Business
Trading Statement
Trading Statement.
About this update from Great Portland Estates Plc
[{"type":"text","content":"\n \nRNS Number : 8385C Great Portland Estates PLC 13 February 2020 \n\n \nPress Release\n \n13 February 2020 \n \nGreat Portland Estates Trading Update \nGreat Portland Estates plc (\"GPE\") today publishes its trading update for the quarter to 31 December 2019.\n \nToby Courtauld, Chief Executive, said: \n \n\"I am pleased to report on another productive quarter, combining healthy leasing ahead of ERV, good progress at our six committed and near-term developments and continued capital discipline, profitably recycling out of mature assets and returning surplus equity to shareholders as we completed our share buyback programme. The final quarter has started well; we have issued an innovative ESG-linked revolving credit facility and demand for our brand of high quality, sustainable space remains robust with £9.2 million of lettings currently under offer at a 6.9% premium to March 2019 ERVs.\n \nThe clear outcome of the General Election is encouraging increased transaction activity in our investment markets and, whilst further political and macro-economic turbulence is possible, GPE is in great shape: We are innovating across our portfolio, including the continued rollout of our flexible space offering; our exceptional development pipeline provides us with nearly 1.4 million sq ft of value creating opportunities; and with a talented team, supported by our collaborative culture, deep market knowledge and financial strength, we are well positioned to maximise the opportunity we have to generate long-term value across our business\".\n \n \nContinued leasing successes ahead of March 2019 ERV \n· Twelve new lettings (48,900 sq ft) generating annual rent of £3.7 million (our share: £3.5 million); market lettings 1.4% ahead of March 2019 ERV \n· Flexible space now c.11% of office portfolio at 35% > ERV1 and appraising further c.149,000 sq ft \n· Seven lettings under offer totalling £9.2 million p.a. of rent (our share: £9.2 million), market lettings 6.9% ahead of March 2019 ERV\n· Vacancy rate remains low at 2.4%; average office rent only £55.10; reversionary potential 9.2% (£9.5 million)\n· 99.3% of rent collected within seven working days; only two occupier delinquencies...