The company, which develops property in the
The majority of the uplift, around
Revenue, which is largely made up of rental income, rose to
Mucklow which invests in industrial, retail and office property, said the
Whilst property values have been depressed over the last five years, Mucklow has taken advantage of weaker investor demand, and our low level of gearing, to acquire eleven investment properties, mainly industrial, with a total cost of
However, the company said it may now struggle to acquire any further investment properties, while the "market is so competitive and we are not prepared to compromise on quality".
During the year, the real estate investment trust carried out refurbishments at a number of properties within its existing portfolio in order to benefit from increased occupier demand in future financial years.
On the development side, Mucklow started the construction of a 116,000 square foot pre-let distribution warehouse at
Mucklow said a number of investment properties were acquired in the year, including a industrial building in
Overall the investment properties and development land were valued at
On the back of its performance the company increased its final dividend by 10% to
"The company is in good shape with a quality investment portfolio and a strong balance sheet,"
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