- Property investment company CLS saw profits rise by more than a quarter in the first half of the year following an increase in rental income and portfolio valuation gains.

For the six months ended 30 June, pre-tax profit rose 28.2% and earnings - EPRA net asset value – rose 5% to 325.3p a share.

EPRA NAV was driven primarily through portfolio valuation gains of £36.9m, up from £31.2m last year and the increase in the value of the company's shareholding in Catena of £21.0m.

Net rental income increased by 5.9% to £53.8 for the half from a year earlier.

The company proposed an interim dividend of 2.35p per share, up 6.8% on last year.

'We continue to seek well-located properties with good asset management opportunities, particularly in Germany and the South East of the UK, where we believe the better opportunities lie,' the company said.

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