REG - Great Portland Ests. - GPE announces further Fully Managed leasing

Great Portland EstatesAnnouncement

02/04/2025 07:00

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RNS Number : 2366D  Great Portland Estates PLC  02 April 2025

2 April 2025

 

GPE announces further 33,500 sq ft of Fully Managed leasing

 

Great Portland Estates plc (GPE) has today announced a further nine Fully
Managed leasing deals since 10 March, when GPE completed its largest ever
Fully Managed letting with Next at 31 Alfred Place, WC1.

 

These deals secure £7.2 million of annual rent at an average of £215 per sq
ft, 14.1% ahead of ERV and generating a 112% cash flow beat to an equivalent
traditional Ready to Fit lease.

 

The lettings are across 33,500 sq ft of newly refurbished premium office space
in six GPE buildings to customers from a range of corporate sectors including
financial services, asset management, and technology.

 

As a result, total flex leasing across the GPE portfolio this financial year
has risen to 123,300 sq ft, securing £24.5 million in annual rent, with GPE's
newly completed Fully Managed schemes at 31 Alfred Place and SIX now 74% and
52% let, respectively.

 

With strong demand for GPE's Fully Managed product in these prime locations,
confidence remains high for the leasing prospects of its next building
launches at 170 Piccadilly, SW1 and 141 Wardour Street, W1 this summer.

 

Nick Sanderson, Chief Financial & Operating Officer, commented: "Our
strong leasing momentum for our Fully Managed offer demonstrates that we are
creating a product that the market wants and is willing to pay a premium for.
Our Fully Managed spaces are now generating annualised net operating income of
£16 million, up more than 60% in the last six months and ahead of our
targets. We look forward to welcoming our new customers to their spaces in the
coming weeks and are excited to unveil the next wave of buildings set to
launch this summer."

 

 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

 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

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