The joint venture between Capco and Great Portland Estates was known as the Great Capital Partnership. Its chairman and Capco's chief executive Ian Hawksworth said that following the sale of Park Crescent East in April 2012‚ this disposal represented the culmination of The Great Capital Partnership's asset sales".
"In line with the strategy‚ it allows significant capital to be returned to the joint venture partners for reallocation within their respective groups‚" Hawksworth said.
Capco said the sale price was 8.6% ahead of both the December 2012 and March 2013 valuations‚ and reflects a net initial yield of about 2% and a capital value of £813 per square foot on the net internal area.
Park Crescent West includes 77/83 Portland Place‚ 16 Park Crescent‚ 18/25 Park Crescent‚ 22 Park Crescent and 26 Park Crescent.
The crescent is a mix of commercial‚ court and residential properties and has a net internal area of 129‚165 square feet.
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 about £2.2m and are held on a long lease from The Crown Estate expiring in December 2157 at a current ground rent of £15‚000 a year.
In May Capco acquired control of 100% of the Empress State Building‚ a skyscraper office block in London. It exchanged contracts worth £117m with Land Securities Group for the 50% it did not already own in this property
Capco's core portfolio consists of Covent Garden - a retail‚ leisure and residential district in London - and the mixed-use Earls Court and Olympia‚ also in London.
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.za
