LONDON (Alliance News) - Great Portland Estates PLC on Thursday said leasing momentum continued in the third quarter of its financial year and said it remains in "great shape" to cope with any challenges facing in the UK property market.
The FTSE 250 property developer said it secured 16 new lettings in the third quarter to the end of December, adding GBP6.4 million to its rent roll. A further GBP4.5 million worth of lettings are currently under offer, it added.
Overall, the firm's rent roll at the end of December was GBP107.7 million, up 7.3% against the end of September. Its vacancy rate increased to 7.3%, as expected due to development and refurbishment work on its estate.
Chief Executive Toby Courtauld said Great Portland Estates is "in great shape".
"Despite the continuing uncertain economic environment and our expectation that London's commercial property markets will weaken in the near-term, tenant interest remains healthy for the limited available space across our West End focused portfolio and our profitable forward sale of 73/89 Oxford Street demonstrates that investment pricing for prime assets remains relatively robust," he said.
Great Portland shares were up 0.9% at 621.50 pence on Thursday morning.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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