Property investor Max Property Group has increased its net asset value per share by 4% since March 2010.

Max's NAV was 123.7p a share at the end of September 2010. Max has increased its NAV by 28.7% since it floated on AIM 16 months ago - based on initial NAV after flotation expenses.

Max has invested in portfolios of offices, industrial premises, hospitals and bars.

Rental income from properties of £10.8m is much higher than total admin and interest costs of £8.12m. Gains on property disposals and revaluations meant that Max made a profit fo £10.8m in the six months to September 2010.

Max had cash of £124.6m in the balance sheet at the end of September 2010, although this was offset by long-term borrowings of £102.6m. Even so, that gives Max plenty of fire power when it is seeking acquisitions.

Since the end of the period Max has bought a portfolio of bars for £9.4m. They generate £1.48m in annual rents.

Related share prices
Max Property Group (MAX) share price