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Great Portland Estates grows fully managed rent roll with new lettings
(Sharecast News) - Property investor Great Portland Estates said on Thursday that it has secured a series of new fully managed leasing deals so far this year, adding further momentum to its premium office portfolio. GPE said it has agreed to 16 deals since 1 January, either let or under offer, securing £9.1m of annual rent at an average of £236 per square foot.
The FTSE 250-listed firm said the terms were 9.7% ahead of estimated rental value and delivered a 74% cash‑flow uplift compared with equivalent ready to fit leases.
GPE added that the new agreements cover 38,400 square foot of refurbished space and include five renewals, one expansion and ten new customers.
Year-to-date, GPE said fully managed leasing activity totals 50 deals across 148,900 square foot, securing £35.4m of annual rent, 7.8% ahead of estimated rental value.
Simon Rowley, GPE's Flex Workspaces director, said: "Demand for our fully managed spaces in prime locations has never been stronger. Alongside our recent leasing success, we have also experienced record viewing levels in the first two months of the year, up 36% on the same period last year. This reinforces the strong and growing demand for our best in class workspaces and service led experience we provide to our customers across London."
As of 0820 GMT, GPE shares were up 0.58% at 344p.
Reporting by Iain Gilbert at Sharecast.com
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