Value of Wynnstay Properties portfolio grows more than £2m

The value of Wynnstay Properties' investment portfolio increased by more than £2m over the past year on the back of several lease extensions.

At the end of the AIM-listed investor’s financial year at 25 March, its properties were valued at £29.51m, an increase of £2.21m, or 81p per share, from the previous year.

This was due to several lease extensions, lease renewals and rent reviews, which have also enhanced the lease profile and future income stream of the portfolio.

Wynnstay's portfolio is currently fully let and income producing and there were no material tenant defaults during the year.

The company has also agreed to a new five-year banking facility with Handelsbanken to December 2021, with interest payable on £10m being fixed for the duration at 3.35% and the balance of £1.34m continuing at a variable rate of 2.49% over LIBOR.

Separately, Wynnstay has appointed Paul Mather and Caroline Tolhurst, chartered surveyors with experience in commercial property and property fund management, to the board.

Shares in Wynnstay Properties were down 3.09% to 470p at 0834 BST.