20 Aug 2019 07:00
20 August 2019
Circle Property Plc
("Circle" or the "Company")
Annual General Meeting
At the Annual General Meeting being held today at 2.30pm at 3rd Floor, Standard Bank House, 47-49 La Motte Street, St Helier, Jersey JE2 4SZ, the Chief Executive Officer of Circle Property Plc, John Arnold, will give the following statement:
"We are delighted to confirm that our focus on regional office assets is continuing to deliver further growth for the business and 2018 marked the third successive year of delivering average Net Asset Value ("NAV") growth in excess of 20% per annum, alongside a 12% increase in contracted rental income and a proposed full year dividend up 12.5% to 6.3p for 2018.
As we have stated in the past, we continue to explore a number of opportunities to ensure that the Company's continued strong underlying performance continues to be recognised and delivers superior returns for shareholders. We look forward to updating shareholders in due course."
Circle Property Plc | +44 (0)207 930 8503 |
John Arnold, CEO Edward Olins, COO |
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Cenkos Securities | +44 (0) 207 397 8900 |
Azhic Basirov Katy Birkin |
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Radnor Capital | +44 (0) 203 897 1830 |
Joshua Cryer Iain Daly |
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Camarco | +44 (0) 203 757 4980 |
Ginny Pulbrook Tom Huddart |
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About Circle Property Plc
Circle is the best performing quoted UK real estate company by NAV total return (NAV growth and dividend)1 having delivered consistent returns with 86% NAV growth since IPO in 2016 in absolute terms.
Circle focusses on acquiring assets in regional cities, many of which have significant office supply constraints, and on office assets with active management potential (refurbishment opportunities, under-rented or vacant properties or short leases), rather than just maximising initial rental yields.
Circle is not a Real Estate Investment Trust (REIT) and can actively recycle proceeds from asset sales into its refurbishment and redevelopment pipeline, as well as future investment opportunities, therefore targeting a broader range of returns for shareholders, which are primarily driven by NAV growth.
As well as already delivering substantial increases in NAV, the Company's portfolio has significant reversionary potential with total estimated rental values of £10.34m per annum, compared to contracted rent of £7.61m at 31 March 2019. The Company has a portfolio of 16 regional commercial property investment and development assets in the UK valued at £139.2m.
1 Source: Radnor Capital research, 31 March 2019