China Real Estate Opportunities (CREO) listed property vehicle, controlled by developers Johnny Rohan and Richard Barrett, yesterday said the value of its property portfolio jumped by 61pc last year to stand at £1.022bn (€1.09bn) at the end of December 2008.
Presenting its preliminary results for the year to end December 2008, chairman Ray Horney said the "CREO portfolio is well rented, whilst finance costs are well controlled and cash is being tightly managed to secure future working capital needs. We face the future with cautious optimism".
Based on an independent valuation of its property portfolio, the increase in net asset value per share works out at 59pc, taking them to £13.24m a share.
Gross rental income increased by 23pc to £26m. Rental income was underpinned by average occupancy rates in the portfolio of 92pc.
