These were impressive results from Metric Property. They show how active property managers can move the valuation needle in a flat market when they aren't held back by swathes of legacy assets.
IC TIP:
Buy
at
86p
Metric floated with 100p per share of cash in March 2010. Two years on and that 100p has turned into 107p of retail warehouses (adjusted for valuation movements in the derivative portfolio) even as sentiment towards the retail sector has deteriorated rapidly. Strip out acquisition and fund-raising costs and net asset value (NAV) would be 116p.