Wynnstay Properties PLC on Wednesday said the total fair value of its portfolio increased, as it was valued by BNP Paribas Real Estate.
The Powys, Wales-based agricultural and specialist merchanting firm said the total aggregate fair value of its portfolio at the financial year ended March 25 was £43.9 million, up 12% from £39.3 million a year prior.
However, Wynnstay’s net debt at the end of the financial year increased 56% to £10.4 million from £6.7 million year-on-year. The loan-to-value ratio ticked down to 24.7% from 25.3%.
Managing Director Chris Betts said: ‘While the weaker investment market resulted in a softening of the valuation yields used by our valuers compared to last year of approximately 25 basis points across the portfolio, the impact of this yield shift on our valuation was more than offset by our rental growth and our active asset management of the portfolio.’
Chair Philip Collins said: ‘Our position at the end of the financial year demonstrates the benefits of Wynnstay’s distinctive approach to commercial property investment primarily for private investors and the underlying strength and resilience of the portfolio.’
Wynnstay shares fell 1.9% to 687.00 pence each on Wednesday afternoon in London.
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