Quintain achieved a first-half net asset value rise of 6.1%, driven by strong valuation gains from its large Wembley and Greenwich projects.
The company, which specialises in large-scale urban regeneration schemes, said its Wembley development had increased in value by 5.7% to £595m, while its Greenwich project saw a 20.4% uplift to £278m.
The revaluations boosted NAV to 700p a share in the six months to 30 September, but a £14.2m decline in the value of some investment properties resulted in an overall pretax loss of £3.8m, against a £24.4m profit last year.
Chairman John Plender described the net revaluation deficit as ‘insignificant’ in relation to the company's property assets of £1.14bn and said he was confident the correction in pricing would create opportunities for Quintain.
‘We view the fall in commercial property prices as a healthy correction after a period in which the easy availability of credit caused the market to overheat,’ he said.
‘'With substantial funds available, we will continue to build out our pipeline of major schemes and consider a range of options to ensure the ongoing momentum of the development programme,’ he added. ‘We will also be looking to seize opportunities that are likely to emerge as the commercial property market moves to a more realistic valuation basis.’