The Great Ropemaker Partnership (GRP), a 50:50 joint venture between Great Portland Estates and BP Pension Fund's property nominee, Ropemaker Properties, has sold an office complex at London's 160 Old Street to a fund advised by JP Morgan Global Alternatives.
The headline price of £181.50 mln (€212 mln) reflects a 5% premium to the March 2021 valuation.
The building was comprehensively refurbished by GRP completing in 2018 to provide 166,300 sq ft (15,500 m2) of high-quality accommodation arranged over lower ground, ground and eight upper floors. The office space is 70% let to Turner Broadcasting to 2034. The balance of the office and retail space is let to a variety of occupiers including Robert Bosch, Pusher and Sensat Surveying together with a small amount of vacant space and some near-term asset management opportunities.
Jamie Binstock, senior portfolio manager, said: 'The sale of 160 Old Street concludes an exceptional development project for GRP. 160 Old Street remains one of the most technologically advanced buildings in London and will continue to provide a wonderful environment to both the office and retail occupiers. The sale is consistent with our strategy of recycling capital out of mature assets where we have created value.'
Elliot Prosser, head of UK acquisitions, said: 'As the office market transitions towards ‘greener’ buildings, we believe 160 Old Street is well placed to benefit from demand given its excellent ESG credentials and strong emphasis on building amenity. As the return to the office builds momentum, we continue to view London offices as attractively priced and will look to add further properties in the near term.'
