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http://www.propertyweek.com/finance/gpe-sells-60-great-portland-street-for-%C2%A3102m/5078426.article

06/01/2016

GPE sells 60 Great Portland Street for £102m

Great Portland Estates (GPE) has sold 60 Great Portland Street to Cityhold Office Partnership for £102.15m.

Toby Courtauld, GPE

Toby Courtauld, GPE

The price reflects a net initial yield of 3.89% and a capital value of £1,300 / sq ft.

Toby Courtauld, chief executive of GPE, said: “The sale of 60 Great Portland Street continues our disciplined and profitable recycling from mature assets back into our largest ever development programme which we expect to be a significant driver of future returns.”

Cityhold Office Partnership is a joint venture between the TIAA-CREF General Account and Swedish national pension systems AP1 & AP2 funds, managed by TH Real Estate.

60 Great Portland Street was refurbished and extended by GPE in 2007 to provide 65,400 sq ft of offices over ground to fifth floor and 11,100 sq ft of ground and basement retail space. The offices are let to The Engine Group until 2028 and the retail space to F W Evans Cycles until 2024. The sale also included 48/50 Mortimer Street and 1/3 Little Titchfield Street comprising two ground and basement retail units extending to 2,100 sq ft and a total of 17 apartments which are sold off on long term occupational leases.

The total contracted rental income is £4.20m a year and the current weighted unexpired lease term is approximately 11.8 years.



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