LONDON (dpa-AFX) - Great Portland Estates plc (GPOR.L) on Tuesday said, The Great Ropemaker Partnership (GRP), a 50:50 joint venture between Great Portland Estates and Ropemaker Properties Ltd, has sold 160 Old Street, EC1 to J.P. Morgan.
The headline price for the transaction is 181.50 million pounds, a 5% premium to the March 2021 valuation.
'The sale of 160 Old Street concludes an exceptional development project for GRP. The sale is consistent with our strategy of recycling capital out of mature assets where we have created value,' said Jamie Binstock, Senior Portfolio Manager at GPE.
160 Old Street, a former Royal Mail building was refurbished by GRP in 2018 to provide 166,300 sq ft accommodation, including 153,000 sq ft office space.
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