Great Portland Estates hails 'active' quarter

Great Portland Estates said it had enjoyed a "strong" quarter on Thursday, despite the increasingly challenging economic backdrop.

Updating on trading, the London-focused landlord said it had signed 22 new leases in the three months to 30 June, generating annual rent of £6.4m. Market lettings on average were up 16.9% on March 2023 estimated rental value, which the firm said "reaffirmed" its confidence in rental guidance of 0% to 5% growth for the current financial year.

GPE also made two acquisitions in the capital during the quarter: 141 Wardour Street in Soho for £39m, and Bramah House in Southwark for £14m.

Toby Courtauld, chief executive, said: "Against a challenging macroeconomic backdrop that is placing upward pressure on yields, particularly for non-prime spaces, we are pleased with our strong operating performance.

"While our low levels of vacancy means we have limited space, we had another active quarter.

"Our focus on the best spaces is well suited to meet a market demand that is increasingly discerning. With our strong balance sheet and plentiful liquidity, we are confident that we have the team and the track record to capitalise on opportunities that are emerging, particularly if the economic uncertainty persists."