Great Portland Estates and Liberty International's subsidiary Capital & Counties have agreed to buy six London properties in four separate transactions for £160 mln (EUR 238m). The deals are being made through the companies' 50-50 central London joint venture GCP. GCP bought three properties in Regent St, central London, from Welput for almost £112 mln. The assets are held on a leasehold basis from the Crown Estate for an average unexpired term of 88 years. They comprise 128,100 sq ft (11,900 m2) of commercial space and produce a current annual rent, net of ground rent, of £5.43 mln.

Great Portland Estates and Liberty International's subsidiary Capital & Counties have agreed to buy six London properties in four separate transactions for £160 mln (EUR 238m). The deals are being made through the companies' 50-50 central London joint venture GCP. GCP bought three properties in Regent St, central London, from Welput for almost £112 mln. The assets are held on a leasehold basis from the Crown Estate for an average unexpired term of 88 years. They comprise 128,100 sq ft (11,900 m2) of commercial space and produce a current annual rent, net of ground rent, of £5.43 mln.

In the West End and Midtown, the partnership bought three buildings in three separate transactions for a total price of £47.7 mln. The assets include some 28,400 sq ft of commercial space let to Wilton's restaurant and Standard Chartered Bank; a freehold vacant building of 28,840 sq ft; and a 21,000 sq ft office building let to Adobe Systems. The two investors said that these acquisitions bring the total assets in GCP to £621 mln, of which 63% is on or in the immediate vicinity of Regent Street.

Robert Noel, property director of GPE said: 'Three of the assets, when combined with their neighbouring properties, provide larger scale development opportunities which further augment our near and medium-term development pipeline'.