Nama turns in €458m profit
Irish bad bank Nama made a post-tax profit of €458m (£323.8m) for 2014, a rise of 115% on 2013’s €214m. The bank redeemed a further €1.7bn of bonds in 2014, bringing the total to 64% of the €30.2bn senior debt it issued to acquire loans. The bank’s total cash generated rose to €23.7bn, including €18.7bn from asset disposals.
LXB gets lease of life
LXB Retail Properties’ shareholders have voted to continue the company’s activities. The vote follows advice from chairman Paul Wrigley that the company had “unfinished business”. The vote gives the company another 12 months to realise its investments ahead of another vote to continue.
Value rise for Urban & Civic
Urban & Civic’s net asset value rose by 14.6% in the year to 31 March to £371.1m, up from £323.8m when the company listed in May 2014. Work at three major sites is expected to commence in 2016, with the first deliveries by November that year.
Quintain posts NAV lift
Quintain has upped its NAV per share by 6% to 122p. The value of its Wembley Park completed assets rose by 4.6% to £272.9m and its London portfolio of assets rose by 3.3%. Wembley Park’s development site is 42% of its holdings and this increased by 13.8% in post-development value to £351.1m. Overall, Quintain’s portfolio is now valued at £639m.
