Great Portland Estates Plc (GPOR.L) announced an update on trading, as well as the quarterly valuation of the Group's properties as at June 30, 2012.
The company noted that portfolio valuation is up 3.1%, 5.2% and 8.2% over 3, 6 and 12 months respectively. Rental value growth was of 0.9%.
At June 30, 2012, EPRA NAV per share was 417 pence, up 3.5%, 8.0% and 11.2% over 3, 6 and 12 months respectively. EPRA NNNAV per share of 413 pence at June 30, 2012 was up 4.6%, 8.1% and 9.8% over 3, 6 and 12 months respectively.
Toby Courtauld, chief executive, stated, "Against a backdrop of global economic turbulence and increased central bank monetary stimulus, a significant quantity of capital from around the world continues to flow into the central London property market, resulting in yields reducing in the quarter for prime West End assets. With resilient tenant demand, minimal vacancy of Grade A space and constrained development supply, we expect further rental growth, particularly at our well-located, high quality buildings."
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