MEPC is to invest £470m over the next four years, starting Iwith a £164m tranche in the second half of thisyear.
The majority of the investment will be in the UK market. Theaim is to up the share of retail, leisure and industrial in its£3.5bn portfolio. This would mean a reduction in officeproperty which is currently its largest holding.
MEPC made the announcement as it reported interim resultsshowing a 5% rise in pre-tax profits to £64.9m. Results wereaffected by a £73.2m charge due to the cancellation ofsterling fixed interest rate swaps in April, and net gains ondisposals of £10.8m. This move will lift pre-tax profits by£9m this year and by £19m in 1998. MEPC made disposalsof £119m and acquisitions of £61m in the six months toMarch 31. Income on the continuing portfolio had risen about£3m, or a little over 2%. Earnings per share rose 9% to12.5p before the provision. The dividend was unchanged. Theshares slipped .5p to 515p.
- Financial Times 04/06/97 page 19, page 23
- The Daily Telegraph 04/06/97 page 32
- The Times 04/06/97 page 30
- The Independent 04/06/97 page 26
