INDUSTRY NEWS

Great Portland announces positive results

The general strength of the commercial property sector was underlined yesterday, as UK group Great Portland announced its half-year results.

The firm said that its adjusted net asset value increased by 11.1 per cent in the six months to September 30th, and added that its development programme should improve its returns over the coming period.

Net asset per share value rose to 660 pence during the period – and portfolio value went up by 8.9 per cent on a like-for-like basis to £1.75 billion.

It posted a 55.2 per cent increase in adjusted pretax profit to £10.4 million and a 12.5 per cent increase in joint-venture fee income to £24.3 million. Over the six months, the group let 290,000 sq ft of office space across its central London portfolio, adding £15.3 million to its annual rent roll.

"We believe this changing property environment plays to relative strengths," group chief executive Toby Courtauld said.

"Our office rents are low at £32.60 per square foot, providing significant potential for growth."

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