GPE sells Fitzrovia office wells&more to Feldberg Capital/Balder for £172m

GPE's disposal of wells&more at 5% NIY and a 5% premium to book value represents a successful capital recycling exercise, with proceeds earmarked for reinvestment into higher-return development and refurbishment opportunities. The building's prominent corner position in Fitzrovia, Grade A specification and strong multi-tenant line-up made it attractive to a core investor seeking income stability. Feldberg Capital continues to build its London office exposure on behalf of Swedish partner Balder. GPE (London-listed REIT; ongoing disposal programme as it recycles capital); Feldberg Capital (real estate investment manager; buyer); Fastighets AB Balder (Swedish listed real estate company; ultimate owner). No agents disclosed. Feldberg/Balder financing terms not disclosed. GPE will redeploy proceeds per its capital allocation strategy.