Great Portland Estates is ready to “exploit any future market weakness” as it continues to be a net seller, the company said in its half-year results.
Although macro-economic and political uncertainties remain, the company said tenant interest remains healthy across the portfolio, with £6.9m of lettings under offer.
It only made one acquisition in the first half – Cityside and Challenger House, E1, for £49.6m – and has a further £400m of assets to sell.
Toby Courtauld, chief executive of Great Portland Estates, said: “With a clear and focussed strategy, we look to our future with confidence. After more than four years of net sales, we have the financial strength to exploit any future market weakness.”
Great Portland’s EPRA NAV was up 1.8% to 813p over the past six months. Total accounting return was 2.6% and it raised its dividend 8.1% to 4p per share.
It has 414,000 sq ft of schemes in development, all of which it said would benefit from Crossrail and have a potential start in 2018.
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