GPE sells 160 Great Portland Street

15th Aug 2018 12:03

(Sharecast News) - Great Portland Estates has sold 160 Great Portland Street, W1 to 139 Westar House Marylebone Limited, part of the Alduwaliya Asset Management group, for £127.4m.The company said the price is "very marginally" behind the March 2018 book value, reflecting a net initial yield of 4.08% and a capital value of £1,328 per square foot. The building, which provides 92,133 sq ft of grade A offices over lower ground, ground and six upper floors around a central atrium, was comprehensively refurbished and pre-let by GPE in 2012. The offices, which account for 97% of the income, are let to Double Negative Limited, one of the world's leading visual effects companies for feature film and television, until May 2032. In addition, there is a small restaurant unit arranged over ground and lower ground floors and extending to 3,790 sq ft. The total contracted rent is £5.55m a year.Chief executive Toby Courtauld said: "The sale of 160 Great Portland Street is consistent with our approach of recycling capital out of long-dated mature assets where we have created value."At 1320 BST, the shares were down 0.2% to 702.50p.