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LONDON-Great Portland estates has sold six non-core properties, in five separate transactions, for a total of £37.3m ($58 million). The largest, 13/15 Moorgate, London EC2, was sold to a private Irish investor for £24 million ($38 million). Built in 1985 behind a listed facade, the 32,000-sf office property is let to Arab Bank untilJune 2013 at a headline rent of over £70 ($110) per sf. BH2 acted for GreatPortland Estates. FPD Savills advised the purchaser.

The other sales were in Bedford Street, Drury Laneand Broad Court in Covent Garden, London WC2 and in Maddox Street, London W1. The blended net initial yield on the sales was 7.5%.

Great Portland Estates Chief Executive Toby Courtauld said: “These sales represent the start of our programme to weed out those propertieswe have identified as being non-core. We are pleased with the prices we haveachieved and expect there to be further sales in the coming months.”

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