LONDON (dpa-AFX) - Great Portland Estates plc. (GPOR.L) on Wednesday issued a trading update for the quarter to 31 December 2018.
The company said it signed sixteen new lettings totaling 51,400 sq ft, generating annual rent of 4.3 million pounds, of which the company's share was 4.1 million pounds. Market lettings were 5.4 percent ahead of March 2018 ERV.
Three flex space lettings were completed across 12,800 sq ft, securing rent at 37.5 percent premium to net effective rental value.
Five rent reviews were settled securing 3.4 million pounds per annum, which is 18.3 percent above previous passing rent and 6.7 percent ahead of ERV, with remaining reversionary potential of 8.5 percent.
In addition, the company said it made good progress on its three committed schemes totaling 412,000 sq. ft, including Hanover Square, W1 which is already 48 percent pre-let or under offer.
Toby Courtauld, Chief Executive, said, 'I am pleased to report another quarter of positive operational activity with healthy leasing ahead of ERV, the continued successful rollout of our flexible space offering and excellent progress at our three committed development schemes.'
Following the net sales of 339.1 million pounds achieved so far this financial year, Great Portland Estates commenced its 200.0 million pounds on-market share buyback program in November 2018. To date, it has bought back 34.4 million pounds, or 5.0 million shares, including 22.4 million pounds, or 3.2 million shares, up to 31 December 2018.
As previously announced by the company, Richard Mully will become Non-Executive Chairman of GPE with effect from 1 February 2019, succeeding Martin Scicluna who will retire from the Board on 31 January 2019.
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