28th Jul 2014 07:57
LONDON (Alliance News) - Great Portland Estates PLC Monday said the value of its portfolio rose 3.8% quarter-on-quarter, as it continues to make good progress across its 2.3 million square feet development programme
The central London property development company said at the end of June its portfolio, including its share of joint venture assets, was valued at GBP2.80 billion compared with GBP2.69 billion at March 31. Great Portland said the main drivers of the quarterly valuation uplift was its 'Rest of West End' properties and its development schemes, which rose in value by 4.0% and 6.2%, respectively.
Overall, the portfolio was valued 18% higher at June 30 than a year earlier.
At the period-end the company said its EPRA net asset value per share rose 4.2% to 593 pence from 569 pence at March 31. EPRA is the European Public Real Estate Association, the industry body for European REITs.
The main contributor to the net asset value per share increase for the quarter was the underlying uplift in the portfolio valuation of GBP101.4 million, the company said.
Great Portland also said it has made a good progress across its development programme, winning new planning permissions and starting its largest-ever development at Rathbone Square, near London's Oxford Street.
The company has planning permission to create a new public square, together with offices and retail space and 162 residential apartments, totalling approximately 412,000 square feet overall at the London site. Demolition has commenced and construction is scheduled during early 2015, it said.
Financially, Great Portland said it is in an "excellent position" with gearing at 29.9%.
Great Portland shares were quoted flat at 649.00 pence Monday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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