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Trading statements

Circle delivers 11% growth in portfolio value

04 October 2017 08:09

The value of Circle Property's portfolio increased by 11.3% to £103.5m in the six months to the end of September.

The company said this latest independent valuation followed a 20% increase in the value of its portfolio in the year to the end of March.

It said this represented an uplift of 40% since it was admitted to AIM in February 2016, when the portfolio was valued at £73.9m.

It said the increase had taken NAV per share to more than £2, and had been achieved through the company's ongoing asset management programme.

Chief executive John Arnold said: 'This most recent valuation increase is an important milestone for Circle as it brings our portfolio value up 40% since IPO, with NAV per share above the £2 mark for the first time.

'To have achieved such a significant increase in valuations through active asset management, rather than through acquisitions or yield compression, is another strong endorsement of the ability of our team to unlock the value inherent in our portfolio of regional UK properties.

'Occupancy remains high throughout our investment portfolio, and, whilst uncertainty continues to surround prime London offices, we continue to see both value and occupier interest in the regional market.

'With a number of new tenants and lease renewals, our development portfolio continues to perform well, despite a slightly more challenging letting market, and we are in advanced talks with a number of occupiers for vacant space throughout the portfolio.

'In addition to the good progress made across our investment and development pipeline, we remain aware of and are actively considering opportunities to grow our portfolio value through acquisitions.'

At 8:09am: (LON:CRC) Circle Property Plc share price was 0p at 155.5p

Story provided by StockMarketWire.com

Related Company: CRC

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