West End gives Great Portland quarterly boost

Kasmira Jefford
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GREAT Portland Estates yesterday posted a buoyant set of quarter results, boosted by its prized West End offices and pipeline of upcoming developments.

The firm said the value of its portfolio rose by 3.1 per cent to £2.1bn in the quarter to 30 June, while net asset value lifted 3.5 per cent to 417p.

The main drivers were its West End offices, up 3.8 per cent, while its developments rose by 5.5 per cent, including a 10 per cent gain at its Hanover Square scheme above Bond Street’s Crossrail station.

The FTSE 250 firm has been aggressively disposing of properties, with £140.5m from sales in the quarter to then reinvest into acquisitions and projects mainly in the West End.

The group this week announced it has bought the Jermyn Street Estate in Piccadilly from its joint venture with Capital and Counties. Earlier this year it bought the Royal Mail’s old sorting office at Rathbone Place and will seek planning application next year.

In the City, the group said talks to sell down its stake in 100 Bishopsgate were still ongoing. The 40-storey tower, jointly owned by Great Portland and Canada’s Brookfield, has yet to secure the pre-lets it needs to start building.