Great Portland Venture Said to Seek $162 Million for Property

Great Portland Estates Plc’s (GPOR) venture with Capital & Counties Plc plans to sell an office and residential property near Regent’s Park in London’s West End five months after divesting a building on the same street.

Great Capital Partnership will start marketing Park Crescent West soon, according to Toby Courtauld, Great Portland’s chief executive officer. The owners will seek more than 100 million pounds ($162 million) for the property, a person familiar with the matter said. He declined to be identified because the information is private.

Park Crescent West has 129,500 square feet (12,000 square meters) of space, Great Portland’s website shows. Great Capital raised 47 million pounds from the sale of Park Crescent East on the opposite side of the same street, the company said in May.

The venture agreed to sell two properties on London’s Regent Street for 112.6 million pounds last month. Great Capital was set up in 2007 and is expected to “wind down” before the end of July 2013, Capital & Counties CEO Ian Hawksworth said in July.

Capital & Counties declined to comment on the Park Crescent West sale.

To contact the reporters on this story: Neil Callanan in London at ncallanan@bloomberg.net; Simon Packard in London at packard@bloomberg.net.

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net.