Great Portland Estates (LSE:GPE) reported a solid first half of 2026, with EPRA NTA per share rising by 10p to 504p, supported by strong leasing performance and active capital recycling. The London-focused real estate group completed 43 new leases and renewals worth £37.6 million a year — 7.1% above the March 2025 estimated rental values (ERV). This activity helped lift the company’s rent roll by 29% over the period.
The momentum continues with a further £10.3 million of lettings currently under offer at terms 30.9% ahead of ERV. Like-for-like rental income grew by 5%, and GPE reaffirmed its full-year 2026 guidance for prime office rental growth of 4.0% to 7.0%.
On the investment side, GPE completed £292 million of asset disposals at prices 1.7% above book value and executed one acquisition to reinforce its West End portfolio — transactions that support the robustness of its net asset value assessments.
The development pipeline also progressed, with 352,000 square feet moving through planning and pre-letting activity advancing across several major schemes. The overall property portfolio valuation increased 1.5% to £3.1 billion during the half.
GPE further strengthened its financial position by securing a new £525 million bank facility, helping maintain a loan-to-value ratio of 28% and providing room to fund upcoming capital expenditure. Earnings per share were 3.9p, while the dividend held steady at 2.9p.
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