Great Portland Sells Rathbone Square in London for $544 MillionBy
Great Portland Estates Plc sold Rathbone Square, an office and retail development in London’s West End, for 435 million pounds ($544 million).
The buyers of the property at 35/50 Rathbone Place are WestInvest Gesellschaft Fuer Investmentfonds mbH and Deka Immobilien Investment GmbH, the developer said in a statement on Friday. Following the deal, Great Portland plans to return about 110 million pounds to shareholders.
Facebook Inc. agreed to lease the office space in the project, Great Portland said in September. The development will have total space of about 420,000 square feet (39,000 square meters) on completion.
Great Portland bought Rathbone Square from Royal Mail Group in 2011.