Great Portland Estates plc or GPE (GPOR.L) announced the purchase of the head leasehold interests in French Railways House and 50 Jermyn Street, SW1, for 39.0 million pounds from Henderson Global Investor's Central London Office Fund 1. The acquisition price reflects a net initial yield of 5.1% and a capital value of 782 pounds per sq. ft.
They are multi-let to 9 tenants producing a gross rent of 2.12 million pounds per annum, reflecting an average rent of 46.50 pounds per sq. ft. on the offices and 125 pounds per sq. ft. Zone A on the retail, offering good short term reversionary potential; all of the leases have events between 2012 and 2014.
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by RTT Staff Writer
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