Finance

GPE sells West End scheme to M&G for £50m

By 2018-04-23T07:06:00

78 92 great portland street

Great Portland Estates (GPE) has sold its mixed-use scheme at 78-92 Great Portland Street and 15-19 Riding House Street to M&G Real Estate for £49.6m.

The deal reflects a net initial yield of 3.9% on a topped-up basis and a capital value of £1,362 / sq ft. After deduction for outstanding tenant incentives and rental guarantees, the net price is £48.3m, ahead of the September 2017 book value.

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