Logistics North helps Harworth to £335m NAV

Logistics North

Rotherham-based real estate and brownfield regeneration firm Harworth Group said its 2016 net asset value (NAV) rose 12.5% to £334.9 million — 115p per share — helped by progress at its flagship Logistics North site in Bolton.

At Logistics North, Harworth completed sales to Lidl UK, Aldi and Greene King, a letting to Costa Coffee and achieved practical completion of two forward funded units on behalf of M&G Real Estate in December 2016.

One of these units was let to Whistl shortly after the year-end.

Harworth CEO Owen Michaelson said: “These are a strong set of results, reflecting our continued focus on maximising the value of our strategic land bank whilst simultaneously growing our income base through new lettings and acquisitions.

“We are particularly pleased by the progress made and value uplift we have seen from our flagship North West site, Logistics North in Bolton, and are pleased to have improved the quality of our income base over the year.

“We have a proven strategy to create value and the market fundamentals in our regions remain strong, giving us confidence in the future.”

Harworth chairman Jonson Cox said its two largest shareholders, The Peel Group and the Pension Protection Fund (PPF), “have reaffirmed their strong medium to long term support to the group.”

Cox added: “The PPF has recently confirmed that it has now moved its shareholding in the group from its portfolio of ‘assets acquired through restructuring’ into its core, long-term investment portfolio, with a desire to support the full realisation of value by the group over the medium to long-term.”