Harworth Sees First Half Developing Nicely

By Anthony O. Goriainoff

Harworth Group PLC said on Friday that it expects EPRA [European Public Real Estate Association] Net Disposal Value as at June 30 to be materially ahead of current consensus for 2021, and that it remains well-capitalized and is managing cashflows sustainably.

The U.K. property developer said that this was due to its strong operational performance and the effect of a buoyant land market, especially in the industrial and logistics sectors, on its half-year portfolio valuation.

Current consensus for EPRA NDV for the year is 167 pence (230 cents), the company said.

The company said that at June 30 its Industrial & Logistics pipeline totaled 26.2 million square feet, of which 9.0 million square feet were consented.

It added that its residential pipeline comprised 60,655 housing plots at June 30, of which 9,855 were consented, and that demand for its serviced residential land product remained high during the first half. The company said it exchanged on sales in-line with, or ahead of, Dec. 31 valuations, to a range of housebuilders.

“We continue to see depth of market demand from occupiers and investors for both built stock and, increasingly, strategic land within our industrial and logistics portfolio, as well as for our residential serviced land product,” Chief Executive Lynda Shillaw said.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

View more information: https://www.marketwatch.com/story/harworth-sees-first-half-developing-nicely-271627023484

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