Saudi-backed Merivale Moore’s (MM) today announced its preliminary results, showing a 26.2% pre-tax profits rise to £2.13m – a third successive annual increase in NAV per share of more than 25%.
Pro forma net assets per share improved in the year from 145.3p to 182.0 showing an increase of 25%, while net rental income increased from £3.5m to £4.3m (23%). The West End and Midtown areas showed particularly strong rental and value growth.
“These figures reflect a rising property market last year,” said chairman Grenville Dean.
MM also announced that it is planning to sell its £4m central London residential investment portfolio for reinvestment in the industrial sector.
Last year, takeover talks between Warner Estate and MM broke down after the two sides were reportedly unable to agree on a price.
EGi News 25/09/00
