Scottish Metropolitan Property has confirmed that it is sitting on funds worth £57m which it will use to invest in UK property.
ScotMet’s managing director, Scott Cairns, told EGi that at the company’s year end it had cash reserves of £17m and £40m in unused bank facilities available to spend on property. “We aim to be net investors in UK property this year,” he said.
Yesterday the company posted pre-tax profits of £9.22m in the year to August 15 – up £210,000 on last time.
Commenting on the reweighting of ScotMet’s £224.14m portfolio which has seen the company’s exposure to the office sector fall by 11.1% to 18.3%, Cairns said: “We don’t consider offices to be a growth area … To put this in perspective, five years ago our office exposure was 60%. This has been a long-term reweighting.”
EGi News 22/10/97
