CLS Holdings H1 NAV rises 3%; warns of 'subdued' UK market

Europe-focused property investment company CLS Holdings said interim EPRA NAV increased 3.0% to 294.7p mainly through EPRA earnings and revaluation uplifts.

Basic net asset value rose 3.3% to 260.2p, while pre-tax profit fell to £64.9m from £119.4m a year earlier when the company sold its Vauxhall Square investment.

The interim dividend was increased by 7.3% to 2.20p a share.

The company said the performance of the UK market was likely to be “somewhat subdued in the period leading up to at least Spring 2019 as businesses take a 'wait and see' approach to the impact of Brexit”, and that increased trade tensions remained a threat to global growth.

However, it added that the German and French property markets benefited from strong domestic demand and a limited supply of new offices.

CLS's portfolio value rose by £82.3m to £1.88bn million than the seocnd half of 2017 driven by net additions and capital expenditure of £53.2m and a valuation uplift of £32.5m.