15th Jan 2026 11:46
Great Portland Estates PLC - London-based commercial real estate developer and landlord - Signs 17 new leases and renewals in the three months that ended December 31, the company's financial third quarter, generating annual rent of GBP8.9 million, of which GBP8.5 million is its share. Great Portland says market lettings are 9.1% ahead of March 2025 estimated rental value. Within this, the GBP7.3 million in managed office leases are 8.3% ahead of ERV, and the GBP1.6 million of retail leases are 12% ahead. For the first nine months of Great Portland's financial year, which ends March 31, 60 new leases are signed for GBP46.5 million in annual rent, with GBP45.4 million as the company's share. These are 7.5% ahead of ERV, with offices 7.4% ahead and retail 8.8% ahead.
Turning to the fourth quarter, Great Portland has signed a further GBP900,000 worth of leases since January 1. Space under offer would bring this figure up to GBP14.5 million worth, the company says, with market lettings within this 21% ahead of ERV. Chief Executive Toby Courtauld says Great Portland is on track for "an exceptional leasing year".
"Whilst current global macro-economic conditions are unpredictable, we head into the final quarter with positive momentum. Prime occupational demand is well ahead of the long-term average, driving good interest across our on-site developments and fully managed offices."
Current stock price: 333.93 pence, up 2.0% in London on Thursday
12-month change: up 19%
By Tom Waite, Alliance News editor
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