A joint venture between Great Portland Estates (GPE) and Ropemaker Properties has sold 160 Old Street, an office building in London EC1, to a fund advised by J.P. Morgan Global Alternatives for £181.50 million.
GPE said the sale price reflects a 5% premium to the March 2021 valuation.
The 166,300 sq ft office building was comprehensively refurbished by the joint venture, Great Ropemaker Partnership, in 2018.
Jamie Binstock, Senior Portfolio Manager said: “The sale of 160 Old Street concludes an exceptional development project for GRP. 160 Old Street remains one of the most technologically advanced buildings in London and will continue to provide a wonderful environment to both the office and retail occupiers. The sale is consistent with our strategy of recycling capital out of mature assets where we have created value.”
Elliot Prosser, Head of UK Acquisitions, J.P. Morgan said:”We are delighted to add this exceptional redevelopment to our expanding Central London office portfolio. As the office market transitions towards ‘greener’ buildings, we believe 160 Old Street is well placed to benefit from demand given its excellent ESG credentials and strong emphasis on building amenity. As the return to the office builds momentum, we continue to view London offices as attractively priced and will look to add further properties in the near term.”