Firm behind the Camden Lock Village development see adj EBITDA jump 24.5%
Companies: Market Tech
Market Tech, the firm behind the vast 16-acre Camden Markets development, has announced its half-year results for the six months ended 30 September, reporting a 14% increase total revenue to £71m, a 24.5% jump in adj EBITDA, and quadrupling PBT to £43m.
Across the Group, property revenue increased 29%, digital revenue increased 9.9%, whilst its property portfolio value jumped 8.4% to £1.07bn. The 5.9% increase in Net Asset Value to £824.6m, equates to 175.4p/share which is significantly higher than its current share price of 150p.
Operationally, Market Tech say there was strong demand for office and retail space across the estate during the period, with 15 new leases, 10 lease renewals, and 32 short-term market tenancies, representing £3.7m in annualized rental income.
What is the Camden Markets development?
The development is a major project to renew and develop the famous Camden Lock Village and market, to create the "Borough Market of North London".
The project includes 170 new homes (156 private, 14 defined as affordable), new shops, market pitches, and 100,000 square feet of offices. It was given the go-ahead in 2012.