Great Portland Estates PLC GPE quarterly update - strong operational momentum (4815S)
October 03 2017 - 1:00AM
UK Regulatory
TIDMGPOR
RNS Number : 4815S
Great Portland Estates PLC
03 October 2017
3 October 2017
GPE quarterly update - strong operational momentum
Great Portland Estates plc ("GPE") or ("Group") announces
another busy quarter of leasing activity with 28 new leases, rent
reviews and renewals completed securing GBP10.2 million of annual
rent, along with good progress on delivering its three committed
development schemes.
Leasing ahead of ERV
During the quarter to 30 September 2017, GPE signed 17 new
lettings across 75,500 sq ft, generating a combined annual rent of
GBP5.3 million (GPE share: GBP4.6 million) with market lettings
2.5% ahead of the March 2017 ERV. The largest letting during the
quarter was to BCG Digital Ventures (part of the Boston Consulting
Group) who expanded their presence at 30 Broadwick Street, W1 by
taking the first floor (14,600 sq ft) having secured the second
floor in November 2016. The building is now 85% let with only one
office floor remaining. In total, GPE has signed 170,100 sq ft of
new lettings since the start of the financial year (1 April 2017),
generating a combined annual rent of GBP11.3 million (GPE share:
GBP9.8 million), with market lettings 2.4% ahead of March 2017 ERV.
Today we have 202,600 sq ft under offer for a combined rent of
GBP9.8 million, 1.8% ahead of March 2017 ERV.
In addition, GPE settled 11 rent reviews in the quarter,
securing GBP4.9 million of rent (our share: GBP4.1 million),
representing an increase of 31.1% over the previous rent and 8.7%
ahead of ERV. Together with our leasing successes, our asset
management activities during the quarter have increased the Group's
rent roll to more than GBP119 million, a record high.
De-risked committed developments
Construction at the Group's three committed development schemes
continues to progress well. Both 55 Wells Street, W1 and the
residential element of Rathbone Square, W1 are expected to complete
by the end of November and 160 Old Street, EC1 will complete in the
first quarter of 2018, with 56% of the building currently under
offer. At Rathbone Square, where 140 of the 142 private residential
units are pre-sold, we will commence handing over the apartments to
the buyers shortly after completion with the remaining 75% of the
sale proceeds expected to be collected by the end of the financial
year.
Toby Courtauld, Chief Executive, said:
"We are pleased to report another quarter of strong activity,
delivering continued leasing successes ahead of ERV. The limited
available space across our portfolio continues to attract healthy
leasing interest and the further GBP9.8 million of space currently
under offer is testament to this".
Contacts:
Great Portland Estates plc
Toby Courtauld Chief Executive 020 7647 3042
Nick Sanderson Finance Director 020 7647 3034
Finsbury
James Murgatroyd 020 7251 3801
Gordon Simpson
This information is provided by RNS
The company news service from the London Stock Exchange
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