ALMACANTAR (38.29% of share capital through Exor S.A.)

 

The key consolidated income figures for the Almacantar Group for the first quarter ended March 31, 2015 are as follows:

£ million QI 2015 QI 2014 Change
Net property income 3.9 5.2 (1.3)
Profit attributable to owners of the parent 0.7 0.4 0.3

Net property income has decreased by £1.3 million, or 24%, to £3.9 million from the first quarter of the prior year (£5.2 million). Commercial rental income at Centre Point has ceased following the start of refurbishment in January 2015.

As Marble Arch Tower moves towards a future start on site, rental income for this property has reduced as commercial tenants are retained on shorter term leases at reduced rates.

During the first quarter of 2015, Almacantar has incurred additional pre-development capital expenditure for Marble Arch Tower, costs for refurbishment works for Centre Point and for the successful submission of the revised planning application for the Marble Arch Tower/Edgware Road scheme. Analysis has also begun to explore future redevelopment options available for 125 Shaftesbury Avenue with professional fee expenditure incurred during the first quarter of 2015.

Key consolidated balance sheet figures for the Almacantar Group at March 31, 2015 are as follows:

£ million 3/31/2015
3/31/2014
Change
Investment property (a) 756.7 741.6 15.1
Net debt (179.5) (146.5) (33.0)
(a) Excluding headlease asset.

The portfolio has increased reflecting additional pre-development capital expenditure for Centre Point, Marble Arch Tower and 125 Shaftesbury Avenue.

Net debt has increased by £33 million to £179.5 million with additional debt funding of £6.1 drawn from the construction facility to fund refurbishment costs for Centre Point. 

Commercial Register No.64236277 Legal notes | Credits