Allied London Properties is still on the lookout for acquisitions, according to deputy chairman Geoffrey Leigh. Since the turn of the year, the group has made two important acquisitions, shareholders are told in the interim report, totalling £17.75m.
It has bought “an imposing” air-conditioned office building of some 93,000 sq ft in the centre of Harlow, let entirely to a subsidiary of Ranks Hovis McDougall.
Contracts have been exchanged for the purchase of six prime retail warehouse stores and garden centres let to B&Q (Retail) and Comet, both subsidiaries of Woolworth Holdings. The properties include the B&Q DIY centre at Basing-stroke.
The new acquisitions will increase rental income by £1.6m in a full year, and will show growth in the future, Allied London declares.
Meanwhile, pre-tax profits in the six months to end-December increased from £1.44m to £1.76m and basic earnings per share rose from 2.3p to 2.63p. The interim dividend is lifted from 0.1775p to 0.2p a share.
