Central London real estate investment trust Great Portland has made its first solo property acquisition in May.
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It has exchanged contracts to buy an office block in the City of London from Prudential for £46m. The building produces an annual rent of £3.9m, which is equivalent to a yield of 8.2 per cent. The deal will enhance earnings per share by 1p.
After this transaction, analysts estimate that Great Portland still has £500m of firepower left, and the company confirms other potential purchases are under consideration. Earlier this month, it added to its West End holdings through joint venture company, the .
