Allied London Properties has recorded pre-tax profits up 27% to £5.3m in the six months to December, as the company repositions its portfolio away from offices.
During the half-year the company continued its strategy of repositioning the portfolio, selling £40.3m of property, mainly offices. At the same period Allied London bought £24.2m of retail and industrial property, leaving £16.7m to reinvest. By mid-March the portfolio mix was 39% offices, 35% sheds and 26% retail.
The acquisitions include the £5.1m purchase of a parade of 13 shops in Bracknell, Berkshire. The property forms part of Legal & General’s proposed £500m Town Centre shopping mall site.
Allied London also plans to develop a further 79,894 sq m (860,000 sq ft) at Princess Square shopping centre, also in Bracknell.
Net rental income was £11.2m over the period, with lettings at the Clydeway Business Centre and Granite House both in Glasgow, adding £276,000 to the total.
EGi News 26/03/97
