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The Conygar Investment ( (GB:CIC) ) just unveiled an announcement.
Conygar Investment Company PLC reported a decrease in net asset value by £34 million for the year ending September 2024, primarily due to a £28.3 million write down in property values and £4.3 million in operational costs. Despite challenges, the company completed the first phase of its student accommodation at The Island Quarter, though occupancy rates and income are currently below targets due to market conditions. The company is optimistic about future prospects, supported by a credit facility extension from Barclays for further stabilization efforts. Additionally, Conygar is expanding its projects, submitting plans for a second phase of student accommodation and acquiring a leasehold interest at the site.
More about The Conygar Investment
The Conygar Investment Company PLC operates in the real estate industry, focusing on property development and investment. Its primary activities include developing mixed-use sites and student accommodations, with significant projects like The Island Quarter in Nottingham. The company aims to maximize returns from its property portfolio amidst challenging market conditions.
YTD Price Performance: -35.56%
Average Trading Volume: 11,898
Technical Sentiment Consensus Rating: Buy
Current Market Cap: £34.59M
See more insights into CIC stock on TipRanks’ Stock Analysis page.
