Great Portland Estates (GPE) and the Liverpool Victoria Friendly Society have formed the Great Victoria Partnership (GVP) to manage four central London buildings worth about £123m.
They have each contributed £33.5m of equity (financed through cash and property contributions) but the partnership’s biggest single asset, the Mount Royal block at 508/540 Oxford St, W1, has been acquired from Quintain Estates for £80m specifically for the venture.
GVP has acquired Quintain’s eight separate leasehold interests in the 88,500 sq ft retail block, which produces £3.7m pa.
GPE has contributed 81/82 Dean Street, W1, comprising 32,800 sq ft of offices and let to TBWA Group UK, a subsidiary of Omnicom at £1.4m pa.
Liverpool Victoria has contributed 40/48 Broadway and 1/11 Carteret Street, SW1, and Verulam Gardens at 70 Grays Inn Road, WC1.
Broadway and Carteret Street comprises 60,000 sq ft of offices occupied by Liberty International and the Youth Justice Board.
Verulam Gardens is a 34,000 sq ft office building let to patent agents Boult Wade Tennant and the first Secretary of State and generates £1.8m pa.
GPE will be retained by the partnership to carry out asset, investment and development management services.
References: EGi News 08/11/04
