Northern European Properties, the AIM-listed property company floated by the Livingstone brothers last November, revealed a 22% rise in net asset value in its maiden results.

In an announcement to the stock exchange this morning, NEPR said that NAV had increased to €1.21 a share, up 22% from the proforma NAV contained in the company’s admission document.

The company, which currently invests in the Nordic region and Baltic Russia, has an portfolio valued at €1.8bn (£1.25bn). It said it planned to expand the scope of its investment in Russia beyond St Petersburg.

‘We recognise that the Russian market poses a higher operational and financial risk compared to the Nordic market and we will seek to mitigate these risks through London & Regional’s local expertise combined with applying lower leverage to our Russian portfolio,’ Jens Engwall, chairman of NEPR, said.

It said it also plans to list on the Euronext Amsterdam exchange before the end of 2007.