Great Portland hails strong start to the year

Great Portland Estates reported strong leasing activity during the first half on Thursday, despite the "challenging" macro-economic environment.

Updating on trading in the six months to 29 September, GPE said it secured £16.3m of rent since the start of the financial year.

In total, 38 new leases were signed during the period with annual rent of £10.3m, 5% ahead of the March 2022 estimated rental value.

Total space covered by new lettings, reviews and renewals was 135,400 sq ft.

Toby Courtauld, chief executive, said: "I am pleased to report another strong period of leasing activity…demonstrating he continued demand for our brand of high-quality, well-located space, despite the challenging macro-economic and geopolitical backdrop.

"Looking beyond current market volatility, our focus on prime sustainable spaces, combined with market leading levels of customer service in core central London locations, will stand us in good stead."

Shares in GPE were trading 1% lower in early trading, at 426.8p.