Great Portland Estates Leasing ‘Well Ahead of Ambitious Targets’

Great Portland Estates (LON: GPE) reported strong leasing momentum for the six months to 30 September 2025, securing £37.6 million in new lettings, matching the total achieved across the previous financial year and coming in 7.1 percent ahead of valuers’ estimates of rental value (ERV).

Chief Executive Toby Courtauld said: “We are delighted with our many leasing successes during the first half of our financial year, well ahead of our ambitious targets.”

He added that GPE is “strongly placed” despite cost pressures, citing “high occupational demand for quality space in core central London and a market short of supply.”

In the second quarter alone, GPE signed 26 new leases and renewals, generating £17 million in annual rent, outperforming ERV by 7.5 percent.

Fully Managed leasing activity accelerated sharply, with 20 deals in the quarter compared to five in Q1, securing £19.1 million at an average £238 per sq ft.

Leasing highlights included the completion of four Fully Managed deals at 141 Wardour Street, W1, covering two-thirds of the building and generating £4.4 million in annual rent at £279 per sq ft, while at 170 Piccadilly, W1, GPE pre-let one floor and is targeting rents above £300 per sq ft.

Given the strength of leasing, GPE reiterated its rental growth guidance of 4 to 7 percent across the portfolio, and 6 to 10 percent for prime office space.

Moody’s recently reaffirmed the group’s Baa2 rating with a stable outlook, citing its robust balance sheet and market position.