Derwent London plc has exchanged contracts to sell its 50% interest in 1-5 Grosvenor Place SW1 to The Hongkong & Shanghai Hotels, Limited (Peninsula Hotels) for £132.5 million (approx. €154.5 million) before costs, as previously announced by Europe Real Estate.
The existing properties comprise mainly offices and extend to 168,000 ft² (approx. 15,600 m²), net, at Hyde Park Corner, Belgravia.
On completion of the transaction with Peninsula Hotels, Derwent London will have received proceeds of almost £200 million from 1-5 Grosvenor Place since the start of 2012.
It is intended that, following the disposal of Derwent London’s interest, Peninsula Hotels and Grosvenor will work together towards redevelopment of the site as a hotel and residential scheme.
Source: Derwent London