MEPC confirms tough property market

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The Independent Online
MEPC confirms tough property market

Britain's second largest property company, MEPC, confirmed the difficult property market yesterday, announcing a decline in its net asset value per share from 473p to 457p.

Profits advanced 10 per cent to pounds 123m, however, allowing the full-year dividend to be maintained at 20p, and the company took the unusual step of reassuring investors that it would be at least sustainable at that level barring unforeseen circumstances. The shares closed 4p lower at 394p.

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