Great Portland estate values fall £55m

Published 24th Jul 2009

Great Portland Estates, the West End property specialist, saw the value of its properties fall by £54.9m last quarter to slightly more than £1bn owing to a decline in rents as the recession hits its tenant base.

The company is seeing the outward movement in yields on its properties stabilise. The effects of the slump in capital values in the sector has now been superseded by the effects of the recession on its tenant roster. Rents fell 5.3 per cent in total in the three months to the end of June, mostly caused by its office holdings in the West End, City and Southwark.

Source: ' FT '

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