REG - Great Portland Ests. - 91% customer retention on Fully Managed renewals

Great Portland EstatesAnnouncement

Mon 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250428:nRSb3284Ga&default-theme=true

RNS Number : 3284G  Great Portland Estates PLC  28 April 2025

28 April 2025

 

GPE announces 91% customer retention on Fully Managed renewals

Following recent leasing completions, Great Portland Estates plc (GPE) has
today announced that it retained 91% of its Fully Managed customers at break
or expiry for the year ended 31 March 2025, substantially ahead of the 50%
underwrite assumption.

These transactions secured an average rental uplift of over 12% or 6% per
annum, where the customer remained in situ, and in total will deliver around
£6.5 million of annual rent (average of £200 per sq ft), 10% ahead of ERV
and generating a 97% net cashflow beat compared to a traditional Ready to Fit
basis.

This market leading retention rate was underpinned by our Net Promoter Score
of +48.3 across our Fully Managed spaces, materially ahead of the UK office
industry average of +13.6.

GPE's strong leasing momentum, and market leading levels of customer service,
give further confidence for the prospects of the next phase of GPE's Fully
Managed deliveries, including 170 Piccadilly, SW1 and 141 Wardour Street, W1
which launch this summer.

Nick Sanderson, Chief Financial & Operating Officer, commented: "We are
seeing strong demand and leasing momentum for our premium workspaces across
our growing Fully Managed building clusters. Equally, our retention rates
demonstrate that as well as providing great spaces our team is also delivering
market leading customer experience."

 Great Portland Estates plc                                                      +44            (0)            20             7647           3000
 Toby Courtauld, Chief Executive
 Nick Sanderson, Chief Financial & Operating Officer
 Stephen Burrows, Director of Investor Relations and Joint Director of Finance

 Yasemin Kiani, Communications Lead

 FGS Global
 James Murgatroyd & Gordon                                                       +44            (0)            20             7251           3801
 Simpson

For further information see www.gpe.co.uk or follow us on X at @GPE_london

LEI Number: 213800JMEDD2Q4N1MC42

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCPPUCCCUPAGAM