Rugby updates on disposals

Rugby Estates envisages that it will, subject to market conditions, substantially complete its portfolio disposal programme by the end of next year. David Tye, chairman, said: “The management team continues to implement its successful strategy to realise the value of its directly-owned property portfolio with individual assets being sold when key lease and asset management events are completed.”

Some £18.1m was released from asset sales during the financial year, representing 47 percent of the value of the portfolio at the start of the year. Cash realised from co-investments amounted to £4.4m.

The main assets sold were Birstall Industrial Portfolio, in Leeds; Somers Road, in Rugby; Orchard Business Centre in Sydenham, south-east London; Wylds Road, in Bridgwater; St John’s Square, in the City of London and The Oval in Hackney, east London.

Tye said the board looked forward to announcing progress on these and other initiatives in the coming months, building upon its successful refinancing of O Twelve Estates, aimed at growing Rugby’s asset management business. The announcement came with the unveiling of full-year pre-tax profits up from £184,000 to £2.44m.