(Alliance News) - Great Portland Estates PLC on Thursday hailed "another strong quarter's leasing", and good progress in the year overall, as it posted leasing figures to date.
For the year to March 31, the London-based property developer said GBP22.5 million leases had been signed, 9.1% ahead of estimated recovery value a year prior.
Great Portland Estates also noted good development progress into a "supply starved market", namely its commitment to a 143,100 square foot redevelopment of Minerva House, and commencement of a 67,600 square foot development of French Railways House - both in London.
During the quarter, 14 new leases and renewals were signed, generating annual rent of GBP5.7 million.
Looking forward, Great Portland said that four on-site Flex refurbishments are progressing well. 6 St Andrew Street and Alfred Place are on track to be delivered in the third quarter of this year, whilst Egyptian and Dudley House and 141 Wardour Street will complete in 2025.
"Looking forward, with interest rates and yields at around their peak, we are increasingly confident that our growing development and Flex activities, combined with strengthening rental growth, will drive attractive returns in the near term. Furthermore, with the investment market moving in our favour, we expect to add to our growth prospects as the year progresses," said Chief Executive Toby Courtauld.
Great Portland shares were trading 0.8% higher at 375.50 pence each in London on Thursday morning.
By Holly Beveridge, Alliance News reporter
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