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LONDON-Great Portland Estates has continued to rationalise its portfolio with the £75.5 million ($120 million) sale of a Midtown office building and an M25 office park. The company is in the process of becoming a City and West End office specialist.

In London, it has sold the freehold of 21 Bloomsbury Street, WC1, tothe Prudential Annuity Fund for just over £41 million ($65 million). The 74,000-sf officebuilding is let to the Government on a non-assignable lease for 20 yearswith fixed rental uplifts throughout the term. The price paid reflects a netinitial yield of 6%.

And outside London, it has sold the freehold of the Weybridge Business Park in Addlestone Road, Weybridge, Surrey, to a life assurance company for £34.3Million ($55 million), representing a net initial yield of 7.1%. The 156,000 sf business park comprises a mix of nine terraced and detached units built in the 1980s. Tenants include IBM, CSC Computer Sciences and Toshiba, with leasesexpiring between 2007 and 2014.

Great Portland’s Property Director Robert Noel said: “The sale of Weybridgereflects our stated aim to concentrate on Central London markets, whilst atBloomsbury Street the sale of the annuity cash flow we have created crystallisesa valuation uplift and releases capital we can put to better use elsewhere.”

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