinke | 13,000m2 | NA | The assets are fully leased on new 20-year terms to one of Europe’s largest food retailers. |
| Calle Alcalá 38-40 | office | Madrid | Ardian, Lamar Development | NA | 10,000m2 | NA | The partnership intends to redevelop the property into a high-end energy-efficient residential complex. |
| four industrial facilities | logistics | Germany | NA | WP Carey | 62,000m2 | NA | The portfolio is net leased to a global engineering and manufacturing specialist. |
| Tent Torremolinos hotel, Tent Lloret hotel | hotel | Malaga, Girona in Spain | Covivio, Fergus | Zetland Capital, Fergus | 680rooms | NA | The properties were part of a partnership between Zetland and Fergus launched in 2021. |
| Assets on the market | |||||||
|---|---|---|---|---|---|---|---|
| Asset | Asset type | Location | Vendor | Size | Price (mln) | Broker | Key facts |
| Hanover Square, 30 Duke St, 2 Aldermanbury Square | office | UK | Great Portland Estates | NA | £500 (€580) | NA | The disposal programme is to take advatange of the current marked disparity between rents being achieved for secondary offices and those for prime. |
| Forest | office | Warsaw | HB Reavis | 78,800m2 | €300 | NA | The asset is believed to be fully leased. |
| Via Turati 29 | office | Milan | LMDV Capital | 4,000m2 | €58 | NA | The asset is occupied by the Italian family office and the Twiga subsidiary. |
| 21-28 Stephen Street | mixed | London | BFI | 36,283sqft | £26 (€30) | Newmark | The property is under offer for around 34% more than the asking price. |
| Leeds Dock | mixed | Leeds | Leaseco 23 Limited | 137,700sqft | £11 (€13) | Cushman & Wakefield | The process is being overseen by joint administrators Richard Harrison and Stephen Absolom of Interpath. |
| Biggleswade Town FC and stadium | alternative | Biggleswade, UK | NA | 4.45 hectares | NA | Lambert Smith Hampton | The property comprises a comprehensive mix of built and open sporting facilities. |
| Recently completed loans | ||||
|---|---|---|---|---|
| Lender(s) | Borrower(s) | Asset(s) | Loan Size (mln) | Key facts |
| Bond investors | Lumo Homes | Unsecured | €300 | The firm used the debt facility to partly fund the acquisition of a housing portfolio from Varma. |
| pbb and Helaba | Crestyl Group | the Dock In Office Park in Prague | €185 | The two German banks are providing equal portions of the funding, which will fund construction of the scheme. |
| OTP Bank and ING Bank Romania | CPI Europe | Bucharest’s Sun Plaza shopping centre | €100 | The transaction establishes a new financing relationship between CPIPG and ING Bank. |
| Patron Capital | GR Life Style Company Limited | Juxon House in London | £87 (€100) | The three‑year senior refurbishment facility refinances a former loan and fully funds a £26m capital expenditure programme to reposition the asset. |
| Lloyds | Amplius | UK resi portfolio | £65 (€75) | Part of the funding to upgrade its 40,000-home portfolio in the Midlands, eastern England and the South East is backed by the National Wealth Fund. |
| Aareal Bank | Morro | Walthamstow coliving development | £65 (€75) | Morro has secured the refinancing following the building’s opening in March. |
| Invesco Real Estate | Dunas Capital Real Estate | shed in Guadalajara, Spain | €56 | The long-term refinancing is for a 50,000m2 facility. |
| NORD/LB Real Estate Finance | Holland Immo Group | residential property in Arnhem, the Netherlands | €29 | The acquisition loan finances a building that was originally constructed in 1978 as an office property and was fully converted to residential use in 2022. |
| Patron Capital | Signal Capital | UK resi portfolio | £20 (€23) | The three‑year senior whole loan is secured against an income‑producing UK-wide residential portfolio. |
| Pluto Finance | NA | 184 new homes in Edinburgh | NA | The three loans finance three projects; York Lane, Cammo and Slateford. |
| New mandates/JVs and funds on the market | |||
|---|---|---|---|
| Firm | Fund/mandate/JV | Strategy | Details |
| CBRE IM, Moda Living | CBRE UK Single Family Housing Partners | open-ended residential fund focussed on the development and operation of single family housing. | Backed by an initial £400m of available capital, the platform will be built on core, long-term capital. |
| Values Real Estate, Delin Property | European logistics JV | Investing in core and core plus logistics assets | As a first step, the new platform is focusing on the Spanish market. |
| AEW | German resi fund | Investing in high-quality resi assets | The fund has already completed its first acquisition, consisting of over 300 existing residential units in four German cities. |
| ABP and Rockfield Real Estate | Student & Starter Social Living Venture (SSLV) | Investing in “large-scale accommodation” of between 250 to 500 units, with an average size of 20m2 | The investment is part of a wider ABP strategy to invest several billion euros in Dutch residential real estate. |
| Ares Management | Ares Real Estate Debt Strategies | Focusing on property debt investments in the U.S. and Europe | The firm has raised $850m and is aiming to raise a total of $1.5b for the fund. |
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