10th Apr 2025 10:12
(Alliance News) - Great Portland Estates PLC on Thursday reported a comfortable acceleration in the growth of market lettings, as it signed more new leases and renewals.
Great Portland shares rose 8.5% to 288.00 pence each on Thursday morning in London.
The London-based property development and investment company said it signed 32 new leases and renewals in the fourth quarter ended March 31, generating annual rent of GBP18.2 million, up sharply from 14 new leases for GBP5.7 million a year prior.
The market lettings were on average 9.9% ahead of the estimated rental value of March 2024, it highlighted. The growth marked an acceleration from the 4.9% on-year rise it had reported a year ago.
In all of financial 2025, it signed 74 new leases and renewals, generating annual rent of GBP37.7 million, up from 66 new leases and renewals that generated annual rent of GBP22.5 million in financial 2024.
In financial 2025, market lettings on average were 10.6% above March 2024's estimated rental value, an improvement from 9.1% above ERV a year prior.
Chief Executive Officer Toby Courtauld said: "Fully managed spaces are generating strong demand in a market that is increasingly starved of high quality supply. With two further fully managed deliveries in the summer, a new commitment made at The Courtyard and HQ development completions from early next year, along with our recent acquisition at Chapel Place, we are well positioned to take full advantage of favourable leasing markets. Despite the volatile macro-economic backdrop, a supportive surplus of demand over supply in our local markets gives us confidence in our positive rental growth and total accounting return outlook."
The company plans to release full-year results on May 21.
By Tom Budszus, Alliance News slot editor
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