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Great Portland Estates has paid Henderson Global Investors 拢39m for the head leasehold interest in two prime central London properties 鈥� French Railways House in Piccadilly and 50 Jermyn Street.

It said the two adjacent buildings 鈥� both built in the 1950s and owned by The Crown Estate  鈥� offered a 鈥渟uperb development opportunity鈥� over the longer term.

Chief executive Toby Courtauld said Great Portland Estates (GPE) expected to grow the properties鈥� yield from 5.1% to 7% over the next two years through 鈥渋mminent lease events鈥� and focused asset management.

GPE said the properties鈥� 49,879 ft2 of office and retail accommodation was 鈥渦nderdeveloped鈥�. The leases are due to expire in 2053 and 2057.

Nick Deacon, director of property at Henderson Global Investors said the sale of the properties formed part of a strategic repositioning of the fund. 

鈥淭he proceeds will be reinvested into CLOF 1鈥檚 development programme over the near term, including the fund鈥檚 joint venture with Istithmar P&O at Regent Quarter in King鈥檚 Cross, the proposed redevelopment of 54-57 Great Marlborough Street in Soho and Bishop鈥檚 Court in Spitalfields,鈥� he said.

Deacon said deploying capital into the development and refurbishment activities was a prudent and cost effective course of action at a time when the London office investment markets were 鈥渃hallenging鈥�.