Property development contributed almost a third of shipping company P&O’s operating profits last year.
For the year to December the property development arm produced operating profits up 6% to £116.2m (1999 £109.7m), out of a total of £365.3m. P&O said its US business parks in Denver and Atlanta performed well as did its interests in Boston. It said the UK also had a good year.
With the £400m disposal of 130 properties to a Green Property/Whitehall Fund jv last year, virtually all of P&O’s investment property portfolio has been sold. It said the remaining properties in the balance sheet were predominantly those occupied by P&O operating companies.
EGi News 15/03/01
