In 2024, a total of 14,137 sqm of space was let at an annual rent of €3.9m, with an additional 17,949 sqm secured at €6.2m, representing activity across over 12% of the portfolio’s lettable area. Floreasca Park led new letting activity, with 5,301 sqm let during the year, while Moretown recorded the largest lease renewals/extensions, totalling 10,955 sqm. As of December 31, occupancy across the portfolio stood at 83.3%, rising to 88.4% when including leases signed in 2024 but commencing in 2025.

In 2024, several sustainability and operational initiatives were successfully delivered across the portfolio. The office elements of Royal Exchange and the refurbished Tower floors at Smithson Plaza achieved EPC B ratings. At Moretown, the completion of Building 3’s EPC upgrade and modernisation design marked another milestone. Rooftop solar panels were installed at both Margit Palace and Buda Square, with the latter also completing an EU Taxonomy audit to prepare for a potential future sale. At Pegasus Park, a wide-ranging occupier engagement programme was implemented and well-received by tenants, alongside the expansion of the EV charger network and the launch of BREEAM certification efforts.

Significant progress was made across development and refurbishment projects in 2024. At Smithson Plaza, a £6m refurbishment of the Tower was completed, encompassing six floors, with three already let. Royal Exchange finalized lease surrenders with Berenberg and NTT at full residual lease liability, paving the way for accelerated refurbishment plans in 2025. Fire safety compartmentation works were successfully completed at VOS within budget (€1m). Pegasus Park finalized the development concept for its available land and the design concept for Plot A.