Capital & Counties Properties PLC (Capco‚ CCO) said on Wednesday that the Great Capital Partnership (GCP) - the 50/50 joint venture between Great Portland Estates plc and Capco - has exchanged contracts on the sale of its last remaining asset‚ Park Crescent West.Capco GCP JV sells Park Crescent for GBP105m
Posted On Wednesday, 26 June 2013 14:15 Published by Commercial Property NewsCapital & Counties Properties says that the Great Capital Partnership exchanges contracts on the sale of its last remaining asset, Park Crescent West.
Capital & Counties Properties PLC (Capco‚ CCO) said on Wednesday that the Great Capital Partnership (GCP) - the 50/50 joint venture between Great Portland Estates plc and Capco - has exchanged contracts on the sale of its last remaining asset‚ Park Crescent West.PCW Property Holding has acquired Park Crescent West for GBP105 million. The sale price is 8.6 per cent ahead of both the December 2012 and March 2013 valuations‚ the company said.
Park Crescent West comprises a mix of commercial‚ court and residential uses. Current tenants include the Royal Institute of British Architects‚ the Institute of Chartered Secretaries and Administrators and the Secretary of State for the Environment.
The properties generate an annual income of around GBP2.2 million and are held on a long lease from The Crown Estate .
Ian Hawksworth‚ Chairman of GCP and Chief Executive of Capco commented‚ "Following the sale of Park Crescent East in April 2012‚ this disposal represents the culmination of GCP’s asset sales. In line with the strategy it allows significant capital to be returned to the joint venture partners for re-allocation within their respective groups."
Capco is one of the largest investment and development property companies that specialises in central London real estate.
eProperty News is a leading online commercial property marketplace serving the Southern African Investment, Office, Retail and Industrial property and allied sectors.