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Great Portland Venture to Sell London Property for $162 Million

June 26 (Bloomberg) -- Great Portland Estates Plc’s venture with Capital & Counties Properties Plc agreed to sell its last asset, an office and residential property near Regent’s Park in London’s West End, to PCW Property Holding Ltd. for 105 million pounds ($162 million).

The property, Park Crescent West, generates annual income of about 2.2 million pounds, Great Portland said in a statement today. Great Capital Partnership was set up in 2007 and is expected to “wind down” before the end of July, Capital & Counties Chief Executive Officer Ian Hawksworth said last year.

“Following the sale of Park Crescent East in April 2012, this disposal represents the culmination of Great Capital Partnership’s asset sales,” Hawksworth said in the statement. “In line with the strategy it allows significant capital to be returned to the joint venture partners for re-allocation within their respective groups.”

London developers are selling properties to raise money for development while bank finance remains scarce. Great Portland, Land Securities Group Plc and British Land Co. are building office properties in the city to benefit from growing demand at a time when supply is declining.

To contact the reporter on this story: Patrick Gower in London at pgower@bloomberg.net

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

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