Slough Estates has announced that Spain and Italy will be 'target countries' in 2007. The UK company is keen to boost its regional presence in these two markets after entering them in November 2006 through a sale-and-lease-back deal with Antalis. 'This year obviously Spain and Italy will be high on our agenda because we have now made a modest entry into those two countries,' ceo Ian Coull said during a conference call to present the company's final year results. Coull added that Slough Estates is 'very interested' in developing its property portfolio in clusters around major business centres across the continent.'

Slough Estates has announced that Spain and Italy will be 'target countries' in 2007. The UK company is keen to boost its regional presence in these two markets after entering them in November 2006 through a sale-and-lease-back deal with Antalis. 'This year obviously Spain and Italy will be high on our agenda because we have now made a modest entry into those two countries,' ceo Ian Coull said during a conference call to present the company's final year results. Coull added that Slough Estates is 'very interested' in developing its property portfolio in clusters around major business centres across the continent.'

Profit before tax rose 18.5% to £690 mln in 2006 from £582 mln a year earlier, while adjusted net asset value (NAV) increased 14% from 680 to 775 pence after paying a charge of 17 pence a share for conversion into a REIT. Slough unveiled a total dividend of 19 pence for the full year, up 8.6% from 17.5p in 2005.

Slough, which is present in nine countries across Europe, said its £3 bn development pipeline is strongly focused on the Continent, and includes some 2.4 million m2 with £226 million of rental income potential. The development pipeline accounted for some 338,000 m2 at the end of 2006, and another 734,000 m2 is planned to start in 2007, of which 515,000 m2 will be in continental Europe.