INDUSTRY NEWS

Great Portland Estates snaps up West End London office for £37m

Central London based property investment and development firm Great Portland Estates (GPE) has confirmed the purchase of a prime West End, London office and retail property for £37 million.

The firm said it had exchanged the relevant paper work with Rosana Holdings to acquire Orchard Court, located in Portman Square.

The property offers 47,762 sq ft of retail and office space, arranged over a basement, ground and the first floor of an island site which covers the eastern side of Portman Square. It is currently let to 14 tenants.

GPE chief executive, Toby Courtauld, said: “We are pleased to have acquired Orchard Court which will deliver an accretive day one yield, off low passing rents providing us with a significant growth opportunity in an attractive and improving location.

“The asset also offers potential synergies with our other significant interests in the area.”

According to GPE’s website, the firm currently owns around £2.1bn in real estate.

In December last year, the firm also snapped up Minerva House from Minerva Trust, SREIT Property Limited and Clerical Medial Managed Funds in a deal worth £60m.

Combining that property deal and this latest one, the firm has now spent 70% of the proceeds it received from its £140.6m share listing in November 2012.

The firm is currently in the process of developing a mixed use, 188,000 sq ft, 20-storey block at 240 Blackfriars Road.  Previously, it has also worked on Southwark Council’s office at 160 Tooley Street.

News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office, retail and leisure space.

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