30 Aug 2019 18:20
30 August 2019
Circle Property Plc
("Circle" or the "Company")
Death of a Director
It is with deep regret that Circle Property Plc (AIM: CRC), announces that The Duke of Roxburghe, Non-executive Director, died on 29 August 2019 following a long battle with cancer. The Board extends its deepest condolences and sympathies to the Duke of Roxburghe's family.
John Arnold, Chief Executive of Circle Property Plc, said:
"Guy was a very valued and admired member of the Circle Property board and he will be sorely missed. We would like to extend our sincere condolences to all his family."
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 4992 |
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