logo-loader
viewCircle Property PLC

Circle Property poised to deliver strong net asset value growth over the full-year

The first half of the year was steady but the second half is expected to see the pace of growth pick up

Circle Property PLC -
There remains strong regional office demand as a result of the regulation in relation to Permitted Development Rights.

Office property firm Circle Property PLC (LON:CRC) is expecting growth in net asset value (NAV) per share to pick up over the next few months.

The company’s portfolio has been independently valued at £135.6mln as at 30 September, up from £124.6mln at the end of March.

The NAV per share edged up to 278p per share, up a penny from six months earlier. The company is expecting to see most NAV growth in the second half of the current fiscal year.

Contracted rental income growth in the six-month reporting period rose by 7.2% to £8.2mln from £7.6mln, driven by the letting of space in the company's redevelopment and refurbishment pipeline.

Management's work on further refurbishments is on track to commence in the next few months and is expected to deliver an uplift in returns, Circle said.

"During the first six months of this year we have been highly active in creating a pipeline of well-located, income-generating assets to complement our portfolio, which are expected to provide significant upside and deliver strong NAV growth over the full year,” said John Arnold, the chief executive of Circle Property.

“The regional office market remains structurally strong and our active management of our property portfolio, alongside the negotiation of new existing lettings, continues to generate market-leading returns. Having established this momentum, we look forward to the full year ahead with confidence,” he added.

Quick facts: Circle Property PLC

Price: 205 GBX

LSE:CRC
Market: LSE
Market Cap: £58.53 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Circle Property PLC named herein, including the promotion by the Company of Circle Property PLC in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Circle Property on track for 'industry-leading NAV growth'

Circle Property PLC's (LON:CRC) John Arnold tells Proactive London's Andrew Scott he's expecting growth in net asset value (NAV) per share to increase over the coming months. He adds that contracted rental income growth in the six months to the end of September 2019 rose by 7.2% to £8.2mln...

on 6/11/19

2 min read