REG - Great Portland Ests. - GPE completes sale of Challenger House

Great Portland EstatesAnnouncement

Wed 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250528:nRSb2993Ka&default-theme=true

RNS Number : 2993K  Great Portland Estates PLC  28 May 2025

28 May 2025

 

GPE completes sale of Challenger House, E1

Great Portland Estates plc (GPE) has exchanged contracts on the sale of
Challenger House (also known as The Corner Hotel), Whitechapel, E1 together
with a plot of undeveloped land for £42.0 million, marginally ahead of book
value, to Yoomata Aldgate Property Ltd (a JV between Euragone Investment
Management and Mata Capital).

Challenger House is a 74,000 sq ft (GIA) hotel featuring circa 180 fully
en-suite guest rooms alongside a ground-floor restaurant and bar. The building
adjoins The Hickman, our 74,900 sq ft (NIA), high quality, repositioned office
building, with customers including New Look, Runway East and Four
Communications which is being retained for income and expected value growth.
Challenger House and The Hickman were jointly acquired in 2017 for £49.6
million.

Hugh Morgan, Director of Portfolio Management at GPE, said: "The sale of
Challenger House allows us to crystallise our returns and reallocate capital
from a non-core asset into our substantial development pipeline, which is rich
with opportunities."

ENDS

Notes to editors: Yoomata is planning to redevelop the site with a view to
eventually operating it under the "Yooma Urban Lodge" brand, a hotel concept
created and operated in Paris and Brussels by Euragone Investment Management.

Yooma Urban Lodge offers mid-to-high-end hotels for families and groups of
friends, with high-quality rooms accommodating two, four or six adults or
children.

Yoomata's ambition is to establish this concept in major European cities.

Mata Capital, an investment management company based in Paris, will support
this ambition by allocating funds for this hospitality strategy.

 Great Portland Estates plc                                                      +44                                             (0)                                             20                                              7647                                            3000
 Toby Courtauld, Chief Executive
 Nick Sanderson, Chief Financial & Operating Officer

 Hugh Morgan, Director of Portfolio Management
 Stephen Burrows, Director of Investor Relations and Joint Director of Finance

 Yasemin Kiani, Communications Lead

 Yoomata
                                                                                                                                       +33
 6 77 77 87 53

 C/o Euragone Investment Management

 Anatol Beckerich

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

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

LEI Number: 213800JMEDD2Q4N1MC42

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DISPPUPCAUPAGQM