Prelet boosts GPE’s NAV
Great Portland Estates’ 227,324 sq ft prelet of Rathbone Place, W1, to Facebook helped drive the company’s NAV up by 14% in the six months to the end of September.
The company’s portfolio value rose by 10.5% in the period as a result of rent roll growth of 3.8%, which included rental value growth of 6.5%.
GPE’s six-month total property return was 13.6%, outperforming IPD’s Central London figure of 10.4%.
M7 vehicle raises €40m
M7’s second Continental European real estate fund has raised more than €40m (£28.6m).
M7 European Real Estate Investment Partners II was seeded with 42 mixed-use properties from three transactions, including the former NPL Spring portfolio.
Profit rise for Workspace
Flexible office space provider Workspace reported profits up by 65% in the six months to 30 September.
The company’s like-for-like rent roll increased by 8.8% to £49.7m and rental income was up by 28.7% to £49.7m.
Property values were up by 9.6% to £143m.
Central London rents rise
Central London office rents increased by 10.3% in the year to the end of October, the first double-digit growth since 2008, says CBRE.
October office rents were up by 1.1% in central London. Outside London, office rental values rose by 1%, only the third time they have been this high since 2008.
Across commercial property the rate of increase was 0.4%.
