Great Portland says "well placed" amid high demand and "scarce" supply

Great Portland Estates PLC on Thursday said it has started the financial year well, with strong demand for property across its portfolio.

The London-based office space developer and landlord said 21 new leases and renewals were signed in the quarter to June 30, the first of its financial year, generating annual rent of £13.2 million, with market lettings on average 3.7% ahead of March estimated rental value.

This included 15 fully managed leases, generating £9.9 million of rent at an average £245 per square foot, 2.6% ahead of March ERV; two fitted leases, generating £1.6 million of rent, 10% ahead of March ERV; and two ready to fit leases, generating £800,000 of rent, 7.8% ahead of March ERV.

In addition, Great Portland said it has a further £3.5 million of rent under offer, with market lettings 9.0% ahead of March ERV.

Chief Executive Toby Courtauld said the firm has "started the year well, with strong demand for our premium HQ and Fully Managed spaces."

Interest levels are "high across our portfolio, where our development and refurbishment activity is creating the high quality, sustainable space that customers want, in a market where supply is increasingly scarce," he added.

"With further leasing under offer, good progress across our development schemes and robust levels of demand for well-located investment properties, GPE remains well placed to deliver continued rental growth and further value creation," the CEO commented.

Shares in Great Portland rose 0.4% to 334.40 pence each in London on Thursday.

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