| CATEGORY: NEWS AND ANNOUNCEMENTS SECTOR: PROPERTY |
Terrace Hill warns yields levelling off |
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Wed 21 Feb 2007
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LONDON (SHARECAST) - Terrace Hill Group, the AIM-listed property developer, said today that the UK property market remains robust but warned investment yields are leveling off in commercial property.
“In the commercial market we foresee some levelling off of investment yields but further growth in rental values in selected sectors and locations, particularly offices,” said Terrace Hill in a statement.
The group has decided against demerging its Scottish housebuilding business, which it had said it would spin off in early 2007. “We now believe more value will accrue by delaying the demerger and growing the business further within Terrace Hill.”
Terrace Hill reported a pre-tax profit of £4.7m for the year to October compared with £4.2m a year ago, while adjusted diluted NAV increased 62.8% to 89.0p per share from 54.6p per share.
The group, which recently acquired House of Fraser's office headquarters, said it remains optimistic of securing substantial opportunities in the North West during 2007.
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