30th Apr 2018 17:54
LONDON (Alliance News) - UK shopping centre investor London & Associated Properties said Monday that its net asset value per share rose 20% in the 12 months to December 31.
Its net asset value per share increased to 53.74p from 44.83p. Net assets attributable to shareholders also increased 20% to GBP45.9 million from GBP38.2 million last year.
The company's final dividend increased 6% to 0.175p from 0.165p the year before, giving a total dividend for the year of 0.30p.
After its GBP37.3 million sale of Brixton Markets, its total property assets owned dropped to GBP186 million from GBP221 million the previous year.
In a joint statement, Chairman Michael Heller and CEO John Heller said: "We believe our portfolio is relatively well protected from online shopping as our core property holdings are either part of a major city that will remain a destination in its own right with a differentiated offer, which forms part of a leisure experience; or, they fulfil a role providing convenience retail facilities. We believe these sections of the retail world will continue to be relevant for the foreseeable future."
Shares in London & Associated Properties closed up 3.7% to 30.60 pence each Monday.
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