Great Portland Estates has reported a surge in EPRA earnings, up 11.1% in the first half of the year, compared to last year.
The developer posted earnings of £28.1m, driven by growth in its offices portfolio and flexible workspace offering.
It reported £9.9m in lettings across 220,100 sq ft, which was 9.4% above March ERV.
Great Portland Estates has reported a surge in EPRA earnings, up 11.1% in the first half of the year, compared to last year.
The developer posted earnings of £28.1m, driven by growth in its offices portfolio and flexible workspace offering.
It reported £9.9m in lettings across 220,100 sq ft, which was 9.4% above March ERV.
Some 23 rent reviews secured £11.7m per annum, 20.9% ahead of passing rent.
Its like-for-like rent roll rose by 5.6% to £106m, with total potential future growth of 45% to £153.3m.
Flexible office space now makes up 10% of GPE’s office portfolio, including its partnership at City Place House, EC2, more than 25% over ERV.
IFRS profit after tax was £44.1m, up from £33.7m in the first half of 2018.
In Q3 the group added £2.2m to its rent roll, with a further £8.1m under offer at a 5.4% premium to September 2019 ERVs.
Chief executive Toby Courtauld said: “While activity in our investment market has slowed, for the international investor, London continues to provide appealing value relative to other global cities.
“Although we expect continued political and possibly macro-economic turbulence, GPE is in a great shape and ready to take advantage of any market weakness.”
Courtauld added that GPE has a development pipeline of 1.4m sq ft, “meaning we have no immediate need to buy”.
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