Great Portland Estates has delivered a 2.1% increase in net asset value to 386p a share following a “productive” third quarter.
This contributes to an 18.4% surge in NAV per share over a 12-month period, as the REIT continues to benefit from its central London focus.
GPE’s property portfolio rose in value by 2.6%, or £45.9m, in the three months to the end of December predominantly due to two major prelets to Savills at 33 Margaret Street and UBM at 240 Blackfriars Road.
By sector, the main drivers of the uplift were West End offices, up 1.6%, and the development schemes, which rose in value by 9.1% on the back of the prelets.
The valuation rise and sales undertaken during the period contributed to a 15p increase in NAV per share, before it was reduced by an increased profit-share payment to its partner Eurohypo on the Margaret Street redevelopment.
The company concluded 35 new lettings, including the two major prelets in Q3. Voids came down from 3.2% to 2.1%, and £114m of sales were made – 13% ahead of September valuations.
