West End property specialist Great Portland Estates delivered a predictably harrowing trading statement today, showing a 12.8 per cent valuation hit to its property portfolio in the three months to 31 December. This has hammered net asset values, down 21 per cent in the period to 392p.
IC TIP:
Hold
at
228p
Rental values declined by 9.4 per cent overall, with offices falling faster than retail, showing that London's West End is not insulated from the wider market malaise. Vacant space doubled to 7.5 per cent, but this is largely due to development forward planning. Tenants in administration represent 0.1 per cent of the rent roll.
