Great Portland Estates (GPE) Trading Update summary

Leasing performance and demand

• Signed £20.6 million in new leases and renewals, averaging 6.7% above March 2025 ERV, including a major pre-let at 30 Duke Street to CD & R at 6.5% above ERV.

• Three Ready to Fit leases secured £13.8 million, 8% above ERV; five Fully Managed leases secured £3.6 million, 2.7% above ERV; six retail leases secured £3.1 million in line with ERV.

• Two retail rent reviews settled at a 3.8% uplift; £7.7 million of rent currently under offer, 6.5% ahead of ERV.

• Fully Managed spaces remain in high demand, with new customers from diverse industries and strong leasing at Alfred Place and SIX St Andrew Street.

• Refurbished floors at Wells & More achieved £102 per sq ft, 12% ahead of ERV, increasing rental income by 55%.

Development, refurbishments, and disposals

• 30 Duke Street pre-let to CD & R for 15 years, with practical completion set for summer 2026.

• Two Fully Managed refurbishments (170 Piccadilly and 141 Wardour Street) totaling 55,500 sq ft complete this summer, offering premium amenities and strong leasing interest.

• Challenger House (hotel and land) sold for £42 million, slightly above book value; £250 million of further disposals under offer, also ahead of book value.

• The Hickman office building, acquired with Challenger House, is being retained for income and value growth.

Market outlook and guidance

• Rental value growth guidance reaffirmed at +4.0% to +7.0% for the year, with prime spaces expected to outperform.

• Premium, sustainable spaces are being delivered into a market with limited supply, expected to generate significant surpluses as demand strengthens.

• Increased activity in investment markets is creating more opportunities to crystallize development returns through sales.

• Positioned for further value and income growth, supported by a strong team and healthy occupational demand.