3rd Jul 2014 08:38
LONDON (Alliance News) - Great Portland Estates PLC Thursday said it had let 177,000 square foot of space in its fiscal first quarter, generating annual rent of GBP6.1 million, of which GBP4.5 million is its share.
In a statement, the commercial property company said the investment lettings were made at an aggregate of 1.4% ahead of March 2014 rental values.
It completed 22 leases in the quarter to end-June, including letting the fifth floor at its Wells & More property in the West End of London to a global entertainment company Lionsgate at GBP75 per square foot last week.
It said it has a further 22 lettings under offer, at a combined annual rent of GBP4.9 million, of which its share is GBP3.0 million, with the investment lettings 4.7% ahead of the valuer's March estimated rental value.
In a separate statement ahead of the company's annual general meeting, Chairman Martin Scicluna said the London-focused company is expecting its markets to strengthen further.
"With employment levels on the rise and order books growing, we expect the space needs of the Capital's businesses to follow suit. With the current and prospective supply of space to let in central London remaining tight, we can expect rents to continue growing," he said.
The company will put out a first quarter interim management statement on July 28.
Great Portland Estates shares were up 0.2% at 656.5 pence Thursday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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