Results boost for U+I
U+I posted development and trading gains of 11.8% to £51.1m in the year to the end of February – a record for the company. NAV was up by 4% in the first quarter to £363.3m, a result that helped to offset the costs of its merger with Cathedral Group. Profits were down year-on-year by 25% to £25.8m.
Euro investment volume falls
European investment volumes have fallen by 40% in the first quarter to €46.7bn (£41bn), according to Real Capital Analytics. Continued uncertainty in financial markets alongside lower-than-average yields in the UK, combined with Brexit fears, dampened demand. Only Finland and Poland saw growth in traded volumes.
Cashflow slump for ICG fund
ICG Longbow’s senior debt fund posted an 8% fall in revenues for the year to the end of January. The decrease was the result of lower prepayment and exit fees compared with the year before. Profit, at £6.7m, was in line with expectations.
NAV lift for Picton
Picton’s net asset value was up by 2% to 77.2p per share for the quarter ended 31 March, while its like-for-like property valuation was up by 1.5%. During the period, net assets increased to £417.1m, compared with £408.8m for the same period last year. Its like-for-like property portfolio valuation increased by 1.5%, following a 2.6% rise on the same period last year.
