Soho Estates directors recommend £45m dividend

The directors of Soho Estates have recommended a dividend payment of £45m in the company’s latest full-year results, lodged with Companies House. The firm, a subsidiary of Soho Estates Holdings, reported a profit for the year ended 31 March 2018 of £37m (down from £183m the previous year) and a 2.5% increase in turnover to £29m. Cash and cash equivalents stood at £47m at the end of March. Soho Estates Holdings also reported a 6.5% increase in value, year-on-year, to £976.6m for its group investment property portfolio, £262m (or 27%) of which was valued by “an external, independent valuer”. Soho Estates Holdings said the remainder of its investment property portfolio was valued by the directors “using ERV and yields appropriate to the region in which the property is situated”. The group also reported that an existing facility with Barclays Bank had been repaid in full during the financial year and a new £250m revolving credit facility had been taken out with HSBC Bank, maturing in 2022. During the year Soho Estates also issued £15m of Senior A loan notes, £20m Senior B loan notes and £62.5m Senior C loan notes. To send feedback, e-mail Louise.Dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette