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LONDON (Alliance News) - Cardiff Property PLC said it is benefiting from recovery in the UK economy, particularly in the south east, as it continues to sign lettings across its portfolio in the Thames Valley region.
The company said lettings and investment activity in the Thames Valley commercial property market is improving. It said the majority of the new lettings signed were by smaller business enterprises or start-ups, "reflecting the growth areas of the economy".
Cardiff Property said at the White House in Egham all its retail units and office suites are now occupied on medium-term leases, while at the Windsor Business Centre all units are occupied on short-term leases.
In addition, the company said its 78 bed care home in Worplesdon, Surrey is now let on a 30-year institutional lease with rental increases linked to the retail price index. It said planning permission for additional living space has been granted, and discussions with the tenant are currently on-going.
Financially, the company said there have been no significant changes to its position since it published its interim results in May. However, its joint venture Campmoss Property Company Ltd has reduced indebtedness following further sales at Datchet Meadows, its residential site located between Datchet and Slough.
Cardiff Property shares were untraded Thursday; they were last quoted at 1,015.00 pence.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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