24th May 2006 07:02
Great Portland Estates PLC24 May 2006 24 May 2006 Great Portland Estates plc appoints Development Director Great Portland Estates plc announces the appointment of Neil Thompson to theBoard as Development Director with effect from 1 August 2006. Richard Peskin, Chairman, said; "I am delighted to welcome Neil to the Board.His appointment reflects the growing importance of our development business tothe Group." There is nothing which requires disclosure in relation to Mr Thompson pursuantto Rule 9.6.13 of the Listing Rules. Contacts: Great Portland Estates plcToby Courtauld Chief Executive 020 7647 3042 FinsburyJames Murgatroyd 020 7251 3801 Notes for editors Great Portland Estates plc ("GPE") is a central London investor and developerwith a portfolio totalling £1.128 million as at 31 March 2006, 80% in the WestEnd with 20% in the City and Southwark. A key component of its strategy has beenthe redevelopment of substantial parts of its portfolio into an under-suppliedcentral London market, particularly in the West End. The Group embarked on its700,000 sq ft near-term development programme in October 2003 with Met Building,Percy Street, W1 being the first to complete in May 2005, delivering a 96%ungeared return on cost. There are 4 schemes currently on site with theremaining 4 in the programme to commence construction during the fourth quarter2006. The development group is currently working on bringing forward the medium andlonger-term development programme constituting 15 opportunities with anestimated completed area of approximately 1.6 million sq ft. Neil Thompson, 38, joined GPE in December 2002 to head up the Group'sdevelopment business. He has over 12 years experience of developing in centralLondon having previously worked at Derwent Valley Holdings plc where he wasresponsible for a number of projects within central London. Prior to this, hespent 6 years at Legal and General as Fund manager with responsibility for theWest End office portfolio. He was appointed to the Group's Executive Committeein March 2005. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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