KKR buys 5.35% stake in Great Portland Estates
Shares of Great Portland Estates surged on Monday after private equity firm KKR bought a stake in the property company.
FTSE 250
20,005.14
16:50 09/01/25
FTSE 350
4,563.23
16:44 09/01/25
FTSE All-Share
4,517.93
17:05 09/01/25
Great Portland Estates
268.50p
16:35 09/01/25
Real Estate Investment Trusts
1,927.26
16:44 09/01/25
According to a regulatory filing out late on Friday, KKR has taken a 5.35% stake.
The news provided a much-needed boost, with property stocks having taken a big hit from the coronavirus pandemic as tenants struggle to pay their rents due to store closures, while a push to home working has affected office spaces.
In a trading update in July, Great Portland said it had collected 69% of its June rent and 82% of its March rent.
It said at the time that while lockdown restrictions had started to ease and its office pre-letting momentum remained "healthy", Covid-19 was disrupting the activities of many of its occupiers, with some unable to pay their rent.
At 0910 BST, the shares were up 8.7% at 600.60p.