Development activity drives NAV growth at Great Portland

GPOR : Development activity drives NAV growth at Great Portland

Great Portland Estates reported an 11.8% uplift in its EPRA net asset value for the six months ended 30 September 2014 on the back of an 8.9% uplift in the value of the portfolio. earnings per share were up 11.3% to 5.9p and from this they are paying an interim dividend of 3.5p.

Developments at 240 Blackfriars Road, SE1 and Walmar House, Regent Street, W1 were completed, generating a combined profit on cost of 55%. Work is underway at three schemes totalling 521,500 sq ft, all in the West End, and these schemes are expected to deliver a profit on cost of 16.4%. In addition, they say they have eight schemes that could start in the next 24 months, 75% of which are in the West End, including 73/89 Oxford Street, W1, 148 Old Street, EC1 and Hanover Square, W1. Demolition works have started at St Lawrence House, 26/34 Broadwick Street, W1 in preparation for a 91,900 sq ft new-build, fully consented office and retail scheme.