AEW UK REIT PLC on Thursday said profit more than doubled in the first half of its current financial year, due to a gain on the fair value of its investment properties.

The London-based real estate investment trust said pretax profit for the six months that ended September 30 was £16.6 million, more than doubling from £7.2 million last year.

This was primarily due to a £7.0 million gain from changes to the fair value of its investment properties, compared to a loss of £160,000 last year.

The firm also made £1.5 million in realised gains on its disposal of investment properties, compared to £1.7 million of gains a year prior.

Net asset value at September 30 was 109.05 pence per share, up 6.0% from 102.73p at March 31. The NAV total return for the six-month period was 10%.

AEW UK REIT declared two quarterly dividends of 2.00p per share, bring its total interim dividend 4.00p, unchanged year-on-year.

Chair Robin Archibald said: ‘Having joined the board of AEW UK REIT in the last year, I have been impressed by the historic and current performance record of the portfolio, in terms of the sustainability of income, and capital profits generated. This has been achieved against a difficult market background for UK commercial property since the company’s inception over nine years ago.’

Shares in AEW UK REIT closed 1.2% higher at 97.80 pence each in London on Thursday.

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