GPG tops up property stake

The corporate investment company now holds 4.73% of the company, up from 3.09% previously.

Tops Estates specialises in buying and redeveloping shopping and leisure centres and its portfolio includes ten centres in cities such as London, Leeds and Liverpool.

Its share price of around 177 pence is trading at a considerable discount to the company's net asset value of 401 pence. The company has gross property assets of more than £450 million.

In its half-year to the end of September 2000 Tops reported a 66% increase in profit to £2.76 million with a 16% increase in rental revenue to £13.2 million.

The company's goal is to invest in shopping or leisure centres in towns or cities which are dominant, have growing catchments, growing local economies and housing and are well placed for public transport.

At the end of September the group had cash balances of more than £20 million.

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