Asset values rise at Great Portland trust
BRITISH landlord Great Portland Estates said yesterday its asset values had risen in its first quarter to end June, at the same time noting a slowdown in the volatile London property market’s rebound.
In an interim management statement, Great Portland Estates said its portfolio valuation had risen 4.6 per cent since 31 March on a like-for-like basis.
Its estimated net asset value per share was 295p at 30 June, up 4.2 per cent in the quarter.
The company said it had completed £165m of new property deals over the past three months.
Chief executive Toby Courtauld said London’s property investment markets had continued to recover during the quarter, noting this was at a lesser pace than the “unsustainably” high rates of the previous two quarters.
We expect this less urgent mood to persist for the balance of the year, with investors looking to rental growth to support further price increases,” Courtauld said in the statement. “Whilst we expect sentiment to remain relatively volatile in the near term, looking two or three years ahead, we maintain our confidence in London as a global financial centre,” he said.
Courtauld saw rents rising over this period, citing a prospective supply-demand balance that favoured landlords.
Shares in Great Portland Estates climbed 1.8 per cent on the London market to close at 307p, valuing the company at £942.7m.