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Great Portland Pulls Out Of Retail As Values Fall

LONDON-Great Portland Estates has completed its withdrawal from the retail market with the $333 million sale of its last four shopping centres to a joint venture between Stannifer and Bank of Scotland.

By Graham Parker | Updated on November 20, 2001

LONDON-Great Portland Estates has sold its last four shopping centres, leaving it with a portfolio almost entirely devoted to central London properties. But the new focus came too late to prevent a disappointing fall in net asset value for the six months ended 30 September, 2001.

The company has sold Charter Walk, Burnley; Queen’s Arcade, Cardiff; The Harvey Centre, Harlow and The Octagon Centre, High Wycombe to the Sapphire Retail Fund–a joint venture between Stannifer and Bank of Scotland–for £235 million ($333 million) in cash. The shopping centres produce £17.7 million ($25 million) per annum, showing the purchasers an initial yield of 7.5%. King Sturge Retail advised the purchaser.

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