Great Portland Estates has acquired a retail and office property in the West End of London.
Great Portland Estates has acquired a retail and office property in the West End of London.
The London-listed real estate company paid £37 mln (€42 mln), reflecting a net initial yield of 4.6%, for Orchard Court at Portman Square, W1. The vendor was Rosanna Holdings.
The 4,440 m2 retail and office property is arranged over basement, ground and the first floor of an island site comprising the eastern side of Portman Square in the heart of the West End. It is let to 14 tenants paying a total rent of £1.81 mln per annum.
There are currently five rent reviews and one lease renewal outstanding which, once settled, will increase the yield to around 5%.
Together with the purchase of Minerva House in east London, announced in December 2012, GPE has now invested more than 70% of the proceeds from the £141 mln share placing undertaken in November 2012.
