IN BRIEF: Great Portland Estates hails 'exceptional leasing year'

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 £8.9 million, of which £8.5 million is its share. Great Portland says market lettings are 9.1% ahead of March 2025 estimated rental value. Within this, the £7.3 million in managed office leases are 8.3% ahead of ERV, and the £1.6 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 £46.5 million in annual rent, with £45.4 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 £900,000 worth of leases since January 1. Space under offer would bring this figure up to £14.5 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%

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