(Alliance News) - Great Portland Estates PLC on Thursday said it outlook is positive after another strong period of leasing activity.
The London-based property developer and investor has secured GBP16.3 million of rent since the start of its current financial year.
Since June 30, Great Portland has signed 38 new leases and renewals, generating annual rent of GBP10.3 million.
Market lettings on average were 5.0% ahead of estimated rental value for March 2022.
The firm said it had a further GBP42 million of rent under offer or negotiation, including GBP7.1 million under offer on existing space.
Chief Executive Toby Courtauld said Great Portland is optimistic about the future despite the challenging economic and political backdrop.
"With our office market prospectively starved of new, grade A supply, our long pipeline of best in class developments and significant financial firepower with a proven track record of capitalising on opportunities as they arise, we reiterate our confident outlook," he said.
Great Portland shares were trading 2.4% lower at 421.00 pence each in London on Thursday morning.
By Holly Beveridge; hollybeveridge@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.
GPE (GPE)