7th Mar 2019 09:17
LONDON (Alliance News) - CLS Holdings PLC on Thursday said its net asset value for 2018 increased considerably due to a higher portfolio value and rental income.
The FTSE 250-listed property investment company reported an EPRA net asset value per share as at December 31 of 309.8 pence, up 8.5% from 285.6p on the same date the year before.
Basic net asset value per share was up 9.3% to 275.5p from 252.0p.
CLS's property portfolio rose in value by 3.7% to GBP1.89 billion from GBP1.77 billion, as its French property value increased by 3.7%, its German portfolio by 9.3% and UK holdings by 0.5%.
At the end of the year, the UK took up the biggest part of CLS's portfolio at 51%, with 33% in Germany and 16% in France.
During 2018, CLS disposed of 11 properties to generate proceeds of GBP48.5 million, and acquired GBP70.0 million in new assets in the UK and France, with an average net initial yield of 6.4%.
The group's contracted rent roll grew 5.6% to GBP109.6 million from GBP103.8 million, and rental income rose 9.9% to GBP103.0 million from GBP93.7 million.
However pretax profit dropped to GBP144.9 million from GBP190.5 million, on a reduction in the uplift of the portfolio's fair value to GBP62.8 million from GBP94.2 million the prior year.
There was also the sale of Vauxhall Square in 2017, which contributed to a rise in profit for that year.
CLS Holdings declared a final dividend of 4.30 pence per share, bringing the total payout to 6.90p, up 8.7% from 6.35p the year before.
"I am delighted to report a robust set of results in 2018 which once again endorses CLS's strategy of geographical diversity as a long-term investor in the three largest economies in Europe. We shall continue to follow our medium-term strategy and long-term vision. Our balance sheet is strong, our business well-placed, and we remain focused on continuing to deliver value to our shareholders," said Executive Chairman Henry Klotz.
Shares in CLS Holdings were down 0.4% at 244.50 pence on Thursday.
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