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Circle Property reports another sparkling year of strong returns

The portfolio now comprises 21 regional office buildings with reversionary potential and added value opportunity from active management, plus an industrial property near Ipswich.
Office space
Circle agreed 12 new lettings in the last financial year with contracted annual rent of more than £1.35mln

Regional UK office investment, development and management company, Circle Property PLC (LON:CRC), saw its portfolio increase in value by 9.2% in the last financial year.

As at the end of March, the portfolio was independently valued at £124.6mln, up from £114.1mln a year earlier.

READ Circle Property inks agreement with RBS and HSBC for a £100mln new financing facility

The company’s net asset value (unaudited) at the end of March of £78.4mln was equivalent to 277p per share, and was up 20.4% year-on-year and up 95% since the company floated in February 2016.

"This is our third successive year of delivering total return in excess of 20% for investors and is a direct result of our proven strategy and active management approach. Following the significant refinancing and the strategic disposals completed over the course of the year, our balance sheet is stronger than ever with all the essential building blocks now in place for Circle's next phase of growth,” said John Arnold, the chief executive officer of Circle Property.

"We continue to have confidence in capturing the reversionary opportunity in the portfolio and assessing value accretive acquisition opportunities as and when they arise," he added.

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Circle Property PLC Timeline

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“We believe that our NAV forecasts are conservative and the shares are significantly under-valued given the company’s track record and growth prospects.”

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