Great Portland Estates announces nine new fully managed leasing deals

(Alliance News) - Great Portland Estates PLC on Wednesday announced nine fully managed leasing deals, securing GBP7.2 million of annual rent.

This is 14% ahead of estimated rental value and generates a 112% cash flow compared to an equivalent ready-to-fit lease.

The lettings cover 33,500 square feet at an average of GBP215 per square feet of newly refurbished premium office space in six GPE buildings.

GPE recently completed its largest every fully managed deal when it let office space to retailer Next PLC at 31 Alfred Place in west central London.

Chief Financial & Operating Officer Nick Sanderson commented: "Our strong leasing momentum for our fully managed offer demonstrates that we are creating a product that the market wants and is willing to pay a premium for."

Total flex leasing across the GPE portfolio has risen to 123,300 square feet this year securing GBP24.5 million in annual rent, with 31 Alfred Place and SIX, another fully managed GPE workplace near Farringdon Station in London, now 74% and 52% let, respectively.

GPE's fully managed spaces are generating an annualised net operating income of GBP16 million, which is a 60% increase from the last six months and ahead of their targets, the company said.

GPE shares were down 0.2% at 292.00 pence each in London on Wednesday morning.

By Lucy Dunnet, Alliance News reporter

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