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It has been reported that the headquarters of Independent Television News (ITN), which is situated in Central London, has been purchased in a joint venture by BP Pension Fund and Great Portland Estates PLC (GPOR) for no less than £133 million (around US$210 million).
200 and 214 Gray’s Inn Road will be bought by the Great Ropemaker Partnership joint venture from Beacon Partners LLC, an office space investment company based out of Boston. The commercial properties are believed to generate as much as £8.9 million in rent each and every year.
The investment director of Great Portland Estates PLC, Ben Chambers, says that both rents and property values in the area will be improved over the coming years by both the Thameslink railway upgrade and the Crossrail project, which will see a major improvement in rail links between the financial district of the city of London and the West End.
In a separate deal, Great Portland Estates PLC has also agreed to purchase a 2.3-acre site that is situated close to Oxford Street from Royal Mail Group Ltd for the sum of £120 million. The site is also located close to the subway station of Tottenham Court Road, which is also being upgraded as a part of the Crossrail project in order for the easier linking of East London to Heathrow Airport.
Great Portland specialises in the development and trading of commercial property in Central London, which is suffering from a shortage of new office space.
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