Capco sells its London asset

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.