The GPE disposals are Barnard's Inn, 86 Fetter Lane and 38 Finsbury Square. Together the buildings generate an annual rent of euro 4.8 million ($6.3 million). The sale price represents a surplus of euro 7.8 million ($10.2 million) on the book value. GPE also plans to make a payment to Henderson to cover various rent free periods on both buildings.
At the same time, GPE bought the freehold of Ellerman House, 12/20 Camomile Street for euro 27.7 million ($37.2 million). GPE chief executive Toby Courtauld says buying Ellerman House, with its 91,000 sf of office, helped provide a significant redevelopment opportunity in 2011 when the majority of the company's existing income expires.
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