By Najat Kantouar
Great Portland Estates said its rental value increased driven by new leases and injection of extra funding.
The London-listed property development and investment company said on Thursday that for the six months ended September 30 estimated rental value was 11.2 million pounds ($13.6 million) compared with GBP10.5 million for the same period a year earlier, as a result of 37 new leases and renewals signed in the first-half year.
Leases were signed on average 13.4% ahead of March’s estimated rental value.
To support its development strategy, the company said it has acquired freehold interests in a headquarters development opportunity in Soho Square for GBP70 million, and progressed its development pipelines in the supply-constrained prime central London market.
The company said it signed a new loan of GBP250 million reaching a total liquidity of more than GBP470 million to help the delivery of strategic priorities, including funding the group’s near-term development program.
“Our clear focus on meeting this demand with our prime sustainable spaces and our market-leading levels of customer service, in core central London locations, means we are well placed,” Chief Executive Officer Toby Courtauld said.
“In addition, with our recent debt financing further enhancing our significant financial firepower, we will continue to take advantage of market opportunities which we expect to unearth,” he added.
Shares at 0833 GMT were up 5.0 pence, or 1.3% at 393.4 pence.
Write to Najat Kantouar at [email protected]
Read the full article here
