FY09 results illustrate the resilience of a focus on mid-market, more affordable central London commercial property. Adjusted NAV finished the year at 1,168p/share, 17.6% up from the mid-year, on the back of a 9.8% H209 recovery in portfolio values, with voids and take-up rates better than the market average. A 10% increase in FY09 dividends revealed confidence in recurring cash flows and confirmed commitment to a progressive dividend. The shares are just 7% below FY11e NAV, a high rating that reflects market faith in the strategy and management.

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