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Circle Property

Asset management delivers strong capital growth

Update | Property | 27 Oct 2017

Circle Property’s recent trading update ahead of December’s interim results prompts us to revise our forecasts. 11% growth in the portfolio value to GBP 103.5m, reflecting asset management progress rather than valuation yield, takes NAV per share to more than 200p. Circle also reports letting progress and lease renewals across the portfolio, including at recently refurbished assets. The latter have the potential to drive earnings and valuation significantly higher. Even before that, the shares trade at a hefty 24% discount to FY18e NAV and yield of more than 3%.

Circle Property

Value property specialist

Initiation | Property | 04 Sep 2017

Circle Property is an investor in regional UK commercial real estate, founded in 2002 and quoted on AIM since February 2016. It focuses on obtaining assets with good underlying characteristics at attractive prices, whose value can be increased through refurbishment, changes of use and other active asset management initiatives. The experienced executive team takes a hands-on approach and develops an individual management plan for each asset, minimising voids and maximising income and value. The current portfolio of GBP 93m generates annual rents of GBP 5.7m, supporting a c 3% prospective dividend yield, and gave an 18.1% NAV return in FY17.

Circle Property

21% total return in H1 continues strong growth

Update | Property | 17 Jan 2019

In the six months ending 30 September 2018 (H119) Circle Property continued to generate strong returns. The 21.1% H119 NAV total return takes the total return since IPO in February 2016 to 93%, a compound annual average 29.0%. Current returns reflect the benefits, in terms of rising income and capital values, of letting recently refurbished space. We forecast more gains to come from the existing portfolio, while management is seeking to replenish the refurbishment pipeline.

Circle Property

A strong harvest continues

Outlook | Property | 09 Jul 2018

Circle actively manages its assets, placing an emphasis on total returns rather than short-term income maximisation. With three significant office refurbishments recently completed and in various stages of letting, it continues to harvest the benefit in terms of rising income and capital values, supporting growing dividends and NAV. FY18 NAV total return was 28.3% and, since the February 2016 IPO, the compound annual total return has been 26.2% pa. With a positive supply–demand balance in regional office markets continuing, we believe there are more gains to come.

Circle Property

Lifting estimates again

Update | Property | 18 May 2018

Circle will publish results for the year to 31 March 2018 in June but recent updates show further strong momentum. Ongoing asset management initiatives are continuing to drive operational progress, delivering strong growth in rental income and cash earnings, and lifting investment portfolio valuations. As a result, we have increased estimates for the third time since we first initiated on Circle in September 2017. The shares are trading at a discount of c 30% to our increased FY18e NAV with a yield of more than 3% and DPS well covered by growing income.

Circle Property

Increasing forecasts again

Update | Property | 10 Jan 2018

Circle Property’s recent interim results show asset management initiatives continuing to drive operational progress, delivering strong growth in rental income and cash earnings, and lifting portfolio valuations. Letting progress has continued in H218, including at recently refurbished assets, but significant reversionary potential remains and capital values remain low. We are raising our estimates again but continue to see potential for further upside from faster letting of refurbished assets than we have assumed. Even before that, the shares trade at a hefty 25% discount to FY18e NAV with a yield of more than 3%.

Circle Holdings

Revenue growth and narrowing losses

Update | Financials | 26 Sep 2014

Circle Holdings achieved good revenue growth in H114 of 11% year-on-year, reduced its EBITDA losses further and produced a small EBITDAR profit of £0.4m; however, EBITDA progress was not as fast as we expected. The Bedfordshire NHS contract was successfully started in April and CircleBath property was sold to a US REIT, Medical Properties Trust, producing lower rent, a capital gain and a new relationship with a large finance provider. Project Reset is due to be completed in Q414. There were no announcements of new business projects but management is optimistic that its relationship with the US REIT could lead to further developments, such as a new hospital in Birmingham.