TIDMGPE
RNS Number : 3955H
Great Portland Estates PLC
06 April 2022
6 April 2022
Leasing Update and 'Customer First' Capital Markets Event
GPE today publishes its Leasing update for the quarter to 31
March 2022, and hosts a Capital Markets Event, focusing on the
theme of 'Customer First'.
Toby Courtauld, Chief Executive, said: "Having delivered record
volumes of leasing in the financial year just ended, we start the
new year with healthy levels of demand for high quality spaces,
particularly across our recently completed developments and our
Flex offerings. To meet this demand, we have started our GBP1.1
billion development programme and are targeting to grow organically
our flex offering to more than 600,000 sq ft. We will supplement
this growth through acquisitions, as demonstrated by last week's
purchase of 7/15 Gresse Street, W1. Encouragingly, we have also
completed a number of retail lettings which suggest that London's
retail market is turning the corner, with recovering levels of
footfall boosting trade and retailer confidence.
We recognise that customers' needs and therefore the markets in
which we operate are changing. We are well placed to respond. At
our Capital Markets Event today we will set out how our
market-leading 'Customer First' approach responds to these
developing themes, shaping the spaces and services we provide and
evolving our business for a future full of potential."
Strong leasing quarter delivers record leasing year
The leasing highlights in the quarter included:
-- 18 new leases and renewals signed generating annual rent of
GBP7.3 million (our share: GBP6.4 million), with market lettings on
average 8.1% ahead of March 2021 ERV;
-- Four rent reviews were settled securing GBP1.2 million of
annual rent (our share: GBP1.2 million) 6.9% ahead of the previous
passing rent and 3.8% ahead of ERV;
-- Total space covered by new lettings, reviews and renewals was 114,400 sq ft; and
-- A further 25 lettings under offer (91,000 sq ft) which would
deliver approximately GBP8.9 million p.a. in rent (our share:
GBP8.1 million), with market lettings 4.7% ahead of September 2021
ERV, and a further c.GBP31 million in negotiation
The largest transaction in the period was at 1 Newman Street,
W1, where we leased the fourth floor to a global investment firm
for its new European headquarters. The investment firm has
committed to a 10-year lease for 13,800 sq ft of prime office space
and is due to move into its new workspace later this year. The
third floor of the building is now also under offer.
More recently we completed three retail lettings, totalling
8,800 sq ft, at a combined rent of over GBP2.0 million per annum.
Together, these lettings were on average 12% ahead of CBRE's
September 2021 ERV, demonstrating the increasing confidence in the
continued recovery of the central London retail market by
international and domestic retailers.
In total, GPE has signed 520,900 sq ft of new lettings in the
year to 31 March 2022, generating a combined annual rent of GBP38.5
million (GPE share: GBP32.0 million), with market lettings 9.8%
ahead of March 2021 ERV, surpassing our previous record leasing
high of GBP31.8 million in 2016.
We are also pleased to report that our on-going focus on
customer satisfaction resulted in a Net Promoter Score of +27.8,
significantly ahead of the UK office sector average of +2.0.
Capital Markets Event: 'Customer First'
Today we will be hosting a Capital Markets Event for analysts
and institutional investors. The event will include a short
property tour, presentations from a number of members of the senior
management team and will focus on how our markets are evolving and
how we are responding with a 'Customer First' approach, shaping the
spaces and services we provide.
The slides from the presentation are attached to this release
and are available now on our website at
www.gpe.co.uk/investors/2022-capital-markets-event/ . A recording
of the presentations will be available at the same address
following the event.
To view the accompanying graphics please paste the below into
your web browser
http://www.rns-pdf.londonstockexchange.com/rns/3955H_1-2022-4-5.pdf
Annual Results 2022
GPE will be announcing its full-year results on 19 May 2022.
Great Portland Estates plc +44 (0) 20 7647 3000
Toby Courtauld, Chief Executive
Nick Sanderson, Chief Financial & Operating
Officer
Stephen Burrows, Director of Financial Reporting
& IR
Finsbury Glover Hering
James Murgatroyd +44 (0) 20 7251 3801
Gordon Simpson
For further information see www.gpe.co.uk or follow us on
Twitter at @GPE_plc
LEI Number: 213800JMEDD2Q4N1MC42
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END
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