Great Portland Estates PLC (LON:GPOR) said the final quarter of the year has started “well” with £9.2mln of lettings currently under offer at a 6.9% premium to last year.
The FTSE 250-listed property developer said it is in “great shape” against potential macro-economic challenges, while December’s election favoured transaction activity.
READ: Great Portland Estates says London to remain “Europe’s business capital”
Last month it signed a new £450mln revolving credit facility linked with sustainability performance.
The company, which focuses on central London buildings, completed a £200mln share buyback, acquiring 27.8mln shares at an average price of £7.20, which pushed net debt up to £403mln.
In the three months to 31 December the firm completed 12 new leases and renewals, down 25% on the same period in 2018, while rent per square foot was 29% lower at £53.
Analysts at broker Liberum said the quarterly performance confirmed “robust” trading performance.
Shares were flat at 948.8p on Thursday at the opening bell.