11th Oct 2018 11:12
LONDON (Alliance News) - Office property company Circle Property PLC said on Thursday it expects to report growth over the first half of its current financial year, in rental income and the value of its portfolio.
As at September 30, Circle Property's property value stood at GBP124.9 million, up 12% on a like-for-like basis from GBP111.1 million as at March 31, the end of the year before.
Net asset value for the end of September is estimated to be 278.0 pence per share, reflecting an 87% rise since the company's IPO in February 2016.
Contractual rented income for the six month period rose by 9.9% to GBP7.5 million, up from GBP6.8 million reported at the end of March. Construction on Circle's current redevelopment and refurbishment pipeline has been completed with good interest from potential tenants.
In addition, Circle said it has disposed of a non-core asset comprising a petrol station and store on the A303 at Solstice Park in Wiltshire for GBP3.5 million. The store is currently let to Co-operative Group Food Ltd, and proceeds from the sale will be invested into Circle's pipeline.
"Our careful stock selection and active asset management strategy continues to yield results as we report another significant uplift in our portfolio's valuation at the half year. The regional office markets in which we operate remain buoyant and we continue to be focused on growing the company, expanding the share register and seeking new acquisition opportunities where we can apply our active asset management expertise to unlock value for our shareholders," said Chief Executive Officer John Arnold.
Shares in Circle Property were up 2.4% at 203.75 pence on Thursday.
Related Shares:
CRC.L