The Great Capital Partnership (GCP), a 50/50 joint venture between Great Portland Estates and Capco, has exchanged contracts to sell five West End properties to GPE for a combined price of £150 mln (EUR 178 mln), or £75 mln for the half share GPE does not already own.
The Great Capital Partnership (GCP), a 50/50 joint venture between Great Portland Estates and Capco, has exchanged contracts to sell five West End properties to GPE for a combined price of £150 mln (EUR 178 mln), or £75 mln for the half share GPE does not already own.
The portfolio includes Kingsland House and Carrington House, which together produce £2.3 mln of annual rent. Further up Regent Street, Walmar House, 288/300 Regent Street and 13/14 Great Castle Street, comprise a 59,240 sq ft (5,500 m2) refurbishment opposite GPE's redevelopment of 33 Margaret Street (formerly Marcol House).
St Lawrence House comprises three adjoining buildings including offices, retail and residential and extends to 72,399 sq ft on a site of 0.49 acres. The acquisition offers GPE a good running yield at 5.4% in a prime Soho location, producing a total income of £2.57 mln.
48/54 Broadwick Street & 10/16 Dufours Place comprise 30,000 sq ft of office accommodation within four Grade II Listed buildings. The net initial yield is 4.3% rising to 5% on the letting of a vacant office floor.
Completion of the transaction is conditional upon approvals from both the freeholder and the lenders to GCP.
