Great Portland Estates is looking to more than double the amount of flexible offices and co-working space in its portfolio, according to a trading update for the three months to 31 December.
The firm said flexible and co-working space now accounts for 90,000 sq ft of its portfolio, and it is appraising a further circa 100,000 sq ft which could be added to the total.
During the quarter it completed three flexible-office lettings totalling 12,800 sq ft, securing rent at a 37.5% premium to net effective rental value.
Across the rest of the portfolio, it secured 16 new lettings generating annual rent of £4.3m, and completed £74.4m of property sales, including around £10m of residential.
The company’s loan-to-value ratio was 7.3% with a weighted average interest rate of 2.7%.
Cash and undrawn committed facilities stood at £646m.
Of its £200m share buyback, which started in November, £34.3m (5m shares) has been purchased to date.
Chief executive Toby Courtauld said that while the company is planning for “ongoing political and economic uncertainty”, GPE “is in great shape”.
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