Great Portland Estates plc ("GPE") and Ropemaker Properties Limited ("Ropemaker"), the property nominee of the BP Pension Fund, announce that they have formed the Great Ropemaker Partnership ("GRP"), a 50:50 joint venture to be managed by GPE.
GRP has acquired a development site at 240 Blackfriars Road, SE1 from GPE for an initial consideration of £20.5 million. In addition, £2.0 million is payable in enhanced fees if the site is redeveloped and a further £5.0 million in priority payments become due if various performance hurdles are met. The 31 December 2007 valuation was £27.5 million.
240 Blackfriars Road forms part of GPE's near term development programme and is a proposed 18 storey 207,000 sq. ft. office retail and residential scheme at the junction of Blackfriars Road and Southwark Street. The existing 34,300 sq. ft. buildings are currently being demolished.