Developer adds that investigation into bonuses at firm finds no unlawful conduct

Great Portland Estates said that new leases and renewals agreed during the first six months of the year were on par with its entire leasing volume achieved in the previous year.

In a trading update this morning, the London developer said 43 deals had been struck in the six months to June.

Chief executive Toby Courtauld said: “With high occupational demand for quality space in core central London and a market short of supply, we are delivering for customers.”

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GPE will release its interim results next month

Last month, 8Build completed work to refurbish GPE’s scheme at 170 Piccadilly while over the summer BW completed work to refurbish 141 Wardour Street.

Meanwhile, the firm said an independent investigation conducted by a law firm along with a firm of forensic accountants “into a number of allegations received during the summer from a whistleblower concluded with no findings of unlawful conduct by GPE and strong support for the company’s positive culture”.

It added: “The investigation concluded that historical bonuses were correctly calculated. Allegations of unlawful conduct by GPE were not substantiated.”

GPE’s interim results will be published on 18 November.

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