8th Jul 2015 06:45
LONDON (Alliance News) - Great Portland Estates PLC Wednesday said it had "another quarter of strong activity", with 17 new lettings generating GBP2.4 million of rent per year signed.
In a trading update for its first quarter, Chief Executive Toby Courtauld said the group is performing well on all fronts, pointing to its development properties, asset management activities and ability to recycle capital.
"London's economy continues to grow, supporting good levels of demand for the limited quantity of available office and retail space, particularly in our core West End market. As a result, our outlook remains positive: we can expect healthy tenant interest to generate both pre-lettings and higher rates of rental growth compared to last year; our expanded development programme will continue to deliver attractive returns for shareholders; and our balance sheet strength will allow us to exploit our many portfolio opportunities to the full," Courtauld said in a statement.
The group said its vacancy rate stood at 2.4% at the end of June, up from 2.0% at the end of March.
By Samuel Agini; [email protected]; @samuelagini
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