StockMarketWire.com - Great Portland Estates saw continued growth in both capital and rental values in the third quartet to the end of December.

It said the portfolio valuation had risen by 1.4% since 30 September and was 7.6% up from the end of December 2011.

And it reports rental value growth of 0.7% (0.6% West End offices, 1.9% West End retail).

Chief executive Toby Courtauld said: "We are pleased to report another period of good progress across all our operations.

"We completed our major development at 33 Margaret Street and pre-let 49% of the office space at 95 Wigmore Street; we signed 23 new lettings across the portfolio at healthy premia to market values; and we successfully began investing the proceeds from the share placing, committing £60 million with one further acquisition under offer.

"Conditions in London's commercial property markets remain supportive; the demand for well laid out retail and office space in good locations is attracting healthy levels of tenant demand, whilst the availability of such space, particularly in the core of the West End, is in short supply.

"As a result, we expect rental values across our portfolio to continue their upward trend.

"In this context, we maintain our confident outlook; our pipeline of development opportunities is set to deliver further surpluses; our asset management and leasing activities are generating growth; and we expect to add to our exceptional portfolio through further accretive acquisitions."





At 9:15am: [LON:GPOR] Great Portland Estates share price was +3.95p at 476.75p


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