So how’s the outlook for London landlord Great Portland Estates (GPE)? ​Positive to say the least, despite the tough economy.

The commercial property company said Thursday it’s “in great shape… positioned for growth… and looking forward to an exciting future with confidence.”

The group, which owns major retail properties in the capital’s West End, also said it expects market conditions to continue to provide opportunities for further acquisitions too.

The upbeat message follows a mostly positive set of results for the half-year to ended 30 September, albeit tempered by “challenging political and economic conditions and fluctuating sector sentiment”.

So what were the figures? GPE swung to a pre-tax profit for its fiscal first half after booking a surplus from investment properties.

The UK real-estate investment trust said pre-tax profit rose to £29.9 million compared with a pre-tax loss of £253.4 million the year before.

The company booked a £19 million surplus from investment property, compared with a deficit of £219.7 million in the prior period.

However, revenue did fall to £44.9 million from £47.6 million but that was in line with guidance, the company said.

GPE said that, among other items, it signed 12 new retail leases securing £4.2 million of rent and expected to undertake more acquisitions. It also has a £1 billion pipeline of potential purchases under review and £125 million in negotiation.

Important too was GPE’s “significant liquidity” with £670 million in cash and undrawn facilities.