Ishaan Real Estate's Results

The Raheja backed AIM Fund, Ishaan Real Estate has released preliminary results for the year ending March 2008. Full details are available at here.

Key points:

• Portfolio value increased to £810 million from £524#million at 31 March 2007.
• Reported NAV per share at 95.5p.
• Aggregate investment of £159.5 million has been made in nine projects in Mumbai, Hyderabad, Pune and Bangalore with 22.1 million sq. ft. planned for development.2.4 million sq ft of pre-letting secured (including 636,000 sq ft under option).
• Rentals in line with or higher than those anticipated at the time of IPO.In addition to the pre-letting secured, pre-sold approximately 20% of the saleable residential space in premium residential development project, Vivarea, in central Mumbai, at prices above those anticipated at the time of IPO.

We will have a full analysis of Ishaan's portfolio soon. Watch this space.