3 Mar 2010 07:00
3 March 2010
Second Interim Dividend
The Board of Great Portland Estates plc announces a second interim dividend of 5 pence per share to be paid on 1 April 2010 to shareholders who are on the register on 12 March 2010. This brings the total amount of dividend for the year to 31 March 2010 to 8 pence per share or a total payout for the year of £25.0 million, up from £21.7 million for the year to 31 March 2009.
At the time of the rights issue in May 2009 we stated that the total payout for the year to March 2010 would be at least £21.7 million with the potential for an enhanced payment depending upon the timing of, and returns generated from, the deployment of the proceeds of the rights issue. Since then, we have committed 97% of the capital raised in new acquisitions, some of which provide attractive income yields, whilst the remainder are expected to produce good profits over the next few years.
Of the second interim dividend, 2 pence per share will be a REIT property income distribution.
Contacts:
Great Portland Estates
Toby Courtauld Chief Executive 020 7647 3042
Timon Drakesmith Finance Director 020 7647 3034
Finsbury
James Murgatroyd 020 7251 3801
Gordon Simpson 020 7251 3801
GREAT PORTLAND ESTATES plc is a central London investment and development company and a constituent of the FTSE 250 index. It aims to deliver superior returns to shareholders through active management, the application of development skills to create value and the maximising of equity returns through efficient capital structuring and flexible financing. GPE converted into a UK Real Estate Investment Trust (REIT) on 1 January 2007.
At 31 December 2009 GPE's portfolio, including its share of joint ventures, was valued at £1,198 million.