The value of properties owned by the Treasury Holdings-controlled quoted vehicle, Real Estate Opportunities (Reo), grew by stg£600 million (€860 million) in the 12 months to June 30th.
The company reported yesterday that the total value of its investments at the end of June stood at £1.36 billion, compared with £760 million a year earlier.
During the period, the company bought the landmark Battersea Power Station for £400 million from Oriental Properties. That property now accounts for the bulk of its UK portfolio, which was valued at a total of £506 million on June 30th by independent valuers.
Irish holdings account for the balance. These consist mainly of Dublin properties, including Stillorgan Shopping Centre, the Central Park office complex in Leopardstown and buildings in locations such as Stephen's Green and Henry Street, as well as interests in the financial services centre.
The company said that net debt at the end of June was £979 million, compared with £481 million 12 months earlier.
Treasury Holdings, controlled by developers John Ronan and Richard Barret, owns almost 59 per cent of Reo.
A net gain of £52 million from two separate legal settlements with UBS and Aberdeen Asset Management, which advised on its flotation in 2001, boosted profits at the firm.
Its pre-tax profit for the period was £51.9 million, compared with a loss of £14.3 million during the first half of 2006. Turnover was up slightly at £10 million. Outside the legal settlements, profits and losses stem mainly from the rents paid on Reo's properties.
At the end of June, Reo's shareholders' funds stood at £369.6 million, up from £267.5 million on December 31st and £238.7 million on June 30th 2006.
Commenting on the results, Reo chairman Ray Horney said the Irish property market performed well during the period with a Society of Chartered Surveyors-backed index showing that it produced a 5.2 per cent return. He added that recent uncertainty had hit the residential sector, but was primed for a soft landing.
