LONDON (dpa-AFX) - Great Portland Estates Plc (GPE.L), in its trading update for the quarter to 30 September 2024, said that it delivered a strong quarter with 6.1 million pounds of new lettings, bringing the total for the financial year to date to 10.5 million pounds, 7.0% ahead of the valuer's ERV.
The company noted that 15 new leases and renewals signed in the quarter generating annual rent of 6.1 million pounds, with market lettings on average 6.4% ahead of March 2024 ERV.
The Group's rent roll is now 109.6 million pounds, up 2% since 1 April 2024.
The company reiterated its rental growth guidance for the financial year, with portfolio-wide growth of 3.0% to 6.0%. For prime office space, its guidance is stronger still at 5.0% to 10.0%.
Additionally, following a successful 350 million pounds rights issue and a 250 million pounds debt issuance since its results in May, the company now has the financial capacity and growing confidence to invest the proceeds in accretive acquisitions. Currently, the company has approximately 100 million pounds under offer. Furthermore, it is actively reviewing an additional 1.6 billion pounds worth of opportunities on its watchlist.
GPE said it will announce its half year results on 14 November 2024.
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