Great Portland Estates (GPE) Trading Update summary

Leasing and rental performance

• Achieved £6.1 million in new lettings for the quarter, totaling £10.5 million year-to-date, 7.0% ahead of ERV.

• Fully Managed spaces outperformed, with 11 leases signed at 8.9% above ERV and an average rent of £197 per sq ft.

• Retail lettings included 12 new leases, securing £4.2 million in rent, 3.5% above ERV.

• Rent roll increased to £109.6 million, up 2% since April 2024.

• £8.8 million of rent currently under offer at a 16% premium to ERV.

Portfolio and development updates

• Three new retail deals at Mount Royal, W1, and a 10-year lease to Gaggenau at Portman Square.

• Nearly 60% of Mount Royal, W1, space now let to long-term brands.

• Two Fully Managed refurbishments (89,700 sq ft) completing soon, with strong early interest.

• Progress on three HQ development schemes totaling 533,300 sq ft, with notable pre-let interest.

Investment and acquisition activity

• Completed a £350 million rights issue and £250 million debt issuance since May.

• Three buildings under offer for £100 million, aligned with acquisition criteria.

• Reviewing £1.0 billion in additional assets and monitoring £0.6 billion more.

• Favourable investment markets and balance sheet strength support further acquisitions.