Benchmark has reaffirmed its commitment to the central London market after reporting a pretax profit increase of 44% to £14.4m for the six months to December.
Net asset value per share increased 5.9% to 363.2p (June 2000: 343.1p).
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 185,800m2 (2m sq ft ) of offices and commercial space in central London, after spending £152.3m in the area over the half-year.
Chairman Tan Sri Quek Leng Chan said: “We have now established a strong central London portfolio. We will continue to concentrate on the central London market, making sales when attractive prices can be obtained and seeking to expand our portfolio by development and acquisitions, on our own or in joint ventures.
“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.
He added: “The potential for lower interest rates may make property at current price levels an attractive asset for investment.”
