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Great Portland Estates to sell reported £455M of long-dated assets in 2 years

Great Portland Estates PLC CEO Toby Courtauld told Property Week that the company is mulling a two-year divestment plan for its long-dated assets.

While Courtauld did not provide further details, the publication noted, citing data from the British developer's annual results, that properties in the asset class stand at £455 million. Properties that might go to the market are the company's 160 Old Street and 55 Wells Street offices in London.

The possible sale supports the CEO's statement during the latest earnings call that the company is on track to remain a net seller in the office market.

Great Portland Estates' long-dated assets have an average yield of 3.2% and an unexpired lease term of 11.2 years, the report added.