12th Apr 2023 08:31
(Alliance News) - Great Portland Estates PLC on Wednesday said it set a new annual leasing record, as it provided an update on its final quarter for the year.
In the year ended March 31, the London-based property development and investment company said around GBP55.5 million leases were signed, up 3.3% from March 2022 estimated rental value. It said 105 new leases were signed in the year.
This included its largest ever pre-let at 2 Aldermanbury Square, London for GBP24.7 million on a 20-year term.
In the final quarter, 11 new leases and renewals were signed, generating annual rent of GBP4.4 million with market lettings up 8.9% on average from March 2022 estimated rental value.
"A good final quarter completes a record leasing year for Great Portland Estates as we continued to see sustained demand for our high quality spaces, particularly for our Fitted and Fully Managed products," said Chief Executive Officer Toby Courtauld.
"Whilst the macro-economic volatility persists, we remain confident that we are well placed for these market conditions. We anticipate that the uncertain outlook in the near term will exacerbate the shortage of new deliveries in central London, supporting rents for the best spaces and, given our low levels of leverage, present opportunities in the investment market to add to our development pipeline and expand our Fitted and Fully Managed offers."
Great Portland Estates will release its annual results on May 24.
Shares in Great Portland Estates were up 0.3% to 515.50 pence each in London on Wednesday morning.
By Greg Rosenvinge, Alliance News reporter
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