GPOR.L Regulatory News (GPOR)

1 December 2016

GPE announces pair of Soho lettings

Great Portland Estates plc ("GPE") announces that it has let a further 25,200 sq. ft. of office space in its recently completed development at 30 Broadwick Street, W1.

The 10,600 sq. ft. fifth floor has been let to pre-eminent UK gaming company Jagex Limited, while the 14,600 sq. ft. second floor has been let to BCG Digital Ventures, a corporate innovation, incubation and investment arm of The Boston Consulting Group. The pair of lettings equate to a cumulative rent of £2,416,090 per annum, which is 3.3% ahead of the March 2016 ERV.

These two tenants join European private equity business, EQT, who pre-let the third floor earlier this year, which leaves 34,900 sq, ft. available on the first, fourth and sixth floors to let. The 92,300 sq. ft. development also includes 7,950 sq. ft. of restaurant space which was pre-let to the Ivy Soho Brasserie and 9,000 sq. ft. of retail, which is all currently under offer.

Commenting on these lettings, Neil Thompson, Executive Director of GPE said, "We are delighted to build on our recent leasing success with two further high quality endorsements of this excellent Soho development. Despite only completing the building this month, we have already secured over 55% of the scheme's gross development value - a figure we expect to improve on in the near future."