Great Portland Estates (GPE) raised c. €409.5m to advance new opportunities in central London.
GPE’s Chief Executive, Toby Courtauld, stated, “I am pleased to announce we have successfully raised gross proceeds of £350m (€409.5m) to capitalise on our pipeline of compelling new opportunities in central London. The combination of the Capital’s disrupted investment market and the increasingly evident supply drought of high-quality spaces in our core market of the West End, means we are optimistic about the returns we can generate from both our £1.4b (€1.6b) pipeline of potential acquisitions and across our existing HQ and Flex offerings.”
The funds are raised as the demand for GPE’s office spaces across London rebounds to pre-pandemic levels. Post-pandemic, tenants have become more selective, preferring top-tier buildings with less space due to the increase in work-from-home practices.
The Courtyard project was acquired through a property swap with the City of London Corporation, exchanging GPE’s interest in 95/96 New Bond Street for the long leasehold interest in The Courtyard.
Image source - Pexels.
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