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Wynnstay Properties reports strong porftolio uplift
Wynnstay Properties released a trading update at seven minutes after the market closed on Tuesday but it did not appear to be hiding good news, with a sizeable uplift in value of the office, retail and industrial developer's portfolio.
The AIM-listed company said independent valuers had revalued its investment properties at 25 March at £30.07m, which is £1.63m more than the book value the company had ascribed a year before, after adjusting for disposals.
The investment portfolio, which spans towns such as Aldershot, Aylesford, Basingstoke, Chessington, Liphook, Norwich, St. Neots, Surbiton, Uckfield and Weston-Super-Mere, equates to approximately 60p per share.
"This significant increase in value is a result of the successful negotiation of several important lease extensions, lease renewals and rent reviews during the period. These positive outcomes have further enhanced the lease profile and future income stream of the portfolio," Wynnstay said.
As a result of the increase in the property valuation, together with anticipated and actual profits on disposal of investment properties and trading profits, is expected to result in an increase in net asset value per share from 25 March 2017 of approximately 100p per share.
All figures remain subject to audit.