Great Portland Estates Unloads Green Office Bldg For £190mil
UNITED KINGDOM – Great Portland Estates (GPE), a major commercial property landlord in London, announced that it has completed the divestment of the 50 Finsbury Square office building for £190 million, according to a press release published by Alliance News on Thursday (9 February).
The company disclosed that the newly refurbished office block has been purchased by a fully-owned unit of Wirtgen Invest Holding GmbH, an investment holding firm based in Germany.
GPE said the selling price works out to a £1,471 psf, based on the office building’s 129,200 sq ft area. It also translates to a topped up initial yield of 3.9 percent.
The refurbishment of 50 Finsbury Square was completed in January 2023 and the office spaces were occupied shortly by Inmarsat Global and other smaller retail companies.
After verification, the eco-friendly office building will be Great Portland Estates’ first net-zero carbon project.
“The sale of 50 Finsbury Square concludes an exceptional development project for GPE,” commented the commercial property landlord’s CEO Toby Courtauld.
“The completion of the sale enables us to recycle capital out of a mature asset where we have created value into our substantial development pipeline which is stacked full of future opportunities,” he added.
