Press Release
THE CROWN ESTATE COMPLETES THE LARGEST EVER WEST END PROPERTY SWAP WITH THE GREAT CAPITAL PARTNERSHIP
21 February 2008
The Crown Estate has completed a major swap transaction with The Great Capital Partnership (GCP), a 50:50 joint venture between Great Portland Estates and Capital & Counties, a subsidiary of Liberty International.
Hailed as the largest property swap transaction in the West End ever, it involves 580,000 sq ft of prime West End property, valued at over £350 million.
This complex transaction will realise significant value gains for both for The Crown Estate and The Great Capital Partnership and will also provide both parties with major development opportunities in the heart of London.
The Crown Estate gained three freehold properties for its Regent Street portfolio; further strengthening its position on the street. It acquired the freehold interest in 21 Sackville Street, W1, where it had no previous interest. It also acquired the leasehold interests in 99-101 Regent Street, W1 (Victory House), and 203 Regent Street/1 Conduit Street, (Kendal House), W1, where it already held the freehold.
GCP acquired three leasehold properties, one freehold and amended terms on seven other leaseholds. The freehold interest is in 26/40 High Street Kensington, W8, for which they already held the long-lease interest. Their new leasehold interests are for 150 years and are in 98 Portland Place, W1; 7-8 Park Crescent & 1-15 Park Crescent Mews, W1; and 211 Great Portland Street, W1.
This is the fifth property swap undertaken by The Crown Estate on Regent Street since 2002. Such transactions are a key part of its investment strategy on the street and by value, swaps represent over 70% of major recent transactions.
David Shaw, Head of Regent Street Strategy and Development, The Crown Estate said: “This deal demonstrates our innovative approach to adding value to our Regent Street portfolio. Combined with the opportunities offered by the Pollen swap in December last year, we now have over 1 million square feet of development potential on Regent Street; potential that will be realised in mixed use developments comprising flagship stores, modern office space and residential units, over the next decade.”
Property advisors to The Crown Estate were CB Richard Ellis while SJ Berwin acted as lawyers.
Further Information
Regent Street Redevelopment
Tenants
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