GPE Sells $325M Stake In London Site To Hong Kong Agency

Law360, New York (November 7, 2013, 5:05 PM EST) -- Great Portland Estates PLC said on Thursday it has sold half its Hanover Square Estate property in central London to Hong Kong’s banking authority for £202 million ($325 million) and they will now develop the mixed-use site, which will connect with a railway, as a 50/50 joint venture.

London-based developer Great Portland and the Hong Kong Monetary Authority plan to develop the property in London’s posh Mayfair district, located in the city’s West End, in accordance with existing approval for Grade A office, retail and residential...
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