April 23, 2018 / 6:11 AM / 3 months ago

BRIEF-Great Portland Estates sells London properties for 49.6 mln stg

April 23 (Reuters) - Great Portland Estates PLC:

* SELLS 78/92 GREAT PORTLAND STREET AND 15/19 RIDING HOUSE STREET, W1

* GREAT PORTLAND ESTATES - HEADLINE PRICE OF £49.6 MILLION, REFLECTS A NET INITIAL YIELD OF 3.9% ON A TOPPED UP BASIS AND A CAPITAL VALUE OF £1,362 PER SQ FT.

* GREAT PORTLAND ESTATES SELLS 78/92 GREAT PORTLAND STREET AND 15/19 RIDING HOUSE STREET, W1

* SOLD FREEHOLD OF 78/92 GREAT PORTLAND STREET AND 15/19 RIDING HOUSE STREET ( “PROPERTY”) TO M&G REAL ESTATE.

* HEADLINE PRICE OF £49.6 MILLION, REFLECTS A NET INITIAL YIELD OF 3.9% ON A TOPPED UP BASIS AND A CAPITAL VALUE OF £1,362 PER SQ FT

* AFTER DEDUCTION FOR OUTSTANDING TENANT INCENTIVES AND RENTAL GUARANTEES, NET PRICE IS £48.3 MILLION, AHEAD OF SEPTEMBER 2017 BOOK VALUE. Source text for Eikon: Further company coverage: (Reporting By UK Bureau)

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