Great Portland Estates has completion of the sale of its first net zero development, 50 Finsbury Square, EC2.
A subsidiary of private German family office, Wirtgen Invest Holding, has bought the 129,900 sq ft building for £190m.
Construction of the building completed in January, before being let to Inmarsat Global Limited and several retailers.
The sale reflects a topped up net initial yield of 3.85% and capital value of £1,471 per sq ft, rising to £1,690psf on expiry of rent frees.
The proceeds will be initially used to pay down the GPE’s revolving credit facility and will reduce the company’s loan to value from 23.6% to a low 19.4%.
Chief executive Toby Courtauld said: “The sale of 50 Finsbury Square concludes an exceptional development project for GPE. The completion of the sale enables us to recycle capital out of a mature asset where we have created value into our substantial development pipeline which is stacked full of future opportunities”.
