I quite like these comments from the Interim Management Statement:

“Property Portfolio: The portfolio was last valued in August 2010, by Treasury Holdings, in their capacity as investment advisers, at a value of €1,050 million.

The Group continues to place a strong emphasis on proactive management of the portfolio and tenant monitoring, resulting in stable annualised income of €40.2million, during a period of rental value deflation. Continuing strong operational performance is underpinned by prime office and retail locations, together with the diversity represented by high quality tenants including Vodafone, Merrill Lynch, KPMG and Marks & Spencer, which account for over 63% of the portfolio based on rental income.

Despite current market conditions, portfolio occupancy remains at 95%, with only 4% of rent roll in arrears, and a rent weighted average lease length of 12 years.

The Group's only current development project (Montevetro, Dublin 4) is due for practical completion at the end of January 2011, with strong interest from the market in the building, while a prudent approach to the timing of its remaining development pipeline continues to be adopted.”


http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=10762407

Real Estate Opportunities (LON:REO) Chart:
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