Property market in India lifts Unitech Corporate Parks

Unitech Corporate Parks, one of the leading investment companies focusing on commercial real estate in India, has announced that in the year ended 31 March 2012 net asset value (NAV) increased to £0.52 per share (31 March 2011: £0.49 per share), despite a 14% fall in value of the rupee in the period.

Letting were strong during the year and the company's share of rental income increased during the year by 97% to £13.8m.

Cash held more than doubled to £39.9m.

Since the year end lettings have continued to perform well and negotiations are in progress with several parties.

Commenting on the results Donald Lake, chairman of UCP, said: "This year we have witnessed periods of increased tenant demand, resulting in continued strong lettings progress. The market still remains unpredictable, but we have successfully let large floor areas to first class tenants both during 2011/2012 and the new financial year, as well as building in line with demand, and have a number of further discussions ongoing.

"Although the Indian commercial real estate market environment remains challenging, we are confident that the high quality space being developed by UCP will continue to attract steady tenant demand, which will create value for shareholders. The current lettings are mainly to businesses consolidating existing operations, and we shall be pleased to see a return to new businesses being created."

Source: www.stockmarketwire.com