PORTFOLIO PERFORMANCE
- West End is flourishing after a successful year
- Villages exceptionally busy; good tenant demand across all uses
- Vacancy continues at low levels
- Like-for-like ERV growth of 6% in 2012
- Acquisitions totalling 44.0 million in the period, of which 29.5 million was in Soho, 8.9 million in Charlotte Street, 3.1 million in Chinatown and 2.5 million in Covent Garden
- 14.9 million capital expenditure across portfolio
- In Carnaby, major schemes in hand. Lasenby House scheme is on-site and the Foubert's Place/Kingly Street scheme set to commence in January 2013
FINANCE
- 120 million 15-year secured term loan at a fixed rate of 4.43% raised in our Longmartin joint venture (Group's share 60 million)
- Committed unutilised bank facilities 139.3 million at 30 September 2012 (2011: 140.7 million)
- Loan-to-value ratio at 30 September 2012: 30.5% (2011: 29.5%)
John Manser, Chairman, commented:
"2012 has been a truly memorable year for London. Following the Diamond Jubilee celebrations, the Olympics and Paralympics put London firmly in the world's spotlight. The successful staging of these major events has greatly enhanced London's reputation and should attract more visitors and businesses, particularly to the West End, in the years ahead.
Demand for all uses across our portfolio has remained strong, resulting in continuing low levels of space available to let, and rising rental income and ERVs. Since the summer the West End has become even busier and we are seeing unusually high levels of interest from retailers, restaurant operators and other businesses seeking to come to our areas.
It is clear that the UK and other western economies will continue to face structural challenges for some considerable time. Uncertainty regarding the timing and pace of recovery is causing subdued business and consumer confidence. However, with its unique status as a leading global city, London attracts businesses, visitors and those who wish to live here from across the world, underwriting the long-term prospects for continuing prosperity in the West End. I am confident that, with our proven strategy and long experience of this exceptional location, our portfolio will continue to deliver attractive long-term returns for our shareholders."
