Great Portland Estates plc ("GPE") announces that The Great Wigmore Partnership ("GWP"), its 50:50 joint venture with Scottish Widows, has sold 180 Great Portland Street, W1 to Commerz Real Investmentgesellschaft mbH for £79.5 million, around 4% below the June 2008 valuation. The sale proceeds will be transferred to the Partners of GWP.
The 105,000 sq. ft. retail and office building was substantially rebuilt in 2006 and let during the course of 2007 at an average office rent of £60.15 per sq. ft. The net initial yield to the purchaser on expiry of the remaining rent free periods will be 6.25%.