CLS Holdings net asset value per share rose by 3% to 294.7p in the six months to 30 June 2018.
Its basic net asset value per share climbed 3.3% to 260.2p. However, the company’s profit before tax dropped by 46% to £64.9m, since the precious year’s results factored in its disposal of Vauxhall Square, SW8.
An interim dividend of 2.20p per share will be paid on 28 September, marking an uplift of 7.3% on the previous year.
Underlining this growth was an 8.7% increase in net rental income, to £55m. Valuation gains across all regions were up 1.6%.
The company, which has a £1.9bn portfolio across the UK, Germany and France, made proceeds of £26.2m after disposing four properties in the UK, and one in Germany.
During the six-month period it also acquired properties for £69.3m in the UK and France, with an average net initial yield of 5.8%.
Henry Klotz, executive chairman of CLS, said: “The first six months of 2018 has seen CLS deliver a strong set of results underpinned by robust and disciplined growth. We have delivered on our strategy of refocusing our portfolio with acquisitions at attractive yields and the disposal of properties which no longer meet our return targets.
“The strength of our results for the first six months of 2018 underlines the benefits of our geographical diversification across Europe’s three largest economies: the UK, Germany and France. Over the period, the group has produced underlying earnings and valuation gains across all regions in which we operate, which has resulted in solid growth in NAV.
“We have locally established management teams and are well positioned to enhance and grow our business. With our proven strategy of owning and managing high-yielding office properties across our three core markets, and our progressive dividend policy, I am confident we will continue to deliver value for our shareholders.”
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