(Alliance News) Great Portland Estates PLC said on Wednesday leasing in its financial year broke record highs, as it updated on a new co-working contract.
Ahead of the publication of its annual results, the London-based property development and investment company said in its year ended March 31, it brought in combined annual rent of GBP38.5 million, with its share worth GBP32.0 million.
This was ahead of its previous record leasing high of GBP31.8 million in 2016.
In the final quarter of its year, GPE reported 18 new leases and renewals were signed, with an annual rent of GBP7.3 million and of this GBP6.4 million attributable to GPE. Market lettings in the quarter were 8.1% ahead of estimated rental value from March 2021, and 9.8% ahead in the full year.
"Having delivered record volumes of leasing in the financial year just ended, we start the new year with healthy levels of demand for high-quality spaces, particularly across our recently completed developments and our Flex offerings," said Chief Executive Toby Courtauld.
GPE also noted a further 25 lettings under offer, which would bring in around GBP8.1 million in annual rent for the company, and GBP31 million in negotiation.
Separately, GPE announced another partnership agreement with Runway East, a co-working and flexible office company. Runway East will operate 20,500 square feet of workspace at The Hickman, in Whitechapel, east London for a period of 10 years.
GPE, who owns and redeveloped The Hickman, will share in the profit. The two companies have previously collaborated on GPE-owned New City Court, in Southwark, London.
Shares in GPE were down 0.6% to 716.00 pence each in London on Wednesday morning.
GPE will announce annual results on May 19.
By Elizabeth Winter; elizabethwinter@alliancenews.com
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GPE (GPE)