Land Securities yesterday (July 1, 2009) announced that it has completed the sale of Portman House, a retail and office investment in a prime location on Oxford Street, London W1, to Kinloss Property Limited, a wholly-owned subsidiary of the Libyan Foreign Investment Company (LAFICO) for £155 million which reflects a yield of just over 7.0%.
Portman House on Oxford Street, London.
The building provides 13,615 m² of multi-tenanted offices and retail accommodation at a total rent of £11.5 million per annum. The property is held on a long lease from The Portman Estate for a term expiring 2152.
The 101,857 ft² (9,462 m2) of air-conditioned office space is located over the second to seventh floors and is let on leases with three to seven years unexpired and passing rents of £49.50 to £80.00/ft². The 44,695 ft² (4,152 m²) retail accommodation is located over the ground and first floors and is let to New Look, Russell & Bromley and Boots the Chemist.
Franc Warwick advised Land Securities.
James Andrew International advised Kinloss Property Limited (LAFICO) and from today have taken over the management of the investment.
Source: Land Securities