Oct 5 (Reuters) - Commercial landlord Great Portland Estates
Plc said on Tuesday it had sold a central London office
building for 181.50 million pounds ($246.59 million), as the
company reported its "strongest" quarterly performance since the
pandemic took hold.
The London-focused firm said its joint venture with BP
Pension Fund - Great Ropemaker Partnership - sold 160 Old
Street, which sits at the heart of the Silicon Roundabout
business district, to a fund advised by J.P. Morgan Global
Alternatives at a 5% premium to its March valuation.
Commercial property firms have underperformed the wider real
estate sector during the pandemic as multiple lockdowns and an
ongoing moratorium on rent collection squeezed valuations of
retail-focused assets, while remote working has weighed on
The FTSE 250-listed firm, which owns properties worth 2.5
billion pounds in central London, said rent collection for the
September quarter was the best since December 2019, as more
people start returning to offices after months of
pandemic-induced remote working.
It said 84% of September quarter rent has been collected to
"Occupier demand is robust, focusing on prime Grade A space
and flex office products, both of which play to our strengths,"
said Chief Executive Officer Toby Courtauld in a statement,
adding that he expected healthy demand to persist.
($1 = 0.7361 pounds)
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by
Subhranshu Sahu and Rashmi Aich)