Circle Property PLC Annual General Meeting (5462J)
20 August 2019 - 4:00PM
UK Regulatory
TIDMCRC
RNS Number : 5462J
Circle Property PLC
20 August 2019
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."
+44 (0)207 930
Circle Property Plc 8503
John Arnold, CEO
Edward Olins, COO
+44 (0) 207 397
Cenkos Securities 8900
Azhic Basirov
Katy Birkin
+44 (0) 203 897
Radnor Capital 1830
Joshua Cryer
Iain Daly
+44 (0) 203 757
Camarco 4980
Ginny Pulbrook
Tom Huddart
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 GBP10.34m per annum, compared to
contracted rent of GBP7.61m at 31 March 2019. The Company has a
portfolio of 16 regional commercial property investment and
development assets in the UK valued at GBP139.2m.
(1) Source: Radnor Capital research, 31 March 2019
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END
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