London & Associated Properties said its portfolio is proving resilient to the
The listed retail specialist grew its rental income to £8.6m for the six months to 30 June 2010, compared to £8.5m for the same period last year.
Its average unexpired leases are eight years, with 68% of income generated from leases with in excess of five years to run.
The value of London & Associated’s portfolio stands at £210.5m.
Although, following the sale of antiques market Antiquarius for £17.82m – a 5.74% net initial yield to Cadogan Estates Property Investments – it fell to £183m.
Under the EPRA accounting standard, its net assets are £72.2m.
The group also completed a 12-month extension to its revolving credit facility with the Royal Bank of
Michael Heller, chairman of London & Associated, said: “I feel we have a strong core portfolio of properties that are proving resilient to the
“I therefore look forward to the future with reasonable confidence.”
annabel.dixon@estatesgazette.com
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