StockMarketWire.com - Regional office investor Circle Property said its valuation had risen slightly in the first half.

The company's net asset value (NAV) per share for the six months through September had risen to £2.78, up from £2.77 at the end of March.

Circle Property said it was expecting to see most NAV growth for the year in the second half.

Its property portfolio, of which 99% was focused in the office sector, had been independently valued at £135.6m as at 30 September, up from £124.6m at the end of March.

Contracted rental income rose 7.2% to £8.2m, driven by the letting of space in the company's redevelopment and refurbishment pipeline.

'All of these lettings will allow Circle to generate increased earnings to the benefit of the shareholders in line with the company's progressive dividend policy,' the company said.

'Management's work on further refurbishments is on track to commence in the next few months and is expected to deliver an uplift in returns.'


At 2:55pm: [LON:CRC] Circle Property Plc share price was +2p at 202p



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