McKay Securities reports positive momentum

McKay Securities said it had positive momentum in the first quarter as demand for its office and industrial property held up despite worries over Brexit.

Reporting on trading for the three months to the end of June, McKay said its focus on offices and warehouses in London and the South East was paying off.

Simon Perkins, McKay’s chief executive, said: "Positive momentum has been maintained across the portfolio since the year end. The supply of modern business space across all our markets remains at historically low levels with a limited development pipeline.

"Occupier demand for our assets has proved resilient despite Brexit, although we anticipate continuing caution until the terms of exit are clear."

McKay said it could unlock £6.1m in annual income from its current portfolio, offering opportunities to generate shareholder value over the short to medium term. The company is turning a site on the M4 motorway from a chilled warehouse into an expanded warehouse site with completion expected in the first half of 2019.

The company's shares were unchanged at 260p at 11:00 BST.