Great Portland Estates (GPE) plans to redevelop its Soho Square Estate. The 90,000 sq ft development will include 75,000 sq ft of high-quality Grade A offices and 15,000 sq ft of prime retail space fronting Oxford Street. Demolition is expected to commence shortly, with completion targeted for summer 2030. Piers Blewitt, GPE’s director of development management at GPE, said: “This is a rare opportunity to create a flagship HQ at one of the West End’s most sought-after locations. Just moments from Tottenham Court Road station, the scheme builds on our successful Elizabeth line strategy and responds directly to demand for best-in-class, well-connected workplaces. With the market circa 50% undersupplied between now and 2030, we believe we will deliver our scheme at the right point in the cycle.”
QuotedData senior analyst Matthew Read said: “Great Portland Estates’ decision to press ahead with the redevelopment of its Soho Square Estate reflects how the London office market has become increasingly polarised, with occupiers willing to pay premium rents for modern, well-located, energy-efficient buildings while older, less attractive space struggles to find tenants. GPE looks well placed to capitalise on this trend, particularly given its established presence around the Elizabeth line – 91% of its £3bn property portfolio was located near Elizabeth line stations as at 31 March 2026 – and its expertise in delivering high-quality developments. With development activity constrained by elevated construction and financing costs, the supply of new Grade A space is likely to remain tight, potentially supporting further rental growth by the time the scheme completes in 2030.”
SEGRO (SGRO), the logistics fund that agreed to a £14bn takeover from US rival Prologis in July, has provided further evidence of what UK investors will miss when the deal completes. A third quarter update showed new contracted rent rose 32% to £70m in the three months to 30 September with £42m from the existing portfolio and £28m from lettings of new developments. Chief executive David Sleath said: “Demand-supply dynamics for modern and well-located industrial, logistics and data centre space remain supportive, enabling good progress with our letting of existing space, reversion capture and development signings.”
Matthew Read said: “SEGRO’s trading update highlights the reversionary potential embedded in the portfolio, which was one of the attractions that prompted Prologis to make its offer. Data centres are becoming an increasingly important part of the growth story, and securing the anticipated hyperscaler pre-let in West London would be another significant milestone. In addition, disposals above book value lend support to valuations and the proposed UK big box joint venture should release capital for further investment. However, with shareholders having approved the Prologis offer, the focus has inevitably shifted from SEGRO’s standalone prospects to the completion of the transaction, which is expected in the first half of 2027. In the meantime, SEGRO’s continued operational strength reinforces the strategic logic of the combination and underlines the quality of the business that Prologis is acquiring.”
M&G Credit Income (MGCI), the £190m, 8%-yielding debt fund, has raised just £1.5m in the institutional placing and WRAP retail offer launched last month. A total of 1.65m new ordinary shares will be issued at 91.81p, representing a 1.5% premium to the investment company’s net asset value per share at 30 September. It also declared a third interim dividend of 1.77p per share.
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