7th Oct 2025 10:32
(Alliance News) - Great Portland Estates PLC on Tuesday said it beat leasing targets during the first half of the year and a probe of whistleblower allegations found no unlawful conduct.
The London-based office landlord said it secured GBP37.6 million in new leasing deals in the six months to the end of September, which means the first half of financial 2026 matched the leasing volume achieved in all of financial 2025.
Great Portland Estates said the deals were 7.1% ahead of estimated rental value. The deals were 7.5% ahead in the second quarter, improving upon 6.7% in the first quarter.
The firm reiterated its rental growth guidance for the financial year, with portfolio-wide growth of between 4.0% and 7.0%.
For prime office space, Great Portland Estates is guiding for growth between 6.0% and 10%.
The company noted 26 new leases and renewals in the second quarter, generating annual rent of GBP17.0 million.
In total, 43 new leases and renewals were signed in the first half.
Fully managed leasing activity has accelerated in the second quarter, with 20 deals completed, ahead of the five secured in the first quarter, Great Portland Estates said.
"Whilst the broader macro backdrop continues to present challenges, and cost pressures remain, GPE is strongly placed. With high occupational demand for quality space in core central London and a market short of supply, we are delivering for customers with around 40% of our portfolio being transformed into premium, sustainable spaces with strong rental growth prospects," said Chief Executive Toby Courtauld.
"At the same time, investment market liquidity is improving, creating more opportunities to realise development gains through asset sales and we have acquired two new exciting development opportunities so far this year. Supported by our experienced team and strong culture, we are well placed to drive further growth in both value and income."
In a separate release, Great Portland Estates said it has overseen an impartial investigation into allegations from a whistleblower, using an independent law firm and an independent forensic accounting firm.
The investigation found that historical bonuses were calculated correctly, and allegations of unlawful conduct by Great Portland Estates were not substantiated.
"The investigation confirmed strong support for GPE's positive culture and highlighted some areas for improvement consistent with GPE's continuing commitment to fostering an inclusive and positive workplace. These are being addressed by management with oversight from the board," the company added.
Great Portland Estates will release its full results for the first half of the year on November 18.
Shares were down 1.2% at 323.00 pence in London on Tuesday morning.
By Michael Hennessey, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.
Related Shares:
GPE