British property major Great Portland Estate has carried out two transactions to add to its existing 48,000 m[sup]2[/sup] Hanover Square estate in the West End of London. The first transaction involved a property swap with South Yorkshire Pensions Authority. Great Portland bought 1 Tenterden Street for £14.95 mln (EUR 22 mln) and sold 95 New Cavendish Street for £14.2 mln. The balance was settled in cash.
British property major Great Portland Estate has carried out two transactions to add to its existing 48,000 m2 Hanover Square estate in the West End of London. The first transaction involved a property swap with South Yorkshire Pensions Authority. Great Portland bought 1 Tenterden Street for £14.95 mln (EUR 22 mln) and sold 95 New Cavendish Street for £14.2 mln. The balance was settled in cash.
Great Portland acquired 72 New Bond Street for £12.1 mln from RBS Pension Trustee in the second transaction. Both properties acquired by Great Portland are predominantly office buildings. 'Over the past six months we have pieced together an important and considerable site at Hanover Square,' said Great Portland property director Robert Noel.
'These two properties add to the potential of the site by providing further street frontage and increasing the development option available to us.' Great Portland was one of the nine UK property companies to convert to a real estate investment trust on January 1 this year.