NEWS RELEASES 2007
Seventh Consecutive Year of Growth for Tilfen Land
January 05, 2007
Thames Gateway property developer and investor Tilfen Land has recorded another year of impressive growth.
The company’s annual report details a seventh consecutive period of robust performance with net asset value standing at £130 million (up from £106 million in 2004/2005), a net profit before tax of £8.5 million and shareholder returns of 35.7 per cent.
The period under review also saw Tilfen Land’s rent roll increase to £5.1 million (from £4.8 million) and its investment portfolio rise to £96.5 million (up from £67.2 million the previous year).
Tilfen Land chairman William McKee says: “This is another excellent year for Tilfen Land resulting in a significant uplift in assets coupled with exceptional shareholder returns.
“The company is now well placed to deliver a sustained performance compared with the market, and changes in operational policy have put us in a much stronger position to respond to the challenges facing the industry and take advantage of future opportunities.”
Tilfen Land also continues to record an impressive performance in the Investment Property Databank (IPD) figures. In the year to March 2006 returns stood at 37.8 per cent, placing the company third out of 195 funds, while over the last five years Tilfen Land was ranked first out of 131 funds with an average annual return of 24.3 per cent.
Nigel Houston, chief executive, Tilfen Land, says: “Our investment portfolio has significant opportunities to add value, while the company’s development programme is set to benefit from exposure to a major regeneration area within the Thames Gateway.”
In addition to its investment interests, Tilfen Land has three flagship developments underway in south-east London:
• White Hart Triangle is a 52 acre business park occupying an attractive location adjacent to the site of the proposed Thames Gateway Bridge. It features around one million sq ft of prime commercial space within one of the largest developments of its kind in the south east and will create an eventual 2000 new jobs.
• Veridion Park is a major new business park occupying 30 acres within the London borough of Bexley. The development - which also features an innovation centre being built by Bexley Council - aims to become a thriving environment for both established businesses and start-ups and to encourage industries and job creation that is currently under-represented in the local economy.
• Tamesis Point will see a mile of Thames riverside turned into a thriving new community of 2,000 homes built to high levels of urban design and featuring a range of community services and facilities.
Ends
Press enquiries to David Leck at Tilfen Land on 01322 528580/07710 326256.
Notes to Editors
• Tilfen Land is unique in its sector. Founded in 1999, it is a commercial property development and investment company wholly owned by two organisations working at the heart of one of the largest regeneration projects in Europe. The two shareholders - Gallions Housing and Trust Thamesmead - are responsible for building, developing and managing sustainable communities in the Thames Gateway. Tilfen Land’s main activity is commercial property investment and development in the strategically important area of Thamesmead, with plans to expand throughout the Thames Gateway and beyond. The company aims to increase its existing investment portfolio by identifying opportunities in the area from Birmingham to Bristol in addition to its interests in Thames gateway and the south east.
