| Item | 2015 result (% change) |
|---|---|
| Pretax profit | £12.5m (166) |
| NAV per share | 114.2p (9.5) |
| Portfolio value | £104m |
| Ground rent purchases | £27.8m |
Ground Rents Income Fund has posted a pretax profit of £12.5m, up from last year’s £4.7m, in the year ending 30 September 2015.
The trust has also recorded a 9.5% NAV per share increase to 114.2p. Its portfolio value is £104m.
GRIF acquired £27.8m of ground rent assets during the year, with a further £6m in the pipeline.
The acquisitions will be financed by short-term loans drawn throughout the year. Some £3m of further acquisitions are being negotiated.
Chairman Malcolm Naish said: “We have seen pricing move up significantly with RPI reviewable rents being in demand particularly. The traditional 25-year reviews with rents doubling have also seen a significant yield shift from around 6% in March 2012 to around 4% today.
“We feel the prospects for GRIF are positive. The trend of increasing market values coupled with a growing income each year will, it is hoped, have the intended effect of increasing net asset value.”
