London property investment firm increases revenues 26 per cent as UK "rethinks office space"

A London based property investment company has announced that its revenues have increased by more than a quarter in the latest financial year.

Ace Liberty and Stone, which invests in commercial opportunities across the UK, reported revenues of £6.39m for the year ending 30 April 2020, up by 26 per cent from 2019’s £5.07m.

As lockdown commenced in March, the company collected 82 per cent of rents due, and made agreements with other tenants to allow deferral of payments until December 2021.

Since the year end, Ace said that it has benefitted from its focus on regional hubs as opposed to “prestigious” properties, as more companies reconsider their use of office space.

During the period the group made no property acquisitions, but as property prices ease it has now acquired a Scarborough property for £1.4m, and has exchanged contracts for the purchase of a Carlisle property at a price of £1.7m with completion by 7 December 2020.

Ismail Ghandour, CEO, commented: “Coronavirus has caused a rethink on the use of office space.

“Our focus has always been on regional hubs across the country rather than prestigious central London properties which now look vulnerable to the expansion of working from home.

““We have a strong, stable position with a healthy balance sheet and good cashflow. This sets us up to explore further opportunities, even in this unusual economic and political situation.”

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