Great Portland Estates has sold 160 Great Portland Street, W1, for £127m to part of the Alduwaliya Asset Management group.
The sale price, which is slightly below the March 2018 book value, reflects a net initial yield of 4.08% and a capital value of £1,328 per sq ft
GPE refurbished the office building in 2012 to provide 92,133 sq ft of office space, which is let to visual effects company Double Negative until May 2032, and a 3,790 sq ft restaurant unit on the ground and lower floors, which provides a total contracted rent of £5.55m per year.
GPR chief executive Toby Courtauld said: “The sale of 160 Great Portland Street is consistent with our approach of recycling capital out of long-dated mature assets where we have created value.”
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