Great Portland Estates posts rise in value of real estate

Great Portland Estates said Thursday the value of its real estate rose 1.4 per cent in the third quarter, buoyed by retail assets in London's West End.

Great Portland Estates said Thursday the value of its real estate rose 1.4 per cent in the third quarter, buoyed by retail assets in London's West End.

The London-based property developer posted a valuation of £2.19bn for the last three months of 2012, a £26.5m gain quarter-on-quarter.

Net asset value per share climbed 1.4% to 430p at the end of the quarter, compared to 424p at September 30th.

The main drivers of the quarterly valuation uplift were West End retail, up 4.3%.

Also boosting results was the value of the company's developments - including Hanover Square, an office and retail project in Mayfair - which jumped by 2.6% during the quarter.

The wholly owned portfolio was valued at £1.62bn, a like-for-like valuation uplift of 1.5% on the quarter.

"Conditions in London's commercial property markets remain supportive," Chief Executive Officer Toby Courtauld said in the statement.

"The demand for well laid out retail and office space in good locations is attracting healthy levels of tenant demand."

Shares rose 1.61% to 480.40p at 10:30 Thursday.

RD

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

Why we won’t see a house-price crash in 2021
House prices

Why we won’t see a house-price crash in 2021

Lockdown sent house prices berserk as cooped up home-workers fled for bigger properties in the country. And while they won’t rise quite as much this y…
18 Jan 2021
Prepare for the end of the epic bubble in US stocks
US stockmarkets

Prepare for the end of the epic bubble in US stocks

US stocks are as expensive as they’ve ever been. How can you prepare your portfolio for a bubble bursting?
18 Jan 2021
It's not just the UK – we're seeing pandemic housing booms across the globe
Property

It's not just the UK – we're seeing pandemic housing booms across the globe

Soaring house prices aren’t just a UK thing, they’re a worldwide phenomenon. And it’s no coincidence – the underlying cause is much the same. John Ste…
18 Jan 2021