Property market on better foundations

Published 21st May 2010

Great Portland Estates has joined the ranks of property investors riding the wave of London's real estate recovery.

Net asset value - a key measure of portfolio strength - rose by 15.5pc to 283p, while the value of great Portland's property portfolio was up 15pc to £877m, echoing a similar upsurge seen by rivals British Land and Land securities earlier this week.

The group, which focuses on Central London, moved back into the black, turning last year's £436.2m loss into a £156.6m profit.

Chief executive Toby Courtauld said he expected the firm (up 2p to 300p) to benefit from rising rental values 'on the assumption that we don't have a double-dip recession, which I don't believe we will'.

Separately, residential property firm Grainger swung back into the black as a recovery in the housing market pushed sales up 44pc.

The firm reversed last year's £143m loss and booked £3.5m in pre-tax profits, allowing it to reinstate an interim dividend of 0.5p per share.

Source: ' Daily Mail '

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