Songbird Reports Higher Net Asset Value for First Six Months

Songbird Estates Plc (SBD), the company that controls London’s Canary Wharf district, reported higher first-half net asset value and said interest from potential tenants picked up.

Adjusted net asset value rose to 2.23 pounds per share as of June 30 from 2.10 pounds at the end of last year, the London-based company said in a statement today. Rental income climbed to 134.6 million pounds from 130.3 million pounds a year earlier.

“The retail portfolio again performed strongly, increasing in value by 6.7 percent in the period, reflecting a slight hardening of yields, progress with the expansion of Jubilee Place mall and growth in passing rents,” Chairman David Pritchard said in the statement. “Activity in the office letting market is improving.”

Canary Wharf Group Plc, in which Songbird has a 69 percent stake, has been broadening the types of buildings it builds and expanding outside the financial district of the same name. Leasing at Canary Wharf was “subdued” in the first half and has improved since then, with tenants including Royal Dutch Shell Plc (RDSA) agreeing to rent about 100,000 square feet of space so far this year, Pritchard said.

To contact the reporter on this story: Neil Callanan in London at ncallanan@bloomberg.net.

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net.

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