(38.30% of share capital through EXOR S.A.)

The key consolidated income figures for the Almacantar Group for the first nine months of 2015 are as follows:

  9 months to
September 30
£ million 2015 2014
Net property income
11.9 13.1 (1.2)
Profit attributable to owners of the parent
0.2 (1.4) 1.6

Net property income has decreased by £1.2 million, or 9%, to £11.9 million from the first nine months of the prior year (£13.1 million). Commercial rental income at Centre Point has ceased following the start of refurbishment in January 2015 which is scheduled for completion in April 2017. As Marble Arch Tower moves towards a possible future start on site, rental income for this property has reduced as commercial tenants are retained on shorter term leases at reduced rates.

The key consolidated balance sheet figures for the Almacantar Group at September 30, 2015 are as follows:

£ million 09/30/2015 12/31/2014 Change
Investment property (a)  1,200.1 741.6 458.5
Net debt
(278.4) (146.5) (131.9)
(a) Excluding headlease asset.

The carrying value of Almacantar’s property portfolio has increased reflecting primarily the forward purchase during July of two significant office developments at One and Two Southbank Place, from Braeburn Estates, a joint venture between Canary Wharf and Qatari Diar. One and Two Southbank Place will provide 572,616 square feet of Grade A office space in two buildings when completed in 2018.
Additional capital expenditure was also incurred in relation to the refurbishment of Centre Point, pre-development activities for Marble Arch Tower, and an initial feasibility study for 125 Shaftesbury Avenue.

Share capital was increased in July for a nominal amount of £151.8 million plus £7.8 million of share premium. The amount of share capital not yet called for payment is £75.9 million.

Net debt at September 30, 2015 amounts to £278.4 million, an increase of £131.9 million compared to net debt at December 31, 2014. It reflects new borrowings of £112.7 million used to finance the acquisition of One and Two Southbank Place, as well as £26.9 million drawn from the construction facility used to finance the refurbishment of Centre Point.

Commercial Register No.64236277 Note legali | Credits