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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Great Portland Estates Plc | LSE:GPOR | London | Ordinary Share | GB00BF5H9P87 | ORD 15 5/19P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 735.50 | 739.50 | 740.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMGPOR
RNS Number : 2667P
Great Portland Estates PLC
16 November 2016
16 November 2016
GPE sells 73/89 Oxford Street, W1 for GBP276.5 million.
Great Portland Estates plc ("GPE") has completed the sale of the freehold of 73/89 Oxford Street and 1 Dean Street, London, W1 ("Oxford Street") to Norges Bank Real Estate Management ("NBREM") for a price of GBP276.5 million, reflecting a net initial yield to the buyer of 3.2%.
The office and retail development is under construction with practical completion ("PC") expected in Q2 2017. The scheme is pre-let to New Look Retailers Ltd, Benetton Group S.r.l and Moneysupermarket.com Group PLC with a WAULT of 17.0 years. The rent on completion will be GBP9.74 million per annum (subject to final measurement on PC).
NBREM have paid GBP205.2 million, with the balance of the purchase price payable on completion of the leases following PC. The price NBREM will pay allows for a deduction in lieu of interest on their initial capital outlay until PC at a rate of 3.2% per annum and an allowance for tenant rent free periods. Based on the current cost and programme, GPE will receive two further payments on completion of the leases in July 2017 of GBP46.2 million in deferred consideration and GBP25.1 million for reimbursement of the development costs to complete the scheme.
Toby Courtauld said, "Oxford Street has been an exceptional project for us and this sale continues our strategy of recycling capital out of assets where we have created significant value. Having secured an attractive planning permission, pre-let the building and enhanced our interest through the purchase of the freehold earlier this year, this sale crystallises a whole life capital return of 75% and an annualised unlevered IRR of 28.4%."
Contacts: Great Portland Estates plc Toby Courtauld, Chief Executive +44 (0) 20 7647 3042 Neil Thompson, Executive Director +44 (0) 20 7647 3029 Finsbury Group +44 (0) 20 7251 Gordon Simpson 3801
This information is provided by RNS
The company news service from the London Stock Exchange
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November 16, 2016 02:00 ET (07:00 GMT)
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