Great Portland Estates signs three further lettings at City Tower

(Sharecast News) - Property developer Great Portland Estates has secured three further lettings at City Tower, EC2, taking leasing of the recently refurbished space to 69%. Great Portland Estates said the deals, which total 13,600 square feet, were signed at an average premium of 3.1% to enterprise rental value, underlining "continued demand" for its Fully Managed offer.

The FTSE 250-listed firm highlighted that City Tower now provides 43,000 sqare feet of Fully Managed space, which was expected to deliver £8.5m of annual rent at an average of £198 per square foot once fully let.

GPE has also committed to deliver a further 43,600 square foot of Fully Managed offices, alongside a new entrance, café, gym and meeting room suite. Upon completion in early 2027, around 90% of the building will have been converted.

GPE's leasing and flex workspaces director, Simon Rowley, said: "These lettings underline the pace of demand for our Fully Managed offer and our ability to convert that demand into rental income quickly. At City Tower, we are delivering exactly what our strategy is designed to achieve, repositioning well located assets into flexible space that drives income growth and creates long term value."

As of 0810 BST, GPE shares were down 1.73% 301.09p.





Reporting by Iain Gilbert at Sharecast.com

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