Great Portland’s NAV jumps
GREAT PORTLAND Estates, the London property developer, has seen its net asset value jump in the quarter after landing two major pre-lets with media firm UBM and property agency Savills.
The group said the value of its portfolio rose 2.6 per cent in the three months to 31 December and gained 10.6 per cent to £1.9bn in the year.
Chief executive Toby Courtauld said: “Whilst macro-economic conditions for the UK as a whole remain challenging, London and its property markets continue to fare relatively well; investor demand, particularly from overseas, remains strong whilst tenant take-up has increased over the quarter to the long run average level.”
A lack of debt finance is keeping a tight lid on new development starts and landlords will benefit as a result when economic growth returns, Courtauld said.
The company completed 35 new lettings in the period, generating £11.8m per year, and began the development of a 237,000 square foot site for media company UBM in south London.
Great Portland said enabling works at its 100 Bishopsgate skyscraper were progressing well and were on track to be completed by July 2012. However, they said the scheme will only go-ahead once a major pre-let is secured.