LONDON (dpa-AFX) - Great Portland Estates plc. (GPOR.L) reported Thursday that the strong leasing momentum experienced in the last financial year has continued in to the first quarter, and that customer demand for its brand of premium HQ and Fully Managed spaces remains strong.
Looking ahead, the company reaffirmed its confidence in rental value growth guidance of 4 percent to 7 percent for the financial year, with prime spaces higher still, based on the strong first-quarter performance.
In its first-quarter trading update, Great Portland said it signed 20.6 million pounds of new leasing deals in the quarter, 6.7 percent ahead of ERV. The deals included a significant pre-let of all the offices at its 30 Duke Street, St James's development, well ahead of both ERV and underwrite.
Great Portland now has a further 250 million pounds of disposals under offer, ahead of March 2025 book value.
Toby Courtauld, Chief Executive, said, 'Against a backdrop of healthy occupational demand, we are delivering premium, sustainable spaces into a market starved of supply. These deliveries are anticipated to create significant surpluses, which will further accelerate as the market strengthens. We are also seeing an uptick in activity in our investment markets, and with it, more opportunities to crystallise our development returns through sale. In this context, together with our deep and talented team, we are in great shape to deliver further value and income growth.'
The company's Annual General Meeting will be held today in London.
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