Circle Property - Asset management delivers strong capital growth
Circle Property’s recent trading update ahead of December’s interim results prompts us to revise our forecasts. 11% growth in the portfolio value to £103.5m, reflecting asset management progress rather than valuation yield, takes NAV per share to more than 200p. Circle also reports letting progress and lease renewals across the portfolio, including at recently refurbished assets. The latter have the potential to drive earnings and valuation significantly higher. Even before that, the shares trade at a hefty 24% discount to FY18e NAV and yield of more than 3%.Circle Property is a regional office investment and development company operating throughout the United Kingdom. Co.'s portfolio consists of 16 commercial property investments and developments in the UK with a value of £77.73m. All of the properties are held by Circle Property UnitT Trust and/or the Jersey Subsidiaries. The portfolio totals approximately 640,148 sq. ft. of accommodation, the majority of which, by floor area, is in the office sector. The portfolio floor area by sector are office, retail, warehouse, retail warehouse, roadside, conference facility and others.
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