REG - Great Portland Ests. - GPE sells wells&more, W1 for £172m

Great Portland EstatesAnnouncement

16/03/2026 07:00

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RNS Number : 6939W  Great Portland Estates PLC  16 March 2026

16 March 2026

 

GPE completes sale of wells&more, 45 Mortimer Street, W1 for £172 million

Great Portland Estates plc (GPE) has exchanged on the sale of wells&more,
W1 to Feldberg Capital on behalf of Fastighets AB Balder for a headline price
of £172 million. At a 5.0% net initial yield and £1,483 per sq ft, the price
sits marginally ahead of the September 2025 book value and around 5% ahead of
March 2025. The freehold property occupies a prominent corner position on
Wells Street and Mortimer Street in the heart of Fitzrovia.

Developed by GPE in 2009, and substantially refreshed in 2022, wells&more
is a high-quality headquarters building comprising 116,000 sq ft of Grade A
office, retail and medical space across lower ground, ground and five upper
floors. The building benefits from private terraces at the fourth and fifth
floors and courtyards at both lower ground and ground floors. It is multi-let
to a range of customers including Heineken, Airwallex and Brown Forman
Beverages and generates annual rent of around £9.2 million, with a WAULT of
5.5 years to expiry.

Alexa Baden-Powell, Head of Investment at GPE, said: "With the offices now
fully let and our business plans complete, the sale of wells&more further
demonstrates our ability to recycle capital at the right point in the cycle,
delivering strong investment returns while enabling us to reinvest the
proceeds across both our acquisition and development pipelines."

 

 Great Portland Estates plc                                                      +44            (0)            20             7647           3000
 Toby Courtauld, Chief Executive
 Alexa Baden-Powell, Head of Investment
 Stephen Burrows, Director of Investor Relations and Joint Director of Finance

 Yasemin Kiani, Communications Lead

 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

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