Great Portland Estates PLC
12 November 2002
12 November 2002
Great Portland Announces £75 million Property Disposals
Great Portland Estates P.L.C. announces property sales of £75.5 million in two
separate transactions, generating a profit against March 2002 book values of
£1.1 million, net of costs.
In London, it has sold the freehold interest in 21 Bloomsbury Street, WC1, to
the Prudential Annuity Fund for just over £41 million. The 74,000 sq. ft. office
building houses The Insolvency Service and, following a restructuring of the
existing lease, is let to the Government on a non-assignable basis for 20 years
with fixed rental uplifts throughout the term. The price paid reflects a net
initial yield of 6%.
Outside London, it has sold its freehold interest in Weybridge Business Park,
Addlestone Road, Weybridge to a life assurance company for a price of £34.3
million, representing a net initial yield of 7.1%.
The 156,000 sq ft business park was built in the 1980's on ground and first
floors and comprises a mix of nine terraced and detached units. It is multi-let
to, amongst others, IBM, CSC Computer Sciences and Toshiba Ltd, with leases
expiring between 2007 and 2014.
Robert Noel, Great Portland's property director, said: 'The sale of Weybridge
reflects our stated aim to concentrate on Central London markets, whilst at
Bloomsbury Street the sale of the annuity cash flow we have created crystallises
a valuation uplift and releases capital we can put to better use elsewhere.'
Great Portland Estates P.L.C. 020 7580 3040
Toby Courtauld, Chief Executive
Robert Noel, Property Director
Finsbury Group 020 7251 3801
This information is provided by RNS
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