29th Jan 2015 08:12
LONDON (Alliance News) - Great Portland Estates PLC Thursday said its net asset value per share rose in the third quarter of its financial year, driven by growth in both rental and capital values.
The real estate investment trust reported an EPRA net asset value per share of 680 pence as of December 31, up 6.9% over the quarter and up 19.0% on the year. Its portfolio valuation rose 5.2% over the quarter was 19.9% over the year, while the value of its development properties rose 9.6% on the quarter and 36.0% over the year.
Rental value growth was 3.0% over the three months to end-December, including 2.9% growth in its West End offices and 3.9% in its West End retail properties, while the overall growth on the year was 11.2%.
2Despite heightened political uncertainty ahead of the UK General Election, London's economy continues to expand at a sustainable rate, supporting healthy demand for the limited quantity of available office and retail space, particularly in our core market of the West End," Chief Executive Toby Courtauld said in a statement.
"As a result, our outlook remains positive; we can expect higher rates of rental growth compared to last year; we will be increasing our development commitments during 2015, starting new schemes across central London; and the strength of our balance sheet will allow us to exploit our many portfolio opportunities to the full," he added.
Greta Portland made 20 new lettings in its fiscal third quarter, generating annual rent of GBP6.3 million, while its committed development programme grew by 0.1 million square feet to 0.6 million square feet.
Great Portland Estates shares were down 0.5% at 782.00 pence early Thursday.
By Steve McGrath; [email protected]; @stevemcgrath1
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