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Nabarro advises on £79.5m sale of 180 Great Portland Street, Central London

23 September 2008

Nabarro LLP has acted for The Great Wigmore Partnership its sale of 180 Great Portland Street, London W1, to Commerz Real Investmentgesellschaft mbH, for the sum of £79.5 million.

The property comprises 105,000 sq ft, and is a fully let multi-occupied building located north of Oxford Street, whose tenants include Villandry Restaurant and Bar, Sainsbury's Supermarkets, Lloyds TSB Bank, Google UK, Finers Stephens Innocent, St.Modwen Developments and Estee Lauder Cosmetics. The total annual rental income is circa £5.2 million.

The Great Wigmore Partnership is a limited partnership jointly owned by Great Portland Estates and Scottish Widows. Great Portland Estates plc is a central London property investment and development company owning over £1.6 billion of real estate, and Scottish Widows is a major UK pension provider. Commerz Real, a subsidiary of Commerzbank, is a global real estate asset manager, with 44 billion euros in assets under management.

Property partner Barry Morris led the Nabarro team, assisted by Senior Associate Stewart Whittle. Nabarro advised on all aspects of the transaction including property, construction and tax. Commerz Real was advised by Robin Mitchell and Jonathan Anderson at Norton Rose LLP.

Barry Morris comments: “This is a property that Nabarro has dealt with for many years. It was substantially refurbished in 2006, Nabarro acted on the construction aspects, and lettings at the property so the sale has brought us full circle, which was particularly pleasing. Nabarro has acted for The Great Wigmore Partnership since its incorporation in 2006 and for Great Portland Estates plc for many years.”

If you would like any further information or have any queries please contact:

Charlotte Tandy
Lansons Communications
T +44 (0)20 7566 9706
charlottet@lansons.com