GPE chief executive Toby Courtauld has reiterated the investor-developer’s plans to take advantage of “disruption in London’s investment market”.
In a trading update for the three months to 30 June 2024, Courtauld said: “We are well placed to take advantage of both the strength in occupational markets and the current disruption in London’s investment market. Our substantial capex programme is set to deliver the very best, sustainable spaces into a market starved of such supply; our focus on HQ development and our fully managed offer is meeting discerning customer demand; and, with our recent capital raise, we have the financial firepower to exploit our pipeline of acquisition opportunities, accelerating our growth into increasingly favourable market conditions.”
The company raised £350m last month to help it line up some £3bn of potential acquisitions. Earlier this year it struck a property swap with the City of London Corporation to acquire the long leasehold at the Courtyard, 1/3 Alfred Place, WC1, for £28.6m, with the simultaneous sale of its short leasehold interest in 95/96 New Bond Street, W1, for £18.23m.
GPE signed £4.3m of new leasing deals in the quarter across 12 transactions, 7.7% ahead of the valuer’s ERV. A further £5.1m of rent is under offer.
Photo © GPE
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