Mauritius ? Atlantic Leaf Properties (ALP), the Mauritian-based real estate company that focuses on commercial property assets in strategically positioned light-industrial nodes in the UK, reported its results for the quarter ended 31 May 2017.
As at 31 May 2017, the company had a total of £303m in assets under management compared to £270m in 2016, with continued 100% occupancy and strong cash flows from the rental income collected.
Commenting on the results, CEO Paul Leaf-Wright said these results reflect a solid performance for the quarter where the company achieved its forecast earnings target and is on track for the full year forecast distribution of 9.0 pence.
"Our focus remains firmly on the United Kingdom which still presents numerous good opportunities for us to consider. Notwithstanding the recent elections and the ongoing Brexit talks, we see occupier and investment demand as well as income and capital growth continue to show value in the industrial and logistics sectors,” said Leaf-Wright.
The company’s total portfolio consists of 48 properties, each of which has long-term single-tenant leases with blue-chip occupiers, with an average yield of 7.3% and a weighted average unexpired lease term of approximately 11 years.
Shaun Fourie, chief investment officer said, although no new investments were acquired in the last quarter, the company continues to see significant activity in the UK property market and through its strong networks in the UK, is increasingly being approached to review off-market properties.
"We are constantly reviewing new opportunities and in the next quarter we hope to conclude negotiations on some new assets which are of a similar nature to our existing assets: having long leases, strong tenants’ covenants and fully let. We see these new acquisitions as both strengthening and diversifying our existing sound asset base,” said Fourie.
For the quarter, the weighted average adjusted HEPS was in line with management expectation at 2.31 pence per share.
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