Songbird Estates, the listed company which owns a 60% stake in Canary Wharf Group, revealed a 10% increase in the value of its portfolio in its half-year results.
The estate rose in value to £7.5bn in June from £6.7bn in December 2006, highlighting the strength of companies focusing on quality central London property.
In his statement to the Stock Exchange this morning, chairman David Pritchard said: ‘While market conditions are less certain, the Board believes that factors such as the high quality investment portfolio at Canary Wharf which generates a robust income stream, the long term leases with an average of over 19 years before expiry, the high levels of occupation across the estate and the secure financial structure of the company all position us well to meet future market conditions.’
The company said its portfolio was 99.5% let, and that rental income had increased 11% to £138.2m.
The company reported a 5.7% fall in net asset value to £2.49 a share, as a result of a dividend of 70.5p a share paid out to all shareholders.