McKay Securities plc, the only Real Estate Investment Trust (REIT) specialising exclusively in the London and South East office, industrial and warehouse markets, has announced its full-year results for the year ended March 31, 2019.
Financial Highlights
Portfolio Highlights
Richard Grainger, chairman of Reading-headquartered McKay, said: “I’m pleased to be able to report another successful year of delivery for McKay which concludes five years of exceptional growth since our 2014 capital raise. The past year saw further delivery against our long-term strategic objectives as it captured more of the portfolio’s reversion for the benefit of shareholders, despite navigating a turbulent market environment. McKay’s concerted focus on the office, industrial and logistics markets of London and the South East continues to deliver robust performance, whilst the substantial income potential still to be released, and our proven ability to unlock this, leaves us well placed to deliver future value.”
Simon Perkins, Chief Executive of McKay, said: “The growth delivered across all key metrics is a direct result of the carefully selected and actively managed portfolio that we have built up over recent years, combined with our ability to enhance and release its potential, which has resulted in rental and capital uplifts out-performing the market over the period.
“Our office development programme has been significantly de-risked following the completion of our 30 Lombard Street, EC3 scheme, which triggered commencement of the 15 year pre-let secured last year. On-going construction is now limited to our warehouse development at Theale Logistics Park at Junction 12 of the M4, an area with deep occupier appeal. While our focus on the office, industrial and logistics sectors of the UK’s strongest regions puts us in a strong position for the future, we now also benefit from enhanced operational flexibility following the new debt facility that was secured following period-end, which provides us with an additional £55m of firepower for opportunistic investment activity.
“We remain wary of the political uncertainty affecting our operating environment, however the strong fundamentals underpinning our markets and significant reversion that remains to be unlocked within our portfolio leaves us well positioned to deliver future growth.”
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