Great Portland Estates is in talks to buy the London headquarters of British broadcaster ITN News for about 140 million pounds ($231 million), Reuters reported Wednesday. London-based private equity firm Accrue Capital and a Malaysian pension fund have also bid on the property – a 293,000-square-foot property.
(Reuters) – Great Portland Estates is in the final stages of talks to buy the London headquarters of British broadcaster ITN News for about 140 million pounds ($231 million), three sources familiar with the deal told Reuters.
The property, which is where ITN produces daily television programme News at Ten, would represent the London-based office developer’s largest-ever purchase. It was not clear if Great Portland was acting alone.
A Great Portland spokesman declined to comment.
The 293,000-square-feet property at 200 and 214 Grays Inn Road, Farringdon, generates annual rent of 8.9 million pounds, broker Jones Lang LaSalle , which is selling the site, said. It represents a yield of about 6.4 percent.
Great Portland looks likely to beat other bidders, which include London-based private equity firm Accrue Capital and a Malaysian pension fund, two of the sources told Reuters.
U.S. real estate investor Beacon Capital Partners is selling the Foster + Partners-designed building, which houses three other tenants including Carlton Communications (ITV) and a UK government tenant.
Farringdon will be one of the London districts that benefits most from the Crossrail east-west train link when it opens in 2018. Great Portland is also developing a project in London’s Hanover Square as part of the Crossrail scheme. ($1 = 0.606 British Pounds) (Editing by Andrew Macdonald) (Reporting by Tom Bill)