Great Portland Estates Acquires London Building for $24.3 Million

Dow Jones

Sep 01, 2025

By Nina Kienle

Great Portland Estates said it acquired London's building The Gable for a total of 18.0 million pounds ($24.3 million) from the City of London Corporation.

The U.K. real-estate investment trust on Monday said it plans to substantially refurbish the 44,000 square-feet building, due to start in the third quarter in 2026.

Currently, the building it partially let on a short-term basis at an annual rent of 1.5 million pounds generating a net yield of 6.4%. Once refurbished, the development yield is expected to rise to 6.9%, it said.

"The Gable is a strong addition to this central London Flex cluster and reflects our commitment to expanding the Fully Managed portfolio to over 1 million square feet by 2030," Chief Executive Toby Courtauld said.

Write to Nina Kienle at nina.kienle@wsj.com

(END) Dow Jones Newswires

September 01, 2025 02:32 ET (06:32 GMT)

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Once refurbished, the development yield is expected to rise to 6.9%, it said. \n\n\n  \"The Gable is a strong addition to this central London Flex cluster and reflects our commitment to expanding the Fully Managed portfolio to over 1 million square feet by 2030,\" Chief Executive Toby Courtauld said. \n\n\n \n\n\n  Write to Nina Kienle at nina.kienle@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  September 01, 2025 02:32 ET (06:32 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}