15th Apr 2026 10:39
(Alliance News) - Great Portland Estates PLC on Wednesday hailed a strong fourth quarter as the end of "a successful year", in a trading statement ahead of its annual results.
The London-based office landlord will publish full-year earnings on May 21.
Great Portland shares rose 0.8% to 319.80 pence on Wednesday morning in London.
The company signed 28 leases and renewals in the three months ended in March, representing a share of GBP23.8 million in annual rent for Great Portland, which estimated that its market lettings were around 16% ahead of estimated rental value in March 2025.
In particular, the company pointed to a pre-letting of the Delft, formerly Minerva house, to data analytics and software firm Quantexa, which has leased the space for ten years. It has also let the last office space at its SIX St Andrew Street property to an artificial intelligence company, with the fully let building expected to generate GBP8.8 million in annual rent, which Great Portland said was 6.2% ahead of ERV and reflected a 6.2% yield on cost.
It noted two property disposals in the fourth quarter, with headline values of GBP172 million and GBP52 million respectively, bringing the total value of disposals in financial 2026 to GBP490 million. Great Portland said this was around 2% ahead of corresponding book values in March 2025.
It also settled seven rent reviews in the fourth quarter, in total 49% above the previous passing rent. This included leases with private equity firm Kohlberg, Kravis & Co LLP and mining house Glencore PLC.
In financial 2026 as a whole, Great Portland signed 88 leases and renewals representing a GBP69.6 million share of annual rent, with market lettings 10% higher than ERV a year prior.
Approximately GBP6.4 million in rent is currently under offer, Great Portland added.
Chief Executive Toby Courtauld commented: "Despite a volatile macroeconomic backdrop, this has been an excellent finish to the year...reflecting the strength of demand for high quality, well located space and the momentum in our fully managed offer.
The CEO added: "Looking forward, we have further leasing under offer and a strong pipeline of new space in production, and so we start the new financial year with positive momentum."
By Holly Munks, Alliance News reporter
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