The Great Capital Partnership (GCP) has sold Spirella House on Oxford Circus in London to Italian hosiery and beachwear retailer Calzedonia for 拢22.9 mln (EUR 26 mln).
The Great Capital Partnership (GCP) has sold Spirella House on Oxford Circus in London to Italian hosiery and beachwear retailer Calzedonia for 拢22.9 mln (EUR 26 mln).
The price agreed was 12.5% above the book value at end-March 2009 and reflected a yield approaching 5%. Spirella House is held on a lease from The Crown Estate for a further 123 years. It comprises a retail unit over three floors in addition to five floors of offices and totals 1,300 m2.
GCP also announced it has acquired new 125-year leasehold interests from The Crown Estate for several properties in London in exchange for its existing leases and 拢12 mln.
GCP is a 50:50 central London joint venture between Great Portland Estates (GPE) and Liberty International subsidiary, Capital & Counties (C&C), and is managed by GPE.
