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GPE agrees new lettings at 30 Broadwick Street

29 March 2017 09:36

Great Portland Estates has announced a further 15,725 sq. ft. of lettings at its recently completed development at 30 Broadwick Street, W1.

GPE said the lettings would generate a combined annual rent of £1.2m on average 9.9% ahead of March 2016 ERV.

GPE said that following on from the pre-letting to The Ivy Soho Brasserie last June, the remainder of the 8,900 sq ft of retail space had been let for a combined rent of £437,500, all on minimum 10 year terms to October's Very Own, Nespresso and Bobbi Brown.

GPE had also let 6,825 sq. ft. of office space to Exponent Private Equity LLP which would occupy the sixth floor on a 10 year term (no break) paying an annual rent of £750,750, equating to £110 per sq ft, the highest office rent ever achieved in Soho.

GPE said that with four of the six office floors and all the retail space now let, the building was 68% occupied with good interest in the remaining two floors.

GPE also announced that it had raised £175m through the issue of new seven year US private placement notes.

It said the sterling denominated unsecured debt had a fixed rate coupon of 2.15% (representing a margin of 125bp over the relevant Gilt).

GPE said the new notes were placed with eight institutional investors, including three new lenders to GPE, and had identical financial covenants to the Group's other unsecured debt. GPE said the new notes would refinance £159.7 million (principal amount) of existing private placement notes which were prepaid last week at a total cash cost of £176.1 million. These notes had a blended fixed rate coupon of 5.3% and were due to mature in 2018 and 2021.

At 9:36am: (LON:GPOR) Great Portland Estates PLC share price was +1.25p at 631.75p

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