Great Portland Estates (GPE) has completed the sale of 50 Finsbury Square, EC2, to a wholly-owned subsidiary of private German family office Wirtgen Invest Holding for £190m.
The headline price reflects a topped up net initial yield of 3.85% and capital value of £1,471/sq ft, or £1,690/sq ft on expiry of rent frees.
Construction of the 129,200 sq ft building, which following verification will be GPE’s first net zero carbon development, completed in January.
GPE said the proceeds of the sale would be used to pay down the group’s revolving credit facility and reduce its loan to value from 23.6% to 19.4%.
Toby Courtauld, chief executive of GPE, 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.”
