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Great Portland Estates PLC on Thursday celebrated its leasing activity in its first quarter despite economic headwinds. For the quarter that ended June 30, the London-based property developer and investor signed 22 new leases and renewables, with £5.4 million of new leasing deals in rents, with the company boosted by two acquisitions of 141 Wardour Street, W1 for £39 million and Bramah House, 65/71 Bermondsey Street, SEI for £14 million. Toby Courtauld, Chief Executive, said: ‘Against a challenging macro-economic backdrop that is placing upward pressure on yields, particularly for non-prime spaces, we are pleased with our strong operating performance. The company said market lettings were on average 17% ahead of March last year. ‘With our strong balance sheet and plentiful liquidity, we are confident that we have the team and track record to capitalise on opportunities that are emerging, particularly if the economic uncertainty persists,’ said Chief Executive Courtauld. Shares in Great Portland Estates were down 0.7% at 430.00 pence in London on Thursday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved
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