Business
First quarter valuation and business update
First quarter valuation and business update.
About this update from Great Portland Estates Plc
[{"type":"text","content":"\n \nRNS Number : 4177N Great Portland Estates PLC 28 July 2014 \n \n\n28 July 2014 \nGreat Portland generating organic growth with portfolio value up 3.8% in Q1\nIn today's Interim Management Statement, the Directors of Great Portland Estates plc (\"GPE\" or \"Group\") announce an update on trading, as well as the quarterly valuation of the Group's properties as at 30 June 2014. Details of the Group's recent valuation and rental value trends are set out in the Appendices. \n \nTo view the accompanying appendices please click on the accompanying link:\n \nhttp://www.rns-pdf.londonstockexchange.com/rns/4177N_-2014-7-25.pdf\n \nContinued growth in rental values and capital values driving NAV per share uplift\n· Portfolio valuation1 up 3.8%, 9.0% and 18.3% over 3, 6 and 12 months respectively\n· Continued strong valuation performance from our development properties up 6.2%, 13.8% and 24.9% over 3, 6 and 12 months respectively\n· Rental value growth1 of 1.9% (1.5% West End offices, 1.3% West End retail) over 3 months\n· Rent roll growth of 6.7% over 3 months\n· EPRA NAV2 per share of 593 pence at 30 June 2014 up 4.2%, 12.5% and 27.8% over 3, 6 and 12 months respectively\n \nStrong leasing activity ahead of ERVs\n· 22 new lettings (117,000 sq ft) signed generating annual rent of £6.1 million (our share: £4.5 million); market lettings 1.4% ahead of March 2014 rental values (£17.3 million over 12 months, 4.1% ahead of June 2013 rental values)\n· £1.0 million of new lettings since the quarter end and a further £4.2 million currently under offer, 6.1% premium to March 2014 ERV\n· Vacancy rate lower at 2.5% (31 March 2014: 3.7%), low avera...