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Commercial Property in London Bags a Big Pay Day

May 19, 2009By

London, like most major urban areas across the globe, is experiencing a massive slowdown in the commercial property market. However, Great Portland Estates announced today that it is bucking the trend by selling Bond Street House, in London’s West End to an Institutional Luxemburg Société d’investissement à capital variable fund for around $67.5m. Such funds are increasingly popular in the EU and are similar to mutual funds in the US. The deals represents an initial yield of 5.8% and approximately 4% ahead of the 31 March 09 book value.