Acquisition

18 Apr 2005 07:01

Great Portland Estates PLC18 April 2005 Great Portland buys in Regent Street Great Portland Estates plc ("GPE") announces the purchase of Lasenby House,Kingly Street and the Liberty Island site, Regent Street by The Great VictoriaPartnership (No. 2), a joint venture between GPE and Liverpool Victoria FriendlySociety from Retail Stores Plc ("Retail Stores"), for a total consideration of£66.5 million in cash. The two properties currently generate a net annual rentalincome of approximately £4.4 million. Lasenby House is a freehold property which comprises approximately 25,500 sq ftof office space let to Liberty Plc ("Liberty"), with a sublease on 17,600 sq ftto MWB Business Exchange UK Limited ("Business Exchange"). The Liberty Island Site is held leasehold from the Crown Estate Commissionersfor a term expiring in July 2051. It comprises approximately 63,000 sq ft ofretail and office accommodation. The majority of the 36,000 sq ft of officeaccommodation on 2nd to 6th floors is let on a single lease to MWB BusinessExchange with the remainder let to Liberty. Both leases expire in February 2016.The remaining 27,000 sq ft is retailing on basement, ground and first floorsoccupied by Liberty, Gap and Barclays Bank. Toby Courtauld, Chief Executive of Great Portland Estates, said: "We announcedthe formation of our joint venture relationship with Liverpool Victoria inNovember last year. These latest acquisitions will see this partnership fullyinvested in first class assets with real angles for value creation. We aredelighted to be buying into the renaissance of Regent Street and to be able tobuild on our existing relationship with the Crown Estate". Contacts: Great Portland Estates plcToby Courtauld, Chief Executive 020 7612 1442 FinsburyEdward Orlebar 020 7251 3801 This information is provided by RNS The company news service from the London Stock Exchange