Slough Estates sees U.S. asset review by June
Business parks group Slough Estates posted a 14 percent rise in a key valuation of its properties on Thursday and said it expected to announce the outcome of a review of its U.S. assets by June.
Slough, which converted into a tax efficient real estate investment trust (REIT) on January 1, said its diluted adjusted net asset value per share was 775 pence at December 31.
Eight analysts surveyed by Reuters Estimates gave an average forecast of 769.4 pence.
Slough's shares closed on Wednesday at 760 1/2 pence, valuing Britain's fifth biggest REIT at 3.6 billion pounds.
Slough has been conducting a strategic review of its U.S. assets, which include a business park in San Fransisco for biotechnology companies, and many analysts expect it to sell them to focus on growing its European operations.
"The process is well underway and we anticipate making a further announcement during the second quarter of the year," the firm said in a statement.
Slough added that market conditions were encouraging, with UK enquiry levels in line with last year and conditions stronger in continental Europe.
It said its underlying profit before tax rose 19 percent to 142.7 million pounds and announced a dividend of 19 pence a share, up 8.6 percent on 2005.
- 1 RBS gets Chinese approval for Suzhou stake
- 2 JPMorgan to cut 9,200 Washington Mutual jobs
- 3 RBS says govt to take 57.9 percent stake
- 4 BHP gloomy on short term
- 5 BT cutting 10,000 jobs as part of costs drive
- 6 Kingfisher to double Polish arm as migrants return
- 7 UBS says infrastructure fund raises $1.5 billion
|
|
