Great Portland reports solid third quarter with 15 new leases

22nd Jan 2025 07:23

(Sharecast News) - London-focused property group Great Portland Estates said it saw "strong leasing success" over the third quarter ended 31 December, with new leasing deals secured well ahead of estimated rental value (ERV).

Some 15 new leases and renewals were signed in the third quarter, generating £9m of rent per annum, with Great Portland's share being £6.7m. On average, market lettings were 16.3% ahead of ERV as of March 2024.

Leasing highlights during the quarter include a new 10-year lease signed by Heineken UK for 17,000 square foot of office space at Wells&more, W1, and a 10-year lease signed by ITN for 177,000 sq ft of workspace at 200 and 214 Gray's Inn Road, WC1.

The third-quarter performance brings the total number of new leases over the first nine months of the fiscal year to 43, generating annual rent of £19.5m (Great Portland share: £13.5m), at 11.5% ahead of ERV.

"Whilst current macro-economic conditions are volatile, GPE's outlook remains positive," said chief executive Toby Courtauld.

"Having already made three acquisitions since our capital raise in May, with our Courtyard purchase completing next week, we have invested around £200m including expected capex and have a further building under offer to buy. In this context, and with our strong financial position, GPE is in great shape to deliver further growth."