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Great Portland Estates portfolio lifted by strong London demand
GREAT Portland Estates (GPE) said yesterday that rising property values helped push its net asset value up 3.8 per cent in the last three months of 2010.
The FTSE 250-listed landlord now owns properties worth £1.55bn, which the firm said has been boosted by strong demand for leasing and investments in central London.
Office rental values rose by 3.3 per cent in the quarter across GPE’s portfolio, compared with the 2.9 per cent increase recorded for the previous three months. Retail rents in its West End sites gained 1.3 per cent.
“With the supply of available space to let falling and rents now rising, we expect these supportive conditions to persist throughout 2011,” said chief executive Toby Courtauld.