Great Portland Estates plc (GPOR.L) on Monday said it has exchanged contracts to acquire Orchard Court, Portman Square, W1, from Rosanna Holdings Limited, for 37 million pounds. This reflecting a net initial yield of 4.64 percent and a capital value of 775 pounds per sq. ft.
The company noted that the 47,762 sq. ft. retail and office property is arranged over basement, ground and the first floor of a significant island site comprising the entire eastern side of Portman Square in the heart of the West End.
It is let to 14 tenants paying a total rent of 1.81 million pounds per annum with a weighted average unexpired lease term of 5 years. The property is held on a long lease expiring in 2101.
Together with the December-purchase of Minerva House, SE1, the company has now invested more than 70 percent of the proceeds from the 140.6 million pounds share placing undertaken in November 2012.
GPE Chief Executive Toby Courtauld said, "We are pleased to have acquired Orchard Court which will deliver an accretive day one yield, off low passing rents providing us with a significant growth opportunity in an attractive and improving location. The asset also offers potential synergies with our other significant interests in the area."
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