GCP refocuses on West End

Capital & Counties Properties and Great Portland Estates (GPE) have refocused their joint venture, The Great Capital Partnership, on the West End of London. They have sold four properties to GPE in the City and West End and appointed Capco as residential and retail strategy advisor to the joint venture. Other non-core properties might be sold in the medium term.

GPE is buying; 24/25 Britton Street, EC1, 12/14 New Fetter Lane/43 Fetter Lane, EC4, Tasman House, Wells Street, W1 and 183/190 Tottenham Court Road, W1, for a combined price of £45.05m.

These sales leave the joint venture agent to concentrate on core holdings in Piccadilly, Regent Street and Park Crescent. Ian Hawksworth, chairman of GCP and chief executive of Capco, said the changes were a logical next step in the evolution of GCP and fitted in with Capco’s strategy of targeted investment in central London. “We look forward to progressing our exciting plans for the balance of the estate together with GPE.”