Great Portland Estates this morning revealed an increase in net asset value of 8.1% a share in its first quarter results

A statement to the Stock Exchange showed that the NAV uplift was driven by a 6.1% rise in the value of its portfolio to £1.7bn in the three months to 30 June.

The £99m rise in valuation saw adjusted NAV jump from 594p to 642p a share. Great Portland’s shares leapt 4.5% in response this morning to 680.5p, representing a premium to net asset value of 5.9%, in a market where other REITs such as Land Securities and British Land are trading at discounts to NAV of more than 20%.

The good performance has been driven by the strong central London market and rising rents in the West End, which increased 6% during the quarter.

Chief executive Toby Courtauld said: ‘The strong valuation growth over the first quarter reflects the extensive improvements we are bringing to our portfolio through refurbishment, redevelopment and astute asset management supported by good market conditions in central London.

‘With constrained supply of new offices, particularly in the West End, where more than 80% of our portfolio is located, we expect rents to continue to rise.’