Great Portland confirms special dividend after Rathbone Square sale

Great Portland Estates confirmed it will pay shareholders a special dividend of 32.15p per share and will effect a 19-for-20 share consolidation at the same time.

The real estate investment trust will make the payment after selling the freehold of Rathbone Square in London's West End for £435m in February, which generated a £110m profit.

The dividend will be paid on 31 May, with an ex-dividend date of 18 May.

GPE said the balance of the proceeds from the sale will be retained to maintain its financial flexibility, which was also boosted by a £175m US bond placement last month.