Business
Leasing Update and Capital Markets Event
Leasing Update and Capital Markets Event.
About this update from Great Portland Estates Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3955H\n Great Portland Estates PLC\n 06 April 2022\n \n \n \n \n \n \n \n 6 April 2022\n \n \n \n \n \n \n \n \n Leasing Update and 'Customer First' Capital Markets Event\n \n \n \n GPE today publishes its Leasing update for the quarter to 31 March 2022, and hosts a Capital Markets Event, focusing on the theme of 'Customer First'.\n \n \n Toby Courtauld, Chief Executive, said:\n \n \n \n \n \"Having delivered record volumes of leasing in the financial year just ended, we start the new year with healthy levels of demand for high quality spaces, particularly across our recently completed developments and our Flex offerings. To meet this demand, we have started our £1.1 billion development programme and are targeting to grow organically our flex offering to more than 600,000 sq ft. We will supplement this growth through acquisitions, as demonstrated by last week's purchase of 7/15 Gresse Street, W1. Encouragingly, we have also completed a number of retail lettings which suggest that London's retail market is turning the corner, with recovering levels of footfall boosting trade and retailer confidence.\n \n \n \n We recognise that customers' needs and therefore the markets in which we operate are changing. We are well placed to respond. At our Capital Markets Event today we will set out how our market-leading 'Customer First' approach responds to these developing themes, shaping the spaces and services we provide and evolving our business for a future full of potential.\" \n \n \n Strong leasing quarter delivers record leasing year\n \n \n The leasing highlights in the quarter included:\n \n \n · \n 18 new leases and renewals signed generating annual rent of £7.3 million (our share: £6.4 million), with market lettings on average 8.1% ahead of March 2021 ERV; \n \n \n · \n Four rent reviews were settled securing £1.2 million of annual rent (our share: £1.2\n \n million) 6.9% ahead of the previous passing rent and 3.8% ahead of ERV; \n \n \n · \n Total space covered by new lettings, reviews and renewals was 114,400 sq ft; and\n \n \n · \n A further 25 lettings under offer (91,000 sq ft) which would deliver approximately £8.9 million p.a. in rent (our share: £8.1 million), with market lettings 4.7% ahead of September 2021 ERV, and a further c.£31 million in negotiation\...