Benchmark reaffirmed its commitment to the central London market today, after reporting a pre-tax profit increase of 44% to £14.4m for the six months to 31 December 2000 and a NAV per share increase of 5.9% to 363.2p (343.1p: 30 June 2000).
The results were driven by a £3.1m profit on property disposals during the period and a £6.5m profit from the sale of the majority of its interest in Nexus Estates. Benchmark now controls and manages around 185,800 sq m (2m sq ft ) of offices and commercial space in central London.
The company spent £152.3m on central London acquisitions during the period, including: 6/10 Bruton Street; Melrose House, Savile Row; and an MEPC portolio purchased via a 50% jv with JER Partners.
Earnings per share were 8.9p (6.8p: 1999), representing an increase of 30.9% over the same period in 1999.
Tan Sri Quek Leng Chan, chairman of Benchmark, confirmed that the company would continue to concentrate on the central London market but warned that events on the US markets may hinder its activities.
“The prospects are good but must be tempered because of general concerns about a downturn in the US economy, from which we cannot be totally insulated in the UK. However, the potential for lower interest rates may make property at current price levels an attractive asset for investment,” Chan said.
EGi News 05/03/01
