A YEAR of wheeling and dealing on the industrial property market has helped Ashtenne Holdings to boosts its profits.
The group, which has regional offices in Gateshead and York, earlier this month boosted its business with a £53m deal for the property portfolio of development agency Yorkshire Forward, comprising 48 buildings and 62 acres of land.
In the year to last December, the group recorded pre-tax profits of £19.4m, a 13 per cent increase on the previous year.
Ashtenne increased the properties in its ownership, or held in partnerships, to £580m, an increase of £80m on the previous year.
The group concluded 29 acquisitions in the year, totalling £135m in value, including 585,000sq ft of vacant property and 89 acres of developable land.
James Hambro, chairman, said: "2002 was another successful year for Ashtenne with increased profits, net assets and dividend. The company is now almost debt free and in a strong position to maintain its record of growth."
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