REG - Great Portland Ests. - GPE acquires West End refurbishment opportunity

Great Portland EstatesAnnouncement

11/11/2024 07:00

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RNS Number : 6107L  Great Portland Estates PLC  11 November 2024

 

 

11 November 2024

 

GPE acquires West End refurbishment opportunity

 

Great Portland Estates plc (GPE) is delighted to announce the acquisition of
the special purpose company holding the long leasehold interest of Whittington
House, WC1 for a total consideration of £58.5 million (£785 per sq ft on
current NIA), subject to further balance sheet adjustment post completion. The
building is currently let on a short-term basis, at an annual rent of c.£5.2
million with vacant possession expected in Q1 2025.

 

Located in the heart of the West End, close to the Tottenham Court Road
Elizabeth Line station, the 74,500 sq ft HQ building provides GPE with an
exciting opportunity to create outstanding office spaces that draw upon its
iconic Richard Seifert & Partners design, delivering eight floors of
sustainable offices with market leading amenity, fronting on to the newly
pedestrianised Alfred Place. The repositioned building will be delivered in Q1
2027 coinciding with a potentially historic level of undersupply of such
space.

 

Whittington House sits adjacent to GPE's existing holdings at 31/34 Alfred
Place and opposite the recently acquired Courtyard, WC1, thereby adding to a
growing cluster of buildings that will provide GPE customers with a choice of
spaces and amenity in this vibrant location.

 

Alexa Baden-Powell, Senior Investment Manager, said, "Whittington House is our
first HQ acquisition following our rights issue in May and meets all of our
acquisition criteria. At a significant discount to replacement cost, the
building has angles to exploit and our refurbishment will deliver high
quality, sustainable space into a market that is increasingly starved of such
supply. Together with the recent purchase of 19/23 Wells Street, we have
invested £77.5 million into new West End acquisitions in the last month, or
£110 million including the capex we intend to invest in both buildings, and
our pipeline of further opportunities remains strong.''

 

 

 Great Portland Estates plc                                                                                                                                                                                +44  (0)  20  7647   3000
 Toby Courtauld, Chief Executive
 Nick Sanderson, Chief Financial & Operating Officer
 Stephen Burrows, Director of Financial Reporting & IR

 Yasemin Kiani, Communications Lead

 FGS Global
 James                                                                                                                                                                                                     +44  (0)  20  7251  3801
 Murgatroyd
 Gordon
 Simpson

 

For further information see www.gpe.co.uk or follow us on X at @GPE_London

LEI Number: 213800JMEDD2Q4N1MC42

 

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