Great Portland Estates PLC on Thursday backed full-year guidance, reporting strong leasing demand has continued into the new financial year.

Shares in the London-based commercial property company rose 1.0% to 347.00 pence in London.

In a trading update for the quarter to June 30, Great Portland said 12 new leases and renewals were signed in the period generating annual rent of £4.3 million with market lettings on average 7.7% ahead of March 2024 estimated rental value.

A further £5.1 million of rent is currently under offer, the company added.

Chief Executive Toby Courtauld said the strong performance ‘reaffirms our confidence in our portfolio rental value guidance of 3.0% to 6.0% growth for the financial year, with our guidance for prime spaces higher still at 5.0% to 10%.’

‘We are well placed to take advantage of both the strength in occupational markets and the current disruption in London’s investment market,’ Courtauld added.

Looking ahead, the upbeat CEO stated: ‘We have the financial firepower to exploit our pipeline of acquisition opportunities, accelerating our growth into increasingly favourable market conditions.’

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