Great Portland sells £100m of London assets
PROPERTY firm Great Portland Estates sold three buildings for over £100m in London’s West End and Midtown districts yesterday as it continues to recycle capital into its major London schemes.
The company said it has sold 184/190 Oxford Street, Buchanan House in Holborn and a portfolio of properties at Portland Place for £106m, and 23 per cent above their September 2011 book values.
The Oxford street building, which is leased to retailers including Aldo shoes, was sold to CBRE Global Investors for £38.5m while Buchanan House, a 67,000 sq ft office and banking hall let to HSBC, was sold to Orchard Street UK for £20.5m.
A subsidiary of Amazon properties bought Park Crescent East for £47m from GPE’s joint venture with a Capital & Counties.
Chief executive Toby Courtauld said the sales continue its strategy of recycling capital into “recycle more meaningful opportunities.”