O Twelve looks forward to London 2012

O Twelve Estates is looking forward to the opportunities presented by the 2012 Olympic Games in London. The company believes that occupational demand in Stratford, the East End and the Thames Gateway will strengthen and grow on the back of unprecedented public and private investment in the areas.

The comments came on the announcement of interim pre-tax losses of £5.9m compared with profits last time of £2.9m. It attributed the performance largely to the unrealised loss on the revaluation of interest rate swaps of £3.9m and the loss of £1.3m on the revaluation of the group’s investment properties.

O Twelve’s property valuation was broadly flat at £168.9m compared with £170.2m last time. Fourteen new leases were signed in the period and void rates reduced from 14.1 percent as of the end of March 31 to 10.5 percent at the end of September. O Twelve Estate’s target area comprises the Thames Gateway and the adjacent areas of east London, Essex, south Hertfordshire and north Kent.