Just upgraded to a BUY by Goldman Sachs.....

Broker recommendation full details Date: 2 June, 2009


Broker: Goldman Sachs Company: Great Portland Estates


Recommendation:
upgrade to Buy from neutral

InterMarket Stock's Rating:
Buy

Went long here this morning on the positive RNS.....

StockMarketWire.com
Great Portland Estates reports a strong first half performance as it focuses on capturing the significant organic growth potential across its 100% central London portfolio.

The group delivered more organic growth in the period with the portfolio valuation up 8.9%2 since 31 March.

The group also reports:

- 12 month capital return of 21.9% outperforming IPD Central London Index of 20.7%, with total property return of 25.0% v 25.1% for IPD Central London; five year capital return of 109.3%, 21.5% ahead of IPD Central London

- Rental value growth of 3.6%2 (3.6% offices, 3.4% retail)

- Rent roll growth of 7.8% over six months

And it also reports excellent financial results:

· EPRA NAV per share of 636 pence, up 11.8% in period and 7.3% in Q2

· Net assets of £2,160.8 million (31 March 2014: £1,931.9 million)

· EPRA profit before tax of £21.0 million, up 16.0% on 2013. EPRA3 EPS of 5.9 pence, up 11.3%

· After revaluation surplus, reported profit before tax of £246.5 million (2013: £146.9 million)

· Interim dividend per share of 3.5 pence, up 2.9%

Chief executive Toby Courtauld said: "We are pleased to report a strong performance across the Group during the first half as we focus on capturing the significant organic growth potential across our 100% central London portfolio.

"London continues to consolidate its position as one of the world's most successful city economies: jobs are being created at the fastest rate in a generation across a range of industries; the Capital's businesses are investing for growth; and its appeal as an investment destination of choice continues unabated.

"Within this positive context, we look forward to a productive second half: we can expect strong leasing interest in both our committed development properties and our limited quantity of vacant space, in both cases at rates ahead of ERV's; we will crystallise further surpluses through our disciplined approach to capital recycling; and our plentiful, low-cost financing will enable us to deliver on our significant growth plans."