The Great Ropemaker Partnership (GRP), the 50:50 Joint Venture between Great Portland Estates plc (GPE) and Ropemaker Properties Ltd (the property nominee of the BP Pension Fund) announces that it has sold 160 Old Street, EC1 to a fund advised by J.P. Morgan Global Alternatives. The headline price of £181.50 million reflects a 5% premium to the March 2021 valuation.
The building was comprehensively refurbished by GRP completing in 2018 to provide 166,300 sq ft of high-quality accommodation arranged over lower ground, ground and eight upper floors. The office space is 70% let to Turner Broadcasting to 2034. The balance of the office and retail space is let to a variety of occupiers including Robert Bosch Limited, Pusher Limited and Sensat Surveying Limited together with a small amount of vacant space and some near-term asset management opportunities.