KKR buys 5.35% stake in Great Portland Estates
Shares of Great Portland Estates surged on Monday after private equity firm KKR bought a stake in the property company.
FTSE 250
19,355.81
15:35 19/04/24
FTSE 350
4,331.21
15:35 19/04/24
FTSE All-Share
4,286.88
15:35 19/04/24
Great Portland Estates
391.00p
15:29 19/04/24
Real Estate Investment Trusts
2,204.49
15:34 19/04/24
According to a regulatory filing out late on Friday, KKR has taken a 5.35% stake.
The news provided a much-needed boost, with property stocks having taken a big hit from the coronavirus pandemic as tenants struggle to pay their rents due to store closures, while a push to home working has affected office spaces.
In a trading update in July, Great Portland said it had collected 69% of its June rent and 82% of its March rent.
It said at the time that while lockdown restrictions had started to ease and its office pre-letting momentum remained "healthy", Covid-19 was disrupting the activities of many of its occupiers, with some unable to pay their rent.
At 0910 BST, the shares were up 8.7% at 600.60p.