Great Portland Estates Plc’s (GPOR) venture with Capital & Counties Properties Plc (CAPC) sold two properties on Regent Street, London’s second-most expensive shopping strip, for 112.6 million pounds ($183 million).
Great Capital Partnership, focused on the West End district in central London, sold Regent Arcade House to Stenham Property Ltd. for 48 million pounds, according to a statement today. Hermes Real Estate Investment Management agreed to buy 100 Regent Street for 64.6 million pounds.
The partnership, formed when Capital & Counties was the London arm of Liberty International, owned properties valued at 540 million pounds at the end of the first half of 2010. CapCo became a separate company in the breakup of Liberty that year and the partnership has been selling assets to take advantage of demand for central London real estate.
The West End is central London’s hub for restaurants, theaters and fashion retail. The attraction of its location and a shortage of space through planning constraints mean that prime office rents are the most expensive in the capital, attracting investors from home and overseas seeking a secure, regular income.
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