The directors attribute the continued NAV per share growth is attributable to the strong net operating profit as the portfolio benefits from increased scale, gains in the value of the indirect property investments, and exchange gains from a stronger sterling and Swiss franc.

Net operating profit increased from EUR 0,045 million for the 6 months to 31 December 2014, to EUR 1,985 million for the 9 months since the end of the previous financial year being 30 June 2014. This increase of EUR 1,940 million was driven principally by the acquisitions completed late last year as well as the Heppenheim and Bruchsal properties acquired in the third quarter of the financial year.

Lukas Nakos, CEO of MAS, said “the company’s strategy of investing in and developing high quality assets in the core of Western Europe is paying off. The underlying profitability of the portfolio is underpinning the growth in MAS’ NAV per share. This is all the more pleasing in the context of the substantial purchase costs that are incurred at the time of acquisition. In addition, the inherent value in the development pipeline is yet to be reflected in the NAV figures, with strong progress on this front in recent months. The acquisitions in late 2014 and early 2015 have driven the strong growth in income over the quarter.

This improvement is expected to continue as further investments are made over the next 12 to 18 months. The low cost of debt currently available in our core markets makes further investments particularly accretive to both portfolio income and NAV per share. Our pipeline of identified acquisition opportunities makes us confident that we’ll continue to deliver sustainable performance and value for investors."

The financial information on which this announcement is based has not been reviewed or reported on by the Company’s auditors. MAS is listed on the Euro MTF Market of the Luxembourg Stock Exchange and on the main board of the Johannesburg Stock Exchange