As at the end of March 2016, the MLP Group, a developer of modern warehousing space, recorded an increase in its net asset value (NAV), reaching PLN 651.8 million. This is 0.7% more than as at the end of 2015 and 16.8% more than as at the end of Q1 2015. “Our Group recorded an increase in net assets in Q1 2016 despite the sale of two large real properties last year. This increase was a result of the net profit we generated and the valuation of hedging instruments posted to equity,” emphasized Radosław T. Krochta, Chief Executive Officer and Vice President of MLP Group S.A. At the same time, as at the end of March 2016, the value of the Group’s investment properties increased 1.5% to PLN 858.1 million compared to 31 December 2015.
In Q1 2016, the Group generated PLN 3.9 million in net profit, compared to a positive PLN 0.2 million in the same period of 2015. During the first three months of this year, consolidated revenues reached PLN 23 million. As at the end of March 2016, the MLP Group was leasing a total of 324.8 thousand square meters of commercial space to its customers.
Currently, MLP Group’s property portfolio consists of four logistics parks located in Poland: MLP Pruszków I, MLP Pruszków II, MLP Poznań and MLP Lublin. Its fifth park, i.e. MLP Teresin is currently under construction. Last year, the Group purchased land for the development of two new logistic parks, MLP Gliwice and MLP Wrocław, where it intends to develop a total of 142 thousand square meters of space. When these projects are taken into account, the MLP Group’s target warehousing space is currently 767.3 thousand square meters. The total area of the MLP Group’s land bank in Poland is approx. 96.3 hectares.
