Property Fund Management (PFM), parent company of the io Group, has reported sharp increases in turnover and profits.
The group, which manages industrial funds in the UK and Europe, reported year-end pretax profits up 30% to £3m on turnover up 21% to £10m.
Property under management increased 52% to £835m, £575m of which is in the UK and £260m in Europe.
Chief executive John Sims said: “2002 was a year of significant achievement for Property Fund Management and 2003 provides a real opportunity to build on that achievement.
“In a market where investor return expectations are reducing, we are very well placed to achieve and exceed return targets, with the benefit of low-cost debt in our geared funds.”
PFM announced at MIPIM last week that it had more than €130m (£89m) of industrial property under offer for its European Industrial Partnership (EIP) and is on course to complete its €500m target by the summer.
The fund has raised €232m (£159.74m) of equity to invest in built industrial estates in France, Netherlands and Germany.
References: EGi News 11/03/03
