Great Portland Estates, a property development and investment company listed in London, has announced a boost in its estimated rental value for the six months ended September 30. The rental value reached £11.2 million, compared to £10.5 million during the same period last year. This increase can be attributed to the signing of 37 new leases and renewals in the first half of the year.
The company's leases were signed on average 13.4% ahead of the estimated rental value from March. This positive performance is aligned with Great Portland Estates' development strategy, as they recently acquired freehold interests in a headquarters development opportunity in Soho Square for £70 million. Additionally, they have made progress in their development pipelines in the prime central London market, which continues to face supply constraints.
To support their strategic priorities and the delivery of their near-term development program, Great Portland Estates secured a new loan of £250 million. This brings their total liquidity to over £470 million, providing them with substantial financial flexibility. Toby Courtauld, Chief Executive Officer of Great Portland Estates, stated, "Our prime sustainable spaces and market-leading levels of customer service, combined with our central locations in London, position us well to meet the demand in the market. Furthermore, with our recent debt financing, we are well-equipped to seize new opportunities."
At 0833 GMT, the company's shares were up 1.3% at 393.4 pence.
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