Great Portland Estates PLC Mortimer St sale (3318D)

TIDMGPOR

RNS Number : 3318D

Great Portland Estates PLC

09 October 2018

9 October 2018

Great Portland Estates sells 27/35 Mortimer Street, W1

Great Portland Estates plc ("GPE") announces that it has sold 27/35 Mortimer Street, W1 for GBP38.5 million to Orchard Street Investment Management on behalf of St James's Place UK PLC. The sale price of GBP38.5 million reflects a net initial yield of 3.9% and a capital value of GBP1,242 per sq ft.

27/35 Mortimer Street is a multi-let office and retail building extending to circa 31,000 sq ft. The building is fully let and provides a total rental income of GBP1,602,365 per annum reflecting GBP57.70 per sq ft on the offices and GBP36.69 per sq ft on the ground and basement retail, which is let to Sainsbury's Supermarket Limited.

Commenting on the sale, Hugh Morgan, Director of Investment Management at GPE, said:

"The sale of 27/35 Mortimer Street is marginally ahead of the March 2018 book value and follows the profitable sale of the adjacent Mortimer House in April 2016".

Contacts:

Great Portland Estates plc

Toby Courtauld Chief Executive 020 7647 3042

Nick Sanderson Finance Director 020 7647 3034

Finsbury

James Murgatroyd 020 7251 3801

Gordon Simpson

For further information on GPE see www.gpe.co.uk or follow us on Twitter at @GPE_plc

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

DISDMMGGDRRGRZM

(END) Dow Jones Newswires

October 09, 2018 02:00 ET (06:00 GMT)