GPE buys 35 Portman Square
22 June 2010
Great Portland Estates plc buys 35 Portman Square, London W1
Great Portland Estates plc ("GPE") announces the acquisition of 35 Portman Square, W1 for £53.0 million from the shareholders of Portman Square Properties Holdings Ltd ("PSPH") via a corporate acquisition, and reflecting a net initial yield of 7.7%. The consideration was made up of £31 million cash and assumed debt of £22 million.
35 Portman Square is an eight storey, 73,000 sq. ft. building fronting Portman Square in the West End occupying an under-developed corner site of around 0.5 acres. The building was comprehensively refurbished in 2006 to a Grade A standard and subsequently multi-let to 12 tenants producing a net rent of £4.24 million with a weighted unexpired lease term of 4.3 years. The property is held leasehold from The Portman Estate expiring September 2060 at a fixed rent of £1,000 per annum.
Toby Courtauld, GPE Chief Executive said, "We are delighted to have acquired 35 Portman Square. This well located Grade A office building offers an attractive running yield and, in the fullness of time, a first class development opportunity. In the meantime, the building is fully let at sensible rents and offers some exciting asset management opportunities."
Contacts:
Great Portland Estates plc
Toby Courtauld - Chief Executive 020 7647 3042
Ben Chambers - Investment Director 020 7647 3010
Finsbury Group
James Murgatroyd 020 7251 3801
Gordon Simpson 020 7251 3801
This information is provided by RNS
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