IN BRIEF: Great Portland Estates says scarcity drives London rent rise
Great Portland Estates PLC - London-based office space developer and landlord - Signs 40 new leases and renewals worth GBP19.0 million in annual rent in the three months that ended September 30, the company's financial second quarter. Great Portland says the leases were signed at 4.1% ahead of estimated rental value. It has a further GBP9.8 million in annual rent under offer at 6.7% ahead of estimated rental value. "With high-quality space increasingly scarce across our core central London markets, we are well positioned to maintain this momentum," says Chief Executive Toby Courtauld.
During the recent quarter, Great Portland completes its 30 Duke Street development. This is an office and retail building in the St James's neighbourhood of central London. Great Portland says the development is completed on time, on budget, and fully pre-let. The building re-used steel from the developer's deconstructed City Place House, in order to reduce carbon emissions.
Great Portland will release its full interim results on November 19.
Current stock price: 316.70 pence, up 2.0% in London on Wednesday morning
12-month change: down 4.5%
By Tom Waite, Alliance News editor
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