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Great Portland Estates PLC - London-based property developer and investor - Sells 50 Finsbury Square, EC2 to a subsidiary of private German family office Wirtgen Invest Holding GmbH, for £190.0 million. Says the price reflects a topped up net initial yield of 3.9% and capital value of £1,471 per square feet. 50 Finsbury Square is undergoing a refurbishment with completion scheduled for the fourth quarter this year, the firm adds.
The building will provide about 121,800 square feet of offices arranged over lower ground, ground and seven upper floors together with a terrace on the 6th floor. Says there is also a further pavilion and extensive roof terrace on the 8th floor overlooking Finsbury Square.
Chief Executive Toby Courtauld says: ‘In 50 Finsbury Square, we have created an exceptional home for Inmarsat, not least given the sustainability credentials our refurbishment will deliver.’
Current stock price: 465.60 pence, up 4.3% on Tuesday
12-month change: 36%
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