Office investor and developer Circle Property has reported a 20.4% hike in NAV per share for the year ending 31 March.
Following an independent valuation, the value of the group’s 15 investment and development assets in the UK grew by 9.23% to £124.6m. The uplift was attributed to its growing asset management programme.
The company also said that it had completed a new £100m financing facility agreement with RBS and HSBC during the period, replacing a previous £55m facility.
It will be used to target “value-accretive acquisitions” focusing on underused offices in key regional centres.
Chief executive John Arnold said: “These results endorse Circle’s strong business model, our expertise in identifying well located regional office assets and actively managing the portfolio to deliver consistent income and maximum returns to shareholders.”
Contracted annual rental income climbed by 11.7% to £7.6m. The year-end loan-to-value ratio stood at 39.9%.
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