McKay Securities makes 'good progress' with refurbishment and development schemes

McKay Securities chief executive Simon Perkins told investors at the group's annual general meeting on Thursday that the group had made good progress with its active programme of portfolio refurbishment and development schemes.

The real estate investment trust expects completion of the schemes to enhance its ability to deliver further income growth from unlocking our significant 24.3%, or £6.6m per year, portfolio reversion.

Having derisked its office development programme with lettings last year, valuation gains enabled McKay to increase its banking facilities by £55m shortly after the year-end. - providing the firm with "additional headroom for acquisitions and future portfolio projects", which it also anticipates will contribute to future earnings growth.

Despite political uncertainties all across Europe, McKay expects that once a Brexit conclusion can be reached, stronger economic activity and limited supply, now at a 10 year low, will support rental value growth moving forward.

As of 1530 BST, McKay shares had picked up 2.17% to 235p.