ANOTHER SOLID PERFORMANCE FROM TILFEN LAND AS GATEWAY INVESTOR AND DEVELOPER REPORTS
Thames Gateway property investor and developer Tilfen Land has reported a set of figures that record a strong and robust business well placed to take advantage of market opportunities going forward. The company's annual report which covers the year to March 31, 2008 is published today (November 26) and highlights the following:
- income from investment properties up to 6.8 million (6.3 million)
- void levels of less than five per cent
- net asset value standing at 116.6 million (131.2 million)
- investment portfolio of 95.4 million (114.1 million)
- the companys largest ever single development transaction at White Hart Triangle
Commenting on the performance, Tilfen Land chairman William McKee CBE says: Consistent progress has seen a significant increase in investment income, with low voids, a number of new lettings and good existing tenant retention. For three quarters of the year the company was operating in a deteriorating market and since year-end the general economic outlook has, of course, continued to worsen. But Tilfen Land is a business in good shape and, crucially, one with a financial position and track record to take advantage of significant opportunities in a re-emerging market. Tilfen Land boasts a development portfolio of 109 acres of land across the London boroughs of Bexley and Greenwich, with outline consent for 1.68 million sq ft of commercial space and over 2000 residential units. The company has three flagship developments designed to bring significant investment - and the creation of both jobs and new homes - to a key part of south London: White Hart Triangle- a joint venture with Greenwich Council and the London Development Agency has outline consent for one million sq ft of B1, B2 and B8 accommodation across 49.2 acres of net developable land. Tilfen Land is currently constructing its largest ever single development transaction on the site which is pre-let to Iron Mountain the leading global provider of comprehensive records management, data protection and information solutions. Veridion Park- covers 31 acres of net developable land with outline planning consent for 680,000 sq ft of office, light industrial and warehousing. Tamesis Point- comprises 47 acres of net developable land with outline consent for 2000 residential units along a mile of the River Thames in Greenwich. This development has been put on hold until market conditions improve. Nigel Houston, Tilfen Lands chief executive officer, says: Key to our strategy going forward is a focus on asset management to maximise tenant retention and, where possible, add value in an increasingly challenging market. We anticipate that adverse market conditions will generate interesting buying opportunities and we intend to make full use of our cash surplus and strong balance sheet to source suitable opportunities offering scope to add value in the medium term. In addition to retaining suitable completed pre-let developments, we will be actively looking for medium term opportunities which are either income producing or capable of producing short term income. -ends- November 26, 2008 Press enquiries to David Leck at Tilfen Land on 01322 528580/07710 326256. NOTES TO EDITORS 1. The Tilfen Land Annual Report 2008 can be downloaded by visiting www.tilfenland.co.uk. Alternatively, to request a hard copy call David Leck on 01322 528580/07710 326256. 2. For images of William McKee, Nigel Houston, or the flagship Tilfen Land developments call David Leck on 01322 528580/07710 326256.