12th May 2016 07:34
LONDON (Alliance News) - Regional property investment company Circle Property PLC on Thursday its portfolio valuation has risen since its admission to AIM in February 2016, helped by acquisitions, and announced a maiden interim dividend of 2.40 pence per share.
Circle Property said it has progressed a number of asset management initiatives since its admission to AIM, which have helped contribute to the 12% like-for-like increase in its portfolio valuation since September 2015.
Circle Property added that acquisitions made in December and January, of 135 Aztec West in Bristol and Somerset House in Birmingham, have boosted the portfolio valuation to GBP77.7 million as at the March 31 year-end valuation.
The property investment company announced a maiden dividend of 2.40 pence per share in respect of the six month period ending March 31, which it said "underlines the board's confidence in the management team's continued ability to create shareholder value form the existing portfolio and from carefully selected acquisitions where they see clear asset management opportunities".
Circle Property added that it has fully leased its Elizabeth House office property in Staines, having let the last remaining space to travel agent Hardy & Hewitt Ltd, and has also let the first floor of its K1 building in Milton Keynes to traffic management company Trafficmaster Ltd, until December 2025. Circle Property added that it expects to complete the refurbishment of its K2 building in the "next few weeks".
Circle Property said it has also submitted a planning application for its Somerset House office property in Birmingham, in which it seeks a change of use on the ground floor which will allow it to create two restaurant units.
Shares in Circle Property were down 2.0% at 148.00 pence.
By Hannah Boland; [email protected]; @Hannaheboland
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