Great Portland sees portfolio value slide

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

Chief executive Toby Courtauld said the estate was worth £1.54 billion at the end of June - £63.9 million less than at the end of March. Worst hit was the City market, where values tumbled 6.1% in the quarter compared with a fall of 3.4% in the West End.

Courtauld said: "The supply picture in the City is different from that in the West End. We have been saying for a while that we expect there to be an excess of supply in the City and that is turning out to be the case.

"The City is also more exposed to the financial services sector, which is having a more difficult ride than the rest of the economy. But the issues have moved from the financial world into the broader economy and the question remains how much of an effect that is going to have.

"It doesn't feel like a recession in the West End at the moment but we shouldn't rule that out. It would not be prudent to do so." He said the robust performance of the West End, which accounts for most of the firm's business through a large estate of offices and shops, particularly north of Oxford Street, meant it was well placed to weather the storm.

"Whilst we expect the economic backdrop to worsen during the balance of this year, we have the ingredients in place to enable our continued outperformance," he said.

The 4% fall in values in the second quarter meant the estate has now lost 9.3% of its value in 12 months. The West End is down 7.8% on a year ago while the City and Southwark is down 16.6%. Rents are still rising in the West End but have fallen in the City.

Great Portland's net asset value per share - a key measure of success at a property company - fell 7.6% in the three months to the end of June to 538p, down 16.2% on a year earlier.