Feb 10, 2017
Great Portland sells Facebook HQ for £435m
West End property company Great Portland Estates has sold Facebook's new London headquarters at a discount to its latest valuation as the group prepares for a property market downturn. Great Portland said the deal would ensure that the company "Retains the significant financial flexibility created over recent years as it looks ahead to a continued period of market uncertainty". Once the sale is complete, Great Portland's loan to value ratio will stand at 7.3 per cent of its loan-to-value ratio before rising to 11 per cent when the special dividend is paid. In the "Very unlikely" event that Facebook's leasing deal falls through, the buyers could still cancel the purchase, Great Portland said. Great Portland's shares remain 15 per cent below their value ahead of last June's EU referendum, at 655p, as investors anticipate a fall in asset values for property companies, especially those with a London focus.
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