Great Portland Estates buys property in London for GBP56.0 million

(Alliance News) - Great Portland Estates PLC on Monday said it has agreed to buy another property in London's West End from Cypress Dynasty Ltd.

The London-based property development and investment company has paid GBP56.0 million for the freehold interest in One Chapel Place.

The 34,230 square foot building is fully let at an annual rent of around GBP2.5 million per annum, with the office leases due to expire in mid-2028.

Senior Investment Manager Alexa Baden-Powell said: "One Chapel Place meets all of our acquisition criteria. This is a freehold asset, in a prime Bond Street location, with significant massing potential, and provides a rare opportunity to create a best-in-class, premium HQ office building with excellent sustainability credentials in a location that is starved of high quality supply."

Since last summer, Great Portland Estates has invested GBP162 million into West End, London acquisitions, or GBP323 million including intended capital expenditure.

Shares in Great Portland Estates were down 0.5% at 305.50 pence each in London on Monday.

By Jeremy Cutler, Alliance News reporter

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