Property boost for Great Portland

 

Property group Great Portland Estates has seen the value of its London portfolio beat the rest of the capital's real estate market.

The value of its properties rose 7% to reach £1.46bn as tenants snapped up cheap office space, helping the firm to a £116.8m pre-tax profit in the first half, compared to a £29.8m loss last year when the property market was in the doldrums.

The gains mean Great Portland (down 2.4p to 345p) has delivered a 10.1% return on its property investments, against an 8.3% London benchmark, according to the Investment Property Databank.