GPE completes sale of 50 Finsbury Square in £190m deal
Construction of the 129,200 sq ft building completed in January, with the leases to Inmarsat Global Limited, and various smaller retailers, commencing shortly thereafter
Great Portland Estates (GPE) has announced the completion of the sale of 50 Finsbury Square, EC2 in a deal worth £190m.
GPE said the headline price reflects a topped up net initial yield of 3.85% and capital value of £1,471 per sq ft.
The sale which, following verification, will be GPE’s first net zero carbon development.
Construction of the 129,200 sq ft building completed in January, with the leases to Inmarsat Global Limited, and various smaller retailers, commencing shortly thereafter.
With the lettings concluded, the sale to a wholly owned subsidiary of Wirtgen Invest Holding GmbH, a private German family office has also now completed.
The proceeds will be initially used to pay down the group’s revolving credit facility and will reduce the company’s loan to value from 23.6% to a low 19.4% based on a pro-forma September 2022 balance sheet.
Toby Courtauld, GPE chief executive, said: “The sale of 50 Finsbury Square concludes an exceptional development project for GPE. 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.”
