REG - Great Portland Ests. - Great Portland Estates' sale of Mortimer House <Origin Href="QuoteRef">GPOR.L</Origin>

Great Portland EstatesAnnouncement

29/04/2016 07:06

RNS Number : 7388W
Great Portland Estates PLC
29 April 2016
29 April 2016
GPE sells Mortimer House, 37/41 Mortimer Street, London W1
Great Portland Estates plc ("GPE") announces that it has exchanged contracts to sell Mortimer House, 37/41 Mortimer Street ("Mortimer House") for a price of 26.95 million.
The office property, extending to circa 23,800 sq. ft. net internal area (31,200 sq. ft. gross internal area) is currently vacant, and benefits from consent for a triple B1/A1/A3 use on the ground and basement floors.
The buyer isa new vehicle set up by hotelier Guy Ivesha, in joint venture with Cain Hoy and other private investors, who plan to operate a premium work and lifestyle concept with a strong emphasis on hospitality.
Hugh Morgan, Head of Investment Management at GPE said "we had the necessary consents in place to undertake a comprehensive refurbishment of Mortimer House in a supply constrained West End occupational market. However, as a consequence of strong demand for vacant refurbishment opportunities, it made sense to sell Mortimer House now and invest the proceeds for higher returns in our exceptional development programme."
Contacts:
Great Portland Estates plc
Toby Courtauld - Chief Executive 020 7647 3042 
Hugh Morgan - Head of Investment Management              020 7647 3055 
Finsbury (GPE Financial PR) 
James Murgatroyd020 7251 3801
Gordon Simpson 

This information is provided by RNS
The company news service from the London Stock Exchange
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