CLS Holdings has seen a 5% uplift in its EPRA NAV to 325.3 per share since the end of December, due to an uplift in the value of its portfolio.
The value at the end of June of CLS’s portfolio, which is spread across the UK, France and Germany, stood at £2.08bn – £157m higher than at the end of December, in spite of a 0.3% (£3.5m) dip in the value of its UK portfolio.
However, CLS said the “performance of the UK market has proven resilient while facing uncertainties as businesses take a “wait and see” approach to the impact of Brexit.
It added: “Increased trade tensions remain a threat to global growth, but the German and French property markets benefit from strong domestic demand and a limited supply of new offices.”
CLS reported that its EPRA earnings per share also rose 4.8% to 6p per share, and that net rental income had increased by 5.9% to £53.8m with 78 lease events completed, securing £6.9m of annual rent at 4.3% above 31 December 2018 estimated rental value.
The company recorded revenues of £67.6m compared with £63.3m for the first half of 2018, while pretax profit hit £84.6m, up from £66m in 2018. Loan to value stood at 39.3% at the end of June.
Henry Klotz, executive chairman of CLS, in his last results in the role said: “In the first six months of 2019, CLS delivered further growth through the disciplined use of our capital. We have continued to refine our portfolio by making acquisitions at attractive yields, and the disposal of properties which no longer meet our return targets, including First Camp in Sweden.”
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