Green Property is reportedly selling off two London properties valued at £250 mln (€322 mln) in its third major property sale in recent weeks.
Green Property is reportedly selling off two London properties valued at £250 mln (€322 mln) in its third major property sale in recent weeks.
According to a news report by UK trade magazine Estates Gazette, the Stephen Vernon-led firm is poised to market the properties at 7 and 8 St James's Square in Central London, which it took over in 2008.
Located in the heart of Mayfair, the property at 8 St James's Square totals 65,000 sq ft (6,040 m2), and is let to a number of family offices such as Point 72 - the family office of hedge fund titan Stephan A. Cohen - and art dealing family Helly Nahmed Gallery.
Next door at number 7, Green renovated a historic seven-bedroom mansion, adding a swimming pool, garden and staff quarters.
Green Property last month revealed plans to sell off the Blanchardstown Centre in Dublin which could fetch as much as €1 bn. Green REIT - the separate listed property investor led by Vernon and Pat Gunne - put a portfolio of six properties known as Project Glas on the market with an asking price of €169 mln.
The Glas Collection comprises nearly 70,000 m2 across various sectors, including the Ormond Building in Dublin city centre, the Arena Centre in Tallaght, Classon House in Dublin 14 and Parnell Car Park in Dublin 1. The other two properties are both retail parks outside of Dublin: Globe in Naas and Parkway in Limerick.
The six properties have a total passing rent of €11.5 mln per annum, making for an initial yield of 6.6% based on the sale price.
