Qatari investor clinches €140m London office deal

Qatari investor Alduwaliya Asset Management has acquired an office building at 160 Great Portland Street in London's West End for £127.35 mln (€140 mln).

The vendor of the asset is Great Portland Estates (GPE). The sale price, which is slightly lower than the March 2018 book value, reflects a net initial yield of 4.08%, GPE said.

The building comprises 8,500 m2 of space spread over eight storeys. The offices are leased to visual effects company Double Negative Limited until May 2032.

The asset’s total contracted rent is £5.55 mln (€6.2 mln) per annum.

'The sale of 160 Great Portland Street is consistent with our approach of recycling capital out of long-dated mature assets where we have created value,’ commented Toby Courtauld, GPE’s chief executive.

The deal reinforces market evidence that many international investors are not being deterred from London by Brexit. Alduwaliya, the Qatari royal family’s private property company, also carried out a landmark deal in the UK capital last year when it purchased Ofcom headquarters Riverside House on the South Bank for around £150 mln.


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