By Anthony O. Goriainoff
Great Portland Estates said it bought One Chapel Place, a property in London's West End, for 56 million pounds ($72.3 million)
The real-estate investment trust said the property is fully let at an annual rent of around 2.5 million pounds a year, and offers significant redevelopment potential. Office leases on the property are due to expire in mid-2028, it said.
GPE said it plans to expand the property to 57,000 square feet from the current 34,230 square feet
The payment amount for the transaction is based on a property valuation and subject to further balance-sheet adjustment after completion, it said.
Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
March 24, 2025 03:43 ET (07:43 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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