NAV falls at McKay Securities
Property development and investment company McKay Securities yesterday announced a drop of 4.7 per cent in its net asset value (NAV) over the last financial year despite an increase in the company’s real estate portfolio from £205.95m to £208.52m. Managing director Simon Perkins said the fall in NAV was largely due to a £5.9m one-off swap rates payment in February to reduce the company’s notional hedging from £155m to £105m. The firm’s shares rose 2.2 per cent yesterday.