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Great Portland Estates reports continued leasing success

By Frank Prenesti

Date: Thursday 04 Jul 2019

(Sharecast News) - Great Portland Estates on Thursday reported "continued leasing success" in the quarter to June 30 with nine lettings generating annual rent share of £1.9m.
The company said seven rent reviews had been settled securing £2.3m a year, 17.2% above previous passing rent with remaining reversionary potential of 7.5%, or £7.7m.

In a trading update, Great Portland said it had 12 lettings under offer totalling £3.7m a year of rent, with a company share of £2.9m, including 5,000 sq ft of retail at its Hanover Square development.

The vacancy rate was 4.2% for the period compared with 4.8% in March.

"I am pleased to report continued positive activity over the first quarter with healthy leasing, excellent progress at our three committed development schemes, which are already more than 23% pre-let or under-offer, and further surplus equity returned to shareholders through our ongoing share buyback programme," said chief executive Toby Courtauld.

"The second quarter has started well with encouraging levels of enquiries from prospective occupiers attracted to our brand of high quality, well located space."

"Whilst the current political uncertainties could lead to economic turbulence, we remain convinced of the long-term, enduring appeal of our capital city and its property markets to businesses and investors alike."


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