14 May 2013 07:00
A & J MUCKLOW GROUP PLC
Interim Management Statement
14 May 2013
A & J Mucklow Group Plc, the Midlands based Real Estate Investment Trust, issues its Interim Management Statement for the period from 1 January 2013 to 13 May 2013.
Rupert Mucklow, Chairman, comments:
Our occupancy rate has improved marginally since 1 January 2013 from 93.5% to 94%, with a further 1.5% of vacant space currently under offer.
The Midlands industrial occupier market remains patchy, with higher levels of demand in some areas, and for certain types of property. This demand, together with a general shortage of quality industrial space and the ability to offer flexible terms to occupiers, has enabled us to continue to attract tenants and reduce our voids.
We have also successfully negotiated a number of lease extensions during the period, on properties where leases were due to expire over the next 12 months.
Planning consent has been granted for a data centre at our vacant 40,000 sq ft industrial building in Birmingham, with completion of the sale of the property expected at the end of June 2013.
There were no property acquisitions made during the period, but we have seen an increase in the number of suitable investment opportunities and are currently pursuing some attractive industrial investments, which will hopefully be acquired by our financial year end.
We completed the refinancing of our principal banking facilities with HSBC in March 2013. The new facilities are for a period of 5 years and comprise a £44m revolving credit facility, £20m term loan and £1m overdraft. This follows the completion of the new £20m, 10 year term loan with Lloyds TSB Bank in November 2012.
Our total net borrowings at 30 April 2013 were £68.1m and gearing was 38%, while undrawn bank facilities totalled £39.5m. Other than stated above, there has been no significant change in the Group's financial position since 31 December 2012.
Contact:
Rupert Mucklow, Chairman
David Wooldridge, Finance Director
0121 550 1841