London and the South-East focused investor O Twelve Estates has seen net asset value per share fall by 16.3% year-on-year for the year ended March 2012, down to 6.98 pence per share.
The value of O Twelve’s portfolio dipped by 2.6% compared with the same period last year, at £154.4m. The group made a net loss of £6.6m over the year.
The group’s void rate rose to 13%, up from 7.7% the previous year, an increase almost solely due to the loss of a major tenant at a distribution unit at Western Avenue, Thurrock, due to financial difficulties.
There were no material acquisitions during the period.
O Twelve chairman Philip Rhodes said: “Property valuations are unlikely to increase significantly over the next 12 months, in no small part due to the ongoing uncertainty in the Eurozone.
“Your Board considers that the interests of shareholders are best served by continuing to pursue latent value within the portfolio by aggressive asset management, particularly of a number of opportunities where there is clear potential to create additional value.
“As assets mature they will be realised when right to do so in the circumstances of each individual property.”
O Twelve Estates is a closed-ended investment company registered in Guernsey.
sophia.furber@estatesgazette.com
