LONDON (ShareCast) - (Sharecast News) - Property development and investment firm Great Portland Estates said on Thursday that it had made a "strong start" to the leasing year, signing 21 new leases and renewals in the first quarter and securing £13.2m of annual rent.
Great Portland stated the deals included 15 fully managed leases generating £9.9m at £245 per square foot, two fitted leases adding £1.6m and two ready to fit leases contributing £800,000. GPE added that market lettings were an average of 3.7% ahead of March enterprise rental value and said a further £3.5m of rent was under offer.

At 30 Duke Street, GPE completed its pre‑letting campaign with a retail lease to Australian menswear brand MJ Bale, fully letting the building following earlier office and retail deals with CD&R, a Kent House in West London, two ready to fit renewals were agreed on five‑ and ten‑year terms, and at Hanover Square, a surrender and re‑let at 1 Medici Courtyard saw a global energy logistics firm take a ten‑year fitted lease, lifting passing rent by around 65%.

The FTSE 250-listed firm stated fully managed leasing also progressed, with 41,500 sq ft of new deals, including space at 170 Piccadilly, City Tower and 16 Dufour's Place, welcoming customers including Sky and PXC.

Chief executive Toby Courtland said: "Interest levels are high across our portfolio, where our development and refurbishment activity is creating the high quality, sustainable space that customers want, in a market where supply is increasingly scarce.

"With further leasing under offer, good progress across our development schemes and robust levels of demand for well-located investment properties, GPE remains well placed to deliver continued rental growth and further value creation."

As of 0815 BST, Great Portland shares were down 0.18% at 332.60p.





Reporting by Iain Gilbert at Sharecast.com

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