The fourth year on from its flotation, Asda’s performance continues to be strong across the board. Both the commercial and residential portfolios performed well, helping to boost turnover almost 65% on last year to £33.4m. Growth in rental income on the commercial portfolio has been strong, says chairman Manny Davidson. With new acquisitions totalling over £30m, further increases in rental income can be expected, along with the impact of more reversions.
An independent valuation of Asda’s portfolio puts investment properties at £117.2m (£62.8m), of which £106.9m is commercial property. Group trading properties were valued at £130m, showing a surplus of £69.9m. Net asset value per share rose 34% to 238p (177p).
