Great Portland Estates flags robust start to the year

(Sharecast News) - London landlord Great Portland Estates said it had made a "strong" start to the year on Thursday, after securing a clutch of leasing deals.

In a brief update, the FTSE 250 property firm - a specialist in office and retail real estate - said it had secured 12 new fully managed leasing deals since the 31 March year-end. In total, the agreements represent 41,000 sq ft with �8m of annual rent at an average of �195 per sq ft.

The transactions were completed at an average of 3.7% ahead of March 2026 estimated rental value.

GPE also noted that it was progressing the next phase of its fully managed pipeline, including The Courtyard in WC1 and The Howlet in Fitzrovia. Both developments, which are currently under construction, are due for completion next year.

Anthony Osho, head of flex customer relationships at GPE, said: "Securing over 41,000 sq ft of lettings ahead of ERV since March demonstrates both the strength of demand for our fully managed offer and the quality of our customer relationships.

"By consistently delivering for our customers, we're driving repeat business, rental growth and sustained momentum across the portfolio."

GPE is currently forecasting rental growth of between 4% and 7% for the current year. Publishing full-year numbers last month, chief executive Toby Courtauld said that demand for high-quality space in the capital remained strong, despite ongoing macroeconomic and geopolitical volatility.

As at 0945 BST, shares in GPE were largely unchanged at 313.4p.

See latest RNS on Investegate