4th Jul 2024 10:11
(Alliance News) - Great Portland Estates PLC on Thursday backed full-year guidance, reporting strong leasing demand has continued into the new financial year.
Shares in the London-based commercial property company rose 1.0% to 347.00 pence in London.
In a trading update for the quarter to June 30, Great Portland said 12 new leases and renewals were signed in the period generating annual rent of GBP4.3 million with market lettings on average 7.7% ahead of March 2024 estimated rental value.
A further GBP5.1 million of rent is currently under offer, the company added.
Chief Executive Toby Courtauld said the strong performance "reaffirms our confidence in our portfolio rental value guidance of 3.0% to 6.0% growth for the financial year, with our guidance for prime spaces higher still at 5.0% to 10%."
"We are well placed to take advantage of both the strength in occupational markets and the current disruption in London's investment market," Courtauld added.
Looking ahead, the upbeat CEO stated: "We have the financial firepower to exploit our pipeline of acquisition opportunities, accelerating our growth into increasingly favourable market conditions."
By Jeremy Cutler, Alliance News reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights reserved.