Great Portland Estates plc ("GPE") announces that it has exchanged contracts to purchase 90 Queen Street, London EC4 for £45.8 million.
The prime office and retail building was built in 1996 and comprises 68,400 sq. ft. of space. The office accommodation is the UK office of Intesa Sanpaulo SPA and is occupied under a lease until 2017 with an occupier option to break in 2013. The retail units are occupied by Lloyds Banking Group plc, Pret a Manger and Hugo Boss. The rental income of £3.9 million per annum will add approximately 1p per share to Group earnings per share and the acquisition will show a net initial yield, having taken into account all acquisition costs, of 8.2%.