- An independent valuation of Circle Property's portfolio has revealed a 19.7% increase in the 12 months to the end of March, largely attributable to the company's ongoing asset management programme.

Circle said that following a 16.3% uplift in portfolio valuation in the first half, there had been a further increase in valuation to £93.025m in the second half - up from £89.105m at 30 September.

Chief executive John Arnold said: "To have achieved such a significant increase in valuations, largely through active asset management rather than through acquisitions or yield compression, is a strong endorsement of not only the level of expertise offered by our team, but also of the value inherent in our portfolio of regional UK properties.

"Our focus remains on understanding the requirements of occupiers in these key and under-supplied regional business markets, such as Birmingham and Milton Keynes, and delivering high quality space that meets this demand, allowing us to maintain our liquidity and deliver meaningful value to our shareholders.

"We continue to progress both our redevelopment and refurbishment pipeline as we look to lease the new space that we have created and to opportunistically acquire new assets while, at the same time, undertaking strategic disposals of non-core and ex-growth assets."

At 8:24am: [LON:CRC] Circle Property Plc share price was +3p at 153.5p

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