London & Associated Properties today said the value of its portfolio fell by 8.9% after disposals.
In preliminary results for the year to 31 December the retail property group said its portfolio had been independently valued at £195m compared to £214m the prior year.
But on a like-for-like basis the valuation represented a growth of 1%.
In 2010, the group sold Antiquarius on King’s Road in Chelsea, SW3, for £17.8m.
Rental income in 2010 was £16.5m compared to £17.1m in the previous year.
However, again on a like-for-like basis, rental income grew by 2.4%.
Its two markets in Brixton, SW9, have been strong performers in terms of rental growth, with the re-branding of Brixton markets leading to 8% growth, while Brixton Village is now fully let for the first time in 20 years.
Chief executive John Heller said: “We have disposed of almost half our portfolio over the last five years and now retain a core group of quality assets in which we have invested significantly.
“Our top five centres account for almost our entire portfolio by value and these are mostly let on long leases. I therefore remain cautiously optimistic going forward.”
Nick.whitten@estatesgazette.com
To access all EGi news stories and commercial property data sign up for a free trial today, or visit the subscription options page to find out more.
