UK Commercial Property Trust, the largest UK-focused trust of its kind, said yesterday its net asset value (NAV) per share had dipped 1.2 per cent to 68.9p in the six months to 30 June, as the value of its property portfolio fell.
The Guernsey-based trust, which owns retail and office properties across the UK, posted a net profit of £18m, compared to a loss of £4.42m in the same period last year.
UKCPT said strong growth in rents for Central London properties – both commercial and retail – had offset the impact of a weaker performance across the rest of the country, with retail markets away from the South East suffering the most.
During the first six months of the year the firm paid £18m for an industrial park in Dartford, and offloaded properties in Glasgow and Raynes Park for £10.45m and £7.25m respectively. It also secured new lettings to tenants Costa Coffee and PaddyPower, bringing in an extra £142,000 per year.
“The strong results ... reflect not only the high quality nature of our portfolio and the active asset management undertaken by our team of experienced managers, but also a broader improvement in sentiment across the UK economy,” said chairman Chris Hill.