Great Portland Estates PLC GPE announces acquisition of Soho Square Estate (7073J)
18 Agosto 2023 - 1:00AM
UK Regulatory
TIDMGPE
RNS Number : 7073J
Great Portland Estates PLC
18 August 2023
18 August 2023
GPE announces the acquisition of the Soho Square Estate, W1
Great Portland Estates plc (GPE) is delighted to announce the
acquisition of King Sloane Properties Limited (the Company), which
owns the freehold interests at 16/19 Soho Square, 29/43 Oxford
Street and 7 Falconberg Mews, W1, from Belgravia & Chelsea
Property Services Limited. The cash consideration is based on a
property value of GBP70 million (GBP772 per sq ft on consented NIA)
and is subject to further balance sheet adjustments. The
consideration was met from GPE's existing undrawn facilities and
cash. The 57,456 sq ft mixed-use buildings are currently multi-let
at c.GBP1.48m pa with vacant possession expected by March 2024. The
0.5 acre site benefits from planning consent to demolish the
existing buildings and deliver around 90,000 sq ft of new Grade A
office and prime retail space.
The buildings are located in the heart of the West End at the
eastern end of Oxford Street and back onto Soho Square, just 100
metres from the new Tottenham Court Road Elizabeth Line station.
GPE intends to re-work the designs to improve the quality of office
and retail space, further increasing its attractiveness to
prospective customers in a materially undersupplied market. The
redevelopment will provide a best-in-class HQ office building on
Soho Square with flagship retail fronting Oxford Street, arranged
over basement, lower ground, ground and eight upper floors, with
multiple private terraces and a communal roof terrace.
Alexa Baden-Powell, Senior Investment Manager, said , "This
acquisition represents a fantastic opportunity for us to develop a
strategic West End freehold site into a best-in-class headquarters
building with excellent sustainability credentials."
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
FGS Global
James Murgatroyd +44 (0) 20 7251 3801
Gordon Simpson
LEI Number: 213800JMEDD2Q4N1MC42
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END
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