(Alliance News) - Capital & Counties Properties PLC on Wednesday inked a contract to sell the Wellington block to Portfolio Club Ltd.
The United Kingdom-based property investment and development company will be selling the block for GBP76.5 million which is in line with its June 30 valuation.
Portfolio Club is a joint venture between APG and London Central Portfolio Ltd.
The Wellington block is located in the south east corner of Covent Garden and comprises of six separate properties. These include 25-31 Wellington Street, 23 Wellington Street, 15 Exeter Street, 12 & 14 Burleigh Street and Burleigh House. The block has approximately 66,000 square feet of lettable space increasing to over 100,000 square feet following completion of the consented hotel.
Capital & Counties Chief Executive Ian Hawksworth said: "We are pleased to introduce The Portfolio Club and APG to the estate as innovative owner operators to redevelop the Wellington block into their contemporary hotel which will further contribute to Covent Garden’s position as a world class destination."
Capital & Counties shares closed down 1.1% at 129.70 pence in London on Wednesday. In Johannesburg, shares closed down 1.6% at ZAR28.34.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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