10th Feb 2016 08:36
LONDON (Alliance News) - UK property investment and development company Great Portland Estates PLC Wednesday said it secured 15 new lettings in its quarter to end-December and has seen "record" lettings in its year to date.
The fifteen new lettings in the quarter are generating annual rent of GBP8.5 million, 17.9% above the March 2015 estimated rental values. This takes the annual rent of GBP29.3 million secured from lettings in the year to date, up 9.6% ahead of March 2015 estimates.
"I am delighted to be able to report another quarter of strong activity. The group is performing well on all fronts: our development properties are leasing ahead of estimated rental value; our asset management activities are capturing the meaningful reversionary potential across the investment portfolio; and our capital recycling is crystallising material profits," said Chief Executive Toby Courtauld in a statement.
"London's economy continues to grow. Whilst we expect increasing uncertainty ahead of an anticipated referendum on Britain's relationship with the EU, today the level of tenant demand remains good for the limited quantity of available office and retail space, particularly in our core West End market. As a result, we can expect further pre-lettings and healthy rates of rental growth," Courtauld added.
Shares in Great Portland Estates were up 2.2% at 702.50 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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