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Sign in Sign up for a FREE subscriptionGreat Portland JV sells London asset to Dubai family for £266m
The Great Ropemaker Partnership, the 50/50 Joint Venture between Great Portland Estates plc (GPE) and Ropemaker Properties, the property nominee of the BP Pension Fund, has exchanged contracts to sell 240 Blackfriars Road to clients of Wolfe Asset Management, a wholly owned subsidiary of the Al Gurg Family which owns the multifaceted business conglomerate Easa Saleh Al Gurg Group in Dubai.
The sales price was £266.5 million ($302.32 million).
Completion is scheduled for January 2018.
240 Blackfriars Road is a 20 story building constructed in 2014 and provides a total of 226,271 square feet of class A offices and retail accommodation. The offices are fully let to seven office tenants including UBM Plc, Boodle Hatfield, Ramboll UK Ltd and Lonely Planet Publications.
The sale incorporates Cubitt House, the 10,690 square-foot adjoining retail and residential building, where all ten apartments have been sold off on long leases and the retail unit is let to
