Great Portland experiences 'healthy levels of demand' throughout Q1
Great Portland Estates
295.50p
15:44 22/11/24
Real estate investment trust Great Portland Estates said on Wednesday that it had started the new year with "healthy levels of demand" for high-quality spaces, particularly across its recently completed developments and Flex offerings.
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Great Portland signed 18 new leases and renewals in the three months ended 31 March, generating annual rent of £7.3m, with market lettings on average 8.1% ahead of March 2021 estimated rental value.
Four rent reviews were settled during the quarter, securing £1.2m of annual rent - 6.9% ahead of the previous passing rent and 3.8% ahead of ERV.
The FTSE 250-listed firm added that a further 25 lettings were under offer, with the potential to deliver approximately £8.9m in rent per annum, with market lettings 4.7% ahead of September 2021 ERV, while a further £31.0m were in negotiation.
Separately, Great Portland revealed it had entered into a partnership agreement with co-working space provider Runway East, with the latter set to operate 20,500 square feet of workspace at The Hickman in Whitechapel.
Runway East will operate the space across the lower ground, ground, and first floor levels for 10 years. GPE added that the new profit share agreement was in addition to the pair's existing partnership for the operation of 48,400 square feet of workspace at New City Court in London Bridge.
As of 0835 BST, Great Portland shares were up 0.069% at 720.50p.