McKay Securities busy investing cash raised in February

MCKS : McKay Securities busy investing cash raised in February

McKay Securities has published its interim report which covers the six months that ended on 30 September 2014. Over that period McKay’s EPRA net asset value rose by 5.7%, driven by a 4.8% return on its property portfolio. McKay is maintaining its interim dividend at 2.7%.Not much property was sold during the period, just £3.2m worth from a portfolio worth £322m at the end of September. Instead they have been focusing on investing the £87m they raised from investors in February this year.

In addition to the five properties they bought during the period  for £52m they have identified a programme of refurbishment and development work including potential office development schemes at London Road, Redhill (47,000 sq ft), and 30/32 Lombard Street, EC2 (58,000 sq ft).