Great Portland Estates reports strong fourth quarter
By Josh White
Date: Wednesday 15 Apr 2026
(Sharecast News) - Great Portland Estates reported a strong fourth quarter on Wednesday, capping a record leasing year in which total deals were signed ahead of estimated rental values (ERV), highlighting continued demand for prime London office space.
The FTSE 250 property group said it signed 28 new leases and renewals in the three months ended 31 March, generating £24.4m of annual rent, with market lettings on average 15.8% ahead of March 2025 ERV.
That brought full-year leasing to 88 transactions generating £70.9m of rent, with lettings 10.3% ahead of ERV.
Leasing activity was driven by its fully managed offering, which accounted for 20 deals in the quarter and £14.6m of rent at an average £233 per square foot, 8.6% ahead of ERV.
Fitted space contributed a further £1.6m across five deals, while a significant pre-let saw 52,300 square feet at The Delft, SE1, leased to Quantexa on a 10-year term, at levels significantly above ERV.
Rental growth was also reflected in asset management activity, with seven rent reviews completed during the quarter at 49% above previous passing rent and 11.1% ahead of valuer ERVs.
The group added that a further £6.4m of rent remained under offer at 7.9% above ERV.
"Despite a volatile macroeconomic backdrop, this has been an excellent finish to the year," said chief executive Toby Courtauld.
"We signed £24.4m of leases in the quarter and delivered a record £70.9m of deals for the year, 10.3% ahead of ERV, reflecting the strength of demand for high quality, well located space and the momentum in our fully managed offer."
He added that the group had "completed our largest office development to date at 2 Aldermanbury Square, which is 100% pre let, and progressed our capital recycling bringing sales to some £490m, 2% ahead of March 2025 book value, reinvesting the proceeds into new West End refurbishment opportunities at a significant discount," and said the company entered the new financial year with "positive momentum".
During the quarter, GPE completed the development of 2 Aldermanbury Square, delivering 321,650 square feet of office space in the City of London, fully pre-let to Clifford Chance.
The group also advanced its flexible workspace strategy, agreeing a new headlease and development plans for assets in Rathbone Place and Gresse Street, which would add 42,800 square feet to its fully managed portfolio.
Investment activity remained active, with two disposals completed in March.
The group sold wells&more, W1 for £172m at a 5.0% net initial yield, slightly ahead of its September book value, and disposed of a short leasehold interest at 103/113 Regent Street, W1 for £52m at a 7.2% yield.
Total disposals for the year reached £490m, 2% ahead of March 2025 book values.
GPE said it would report full-year results on 21 May.
At 0928 BST, shares in Great Portland Estates were up 0.69% at 319.4p.
Reporting by Josh White for Sharecast.com.
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