February 10, 2017 / 8:01 AM / 3 years ago

BRIEF-Great Portland says to sell London property Rathbone Square

Feb 10 (Reuters) - Great Portland Estates Plc

* Gpe sells rathbone square, w1 for £435 million and proposes to return profit of £110 million to shareholders

* Sale to rathbone place jersey limited, an entity owned by westinvest gesellschaft für investmentfonds mbh and deka immobilien investment gmbh

* Sale is expected to crystallise a whole-life capital return for gpe from entire development project of approximately £110.0 million

* £110.0 million is proposed to be returned to shareholders by way of a special dividend

* Following receipt of majority of sales proceeds, whole life surplus of approximately £110.0 million is proposed to be returned to shareholders

* It is anticipated that this will be effected by way of a special dividend, which would be accompanied by a share consolidation

* Gpe was advised on sale and proposed capital return by CBRE, GM Real Estate, Nabarro, BofA Merrill lynch, J.P. Morgan Cazenove and Lazard Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 80 6749 1136)

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