Halladale plans to launch an unlisted German property fund which could be set up as early as this year.
Halladale is also launching a French unlisted vehicle. This could have up to €300m (£208m) to spend.
It has set up a co-investment fund manager in Paris called Rynda Property Investors which has hired Drivers Jonas to carry out the property selection and management for the business. Jones LangLaSalle will market the fund.
Halladale has reduced its overexposure to retail in Britain and bought £277m of property and sold £178m during the year to the end of April. It reported pretax profit up from £3.92m to £6.29m. NAV per share rose from 93.3p to 121.6p. The shares closed up 3p at 136.5p.
References: Financial Times 12/07/06 page 21, The Times 12/07/06 page 43 (Results in brief), The Daily Telegraph 12/07/06 page B6 (Results Round-Up), page B8 (Questor)
