Great Portland Estates PLC (LON:GPOR) said its full-year guidance is unchanged as London will remain “Europe’s business capital”, attracting businesses and investors despite political uncertainty.
The FTSE 250-listed property developer expects rental value growth to range between -2% to +1.5% for the financial year to 31 March, as rental value is unlikely to move significantly in the short term, although there are chances to outperform if political events unravel in a “business-friendly” way.
READ: Great Portland Estates drives higher rents in sturdy London property market
The portfolio valuation was up 0.8%, despite 28% of it being represented by retail, the embattled sector that had led to lower valuations at larger rivals British Land and Land Securities earlier in the week.
EPRA net asset value per share was up 1.8% to 868p over the six months, boosted by a £200mln share buyback.
Half-year total revenue was up 6% year-on-year to £54mln, while profit before tax jumped 9 % to £44mln and the interim dividend lifted 9% to 4.7p per share.
“Our second half has started well, despite elevated levels of macro-economic and political uncertainty,” said chief executive Toby Courtauld in a release.
“Although we expect continued political and possibly macro-economic turbulence, GPE is in great shape and ready to take advantage of any market weakness.”