Great Portland Estates plc ("GPE") announces it has agreed to sell the 110,000 sq. ft. Met Building, 22 Percy Street, W1 to Lazari Investments Ltd for £107.0 million, representing a net initial yield to the purchaser of 4.1%.
- Following the acquisition in June 2003 for £16.0 million, GPE undertook a comprehensive refurbishment and extension scheme at a cost of £23.8 million (£28.75 million including capitalised interest). Completed in May 2005, Met Building was substantially let by December 2005 to a strong line up of occupiers including Publicis subsidiary Zenith Optimedia, construction consultant Gardiner & Theobald, BA Pension Trustees, HSBC and NatWest. The building generates rental income of £4.7 million per annum with office rents between £41.50 and £55.00 per sq. ft., and the sale price is broadly in line with the March 2007 book value.