Almacantar

 

 

(38.29% of share capital through EXOR S.A)

 

 

The key consolidated figures of the Almacantar Group for the first nine months of 2013 are as follows:

 9 months to September 30 
£ million 2013 2012 Change
Net property income 12.2 10.0 2.2
Profit for the period 34.7 1.6 33.1
Profit attributable to owners of the parent 27.0 1.1 25.9

Net property income increased by £2.2 million compared to the prior year, benefiting from the full-year impact of the acquisition of CAA House in July 2012. Such higher revenues are offset by the increase in operating expenses which include non-recurring costs. Looking ahead, net property income for the final quarter of 2013 is expected to be strengthened by the acquisition of 125 Shaftesbury Avenue.

Profit for the period increased by £33.1 million, from £1.6 million for the first nine months of 2012 to £34.7 million for the first nine months of 2013. The increase includes the revaluation of Centre Point for £28.7 million as part of the transaction to refinance the debt on the acquisition of the building.

The most significant transactions during the period regard the acquisitions of:

  • 125 Shaftesbury Avenue for £116.8 million;
  • purchase of non-controlling interest in Centre Point (equal to 25%) held by Frogmore for £36 million;
  • other investment property for £29.8 million.

Almacantar also incurred £9.5 million of additional pre-development capital expenditure for Centre Point and Marble Arch Tower. It is expected that this level of expenditure will continue in the last quarter of 2013 as the Centre Point project moves towards start-on-site and a planning application is submitted for Marble Arch Tower.
Almacantar’s share of this expenditure was largely funded by the drawdown of £146.4 million from the shareholders and the additional £47.5 million loan facility.

Key consolidated statement of financial position figures for the Almacantar Group at September 30, 2013 are as follows:

£ million 9/30/2013 12/31/2012 Change
Investment property portfolio carrying amount (excluding headlease asset) 555.7 369.6 186.1
Net debt (165.0) (119.9) (45.1)

The increase in investment property includes the revaluation of Centre Point, the acquisition of 125 Shaftesbury Avenue, other investment property, as well as additional pre-development capital expenditure for Centre Point and Marble Arch Tower.

Net debt increased by £45.1 million following the acquisition of 125 Shaftesbury Avenue to £165.0 million at September 30, 2013, compared to £119.9 million at December 31, 2012.

At the beginning of July, share capital increased following the issue of additional shares at a nominal amount of £109.9 million plus premium of £5.5 million. After this transaction, the share capital of Almacantar is £385.7 million, of which £55 million has not yet been called for payment.

At the beginning of November 2013, Almacantar reached an agreement with Starwood Property Trust Inc. and Starwood European Real Estate Finance Limited to refinance the existing loan relating to Centre Point for an equivalent amount of £220 million.

 

Commercial Register No.64236277 Legal notes | Credits