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| Great Portland buys propertyWhat's Happening in & around Hanover Square, London W1Great Portland Estates buys in Hanover SquareGreat Portland Estates plc ("GPE") announced it has purchased 18 & 19 Hanover Square, London W1, for £57.6 million from Hammerson Plc. 18 & 19 Hanover Square comprise two retail and office buildings totalling 70,000 sq ft, one freehold, one leasehold, fully let to Lend Lease Europe Ltd, Avanta Management Services Ltd and Dolce & Gabbana UK Ltd at average rents of £45 per sq ft. 93% of the £3.0 million p.a. total net rent is from the office tenants and the weighted average unexpired lease term is 7.3 years. The purchase provides GPE with a net yield of 5.2% following expiry of rent free periods. |
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