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.

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