European Public Real Estate Association (EPRA) net asset value per share increased by 2.5% to 153.9p (2010: 150.1p).

CEO Robert Ware said: "The outlook for Conygar remains positive and the benefits of our strategy are coming through.

"The balance sheet remains strong and liquid, with £85m available for further acquisitions.

"We continue to rigorously search for undervalued assets and development opportunities and realise assets where we believe we can add no further value.

"We are investing in our development projects, which will produce good returns in the medium term, and our investment property portfolio continues to hold up very well.

"Since the financial crisis started in 2008, we have grown in net assets, been consistently profitable and guarded our liquidity for the opportunities which will surely come.

"Conygar is stronger now than it was at the start of the financial crisis and we remain very positive about the future for your business."

At 9:21am: (LON:CIC) Conygar Investment Company share price was -0.25p at 96.75p