The company reported pre-tax profits for the year to 31 December 2000 up 23% at £814,000. Net asset value grew from 137.8 pence to 145.0 pence per share.
Chairman Rolf L. Nordstrom, said: 'We have made significant progress during the year towards our stated aim of expansion into Europe. The continental European market presents us with better opportunities for net income yield and asset growth. The ongoing disposal of our UK portfolio has given us the means to pick out exceptional assets in Europe, a good example being our recent purchase of the ITT Tower in Brussels producing an initial 8.9% gross yield, which is expected to increase to 9.6% upon letting the vacant space.'
During 2000 the group sold a £60 million portfolio of UK properties into a joint venture with Oaktree Capital Management. It also bought a 390,600 sq. ft warehouse and office complex in Aartselaar near Antwerp, Belgium for £6.9 million and since the year end it has bought the 245,180 sq ft ITT Tower on Avenue Louise, Brussels, for £25.6 million.
Ex-MD Aubrey Glaser was dismissed by the board on 4 April 2001 after allegations that he had entered into a secret side deal with Oaktree, giving it the right to require Criterion to buy back the properties in the event of a change of control of the company. Three out of four properties have already been sold by the partnership, and for this reason Criterion does not anticipate a material loss because of Glaser's deal.
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