O Twelve Estates, the Guernsey-registered closed-ended investment company, has reported a net loss for the six months to end-September 2008 of £16.9 mln (EUR18.7 mln), or 13.77 pence per ordinary share, compared to a loss of £10.6 mln, 8.69 pence, in the same period last year.
O Twelve Estates, the Guernsey-registered closed-ended investment company, has reported a net loss for the six months to end-September 2008 of £16.9 mln (EUR18.7 mln), or 13.77 pence per ordinary share, compared to a loss of £10.6 mln, 8.69 pence, in the same period last year.
The group's property investment portfolio was valued by CB Richard Ellis at £232.9 mln compared to £267.6 mln in the same period last year. The company noted that this corresponded to a reduction of 7.2% in the value of the portfolio compared to a fall in the IPD All Property Monthly Index of 10%. The portfolio is focused on Thames Gateway and the adjacent areas of east London, Essex, South Hertfordshire and North Kent.
Phillip Rhodes, chairman of O Twelve, said: 'The credit crunch and the financial turmoil that continues to plague global markets has been hard hitting for many companies across all sectors, and O Twelve is no exception. However, we expect our target area to be more resilient to the knock-on effects of these problems due to the ongoing positive impact of the regeneration of the 2012 Olympic region.'
'Pleasingly, we are again reporting returns in excess of the IPD monthly indices for rental value growth and capital value movement. On a day to day basis, the portfolio is being managed with a view to maximising rental income and action is being taken to reduce costs.'
