Great Portland swoops in the City

Published 19th May 2010

Great Portland Estates is close to sealing two acquisitions that could pave the way for a 600,000 sq ft prime City of London office scheme.

Property Week understands that the property company has this week agreed to pay £95m for the long leasehold interest in the 180,000 sq ft City Place House, 55 Basinghall Street, to European property fund manager AEW Europe. GM Real Estate advised AEW.

At the same time, Great Portland is understood to be in advanced talks to buy the long leasehold interest in the adjacent, 100,000 sq ft City Tower from US group Starwood. The freehold of both properties is owned by the City of London Corporation.

Architect Eric Parry has designed a 600,000 sq ft office scheme for both the City Place House and City sites, which sit between Moorgate and Bank in the City.

The acquisitions are the latest in a push by Great Portland into the City from its core West End base. Last month it signed a 50/50 joint venture with Canadian fund manager Brookfield to build a 40-storey, 770,000 sq ft tower at 100 Bishopgate.

Source: ' Property Week '

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