West End developer Great Portland Estates has reported a loss for the year ended 31 March.
The company reported a pretax loss of £140m for the year, which compares with a profit of £555m the previous year. During the period its holdings also shed 4.9% of their value.
Chief executive Toby Courtauld said: “While the weight of international capital looking to invest in London remains high, we expect the uncertain political and economic environment to weigh on rental levels across London’s commercial property markets in the near term.”
Despite the uncertainty surrounding rental levels, the company said that it secured 52 new lettings in the year across its portfolio, which were worth £20.5m and came in 0.6% ahead of their estimated rental values at March 2016.
It also recorded £656m of net sales during the year, which included the Sale of Facebook’s Fitzrovia, W1, headquarters to two German funds in February.
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