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Great Portland Estates To Sell Certain Assets For £64.50 Mln - Quick Facts

Great Portland Estates plc. (GPOR.L) announced Friday that it has exchanged contracts to sell 24/25 Britton Street, EC1 to an overseas investor for a headline sale price of 64.50 million pounds.

The sale price equates to 64.06 million pounds after deduction of vendor top ups. The company said the headline price reflects a net initial yield of 4.07 percent. The premium to the September 2019 valuation was 6.2%.

Completion of the sale is scheduled for January 22.

The office space is let to Kurt Geiger where the company recently re-geared the lease to extend the term to 2035. In addition, there are two retail units fronting Britton Street. The total contracted rental income is 2.81 million pounds per annum inclusive of vendor top ups.

Toby Courtauld, Chief Executive said, "Having refurbished and pre-let the property to Kurt Geiger in 2011, we subsequently re-geared the lease in 2019 before marketing the property for sale. The disposal is consistent with our strategy of recycling capital out of mature assets."

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