Great Portland Estates sells London’s 50 Finsbury Square freehold for £190m
Great Portland Estates (GPE) has sold the freehold of 50 Finsbury Square to German family office Wirtgen Invest Holding for £190m.
The deal, in which proceeds will be pumped into GPE’s credit facility, represents a capital value of £1,471 per square feet.
The Fosters & Partners designed office block will have its “comprehensive” refurbishment completed by the end of this year.
The building offers some 121,800 square feet of office space across its nine floors, as well as a terraces on the sixth and eighth floor.
The office space has already been let to telecoms and satellite heavyweight Inmarsat Global. Two retail units have also been pre-let, while the remaining two units remain under offer.
The space is anticipated to pull in around £9m in rent each year.
Toby Courtauld, chief executive of GPE, said the sale is “consistent with our strategy of recycling capital out of mature assets to be utilised in our many other development opportunities.”