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Great Portland Estates says 73% of September rent collected

Mon, 12th Oct 2020 07:44

(Sharecast News) - Great Portland Estates said on Monday that 73% of its September rent has been collected despite the pandemic but that the outlook remains uncertain due to the impact of the Covid-19 crisis.
In an update for the quarter to 30 September, the company said it has secured £2.3m of new lettings in the quarter, with market lettings 4.6% above March 2020 estimated rental values. In addition, 82% of its March and June rent has now been collected.

Great Portland said all of its office buildings remain open for business, with levels of occupier utilisation currently around 27% of full occupancy and 90% of its retail units open.

The company said it has implemented measures to help support occupiers who can't pay their rent. On a case by case basis, it is offering those with cash flow difficulties monthly payment terms, deferral of rental payments or rental holidays, as appropriate. During the quarter, two of its occupiers went into administration, representing just 0.9% of its rent roll.

Chief executive Toby Courtauld said "The trajectory of Covid-19 continues to dominate the economic backdrop and disrupt the activities of many businesses across London. Whilst rental collection and occupancy rates have improved across the portfolio since March, many sectors remain challenged.

"Whilst we expect the near term outlook to remain unpredictable, we remain firm believers in the long term appeal of well-designed and located offices and of London's role as a dominant global city."

Courtauld said the company is well positioned for any eventuality.

"Our low leverage and high liquidity provides resilience and significant capacity for growth; we are delivering innovative, flexible, sustainable spaces that meet the needs of occupiers in today's quickly evolving market and we are preparing our future developments from our extensive pipeline, for which we are encouraged by healthy levels of early occupier demand."

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Great Portland Sells West London Office Building For GBP38.5 Million

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Great Portland Estates sells Mortimer Street property for £38.5m

(Sharecast News) - Great Portland Estates has sold a multi-let office and retail building at 27/35 Mortimer Street, W1, for £38.5m to Orchard Street Investment Management on behalf of St James's Place.

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3 Oct 2018 08:14

Great Portland Sells 55 Wells Street Offices For GBP66 Million

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Great Portland Estates sells London office block for £65m

(Sharecast News) - FTSE 250-listed Great Portland Estates said it had exchanged contracts to sell 55 Wells Street, W1 to an unnamed overseas investor for a headline sale price of £65.46m.

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24 Sep 2018 08:38

Great Portland Estates Appoints Richard Mully As Chairman

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24 Sep 2018 08:20

Richard Mully to succeed Martin Scicluna as Great Portland Estates chair

(Sharecast News) - Great Portland Estates announced the appointment of Richard Mully as non-executive chairman on Monday, with effect from 1 February.

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LONDON (Alliance News) - Great Portland Estates PLC said Wednesday it has sold 160 Great Portland Street, London for GBP127.4 million to Alduwaliya Asset Management Group subsidiary.The is

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