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A North East investment company has returned more than £10 million to shareholders since it was launched and is marking its tenth year with a £22.9 million portfolio and a pipeline of new regional property opportunities.
Develop North PLC, which is listed on the main market of the London Stock Exchange, has 14 active projects and has concentrated more than 70 per cent of its investment in the North East.
The company has paid or declared dividends of 2p per share, according to its interim results for the six months ending May 31, 2026.
John Newlands, chairman of Develop North PLC, said: "Develop North enters this next phase with a strengthened leadership team, a broadened investment strategy and an established platform from which to grow.
"We expect to complete our first investment under the revised policy during the current financial year and continue to see encouraging levels of activity across our pipeline."
The company completed two investment exits during the reporting period and raised £900,000 in new equity capital, despite ongoing challenges in the listed investment market.
A slight reduction in net asset value was attributed to one-off costs tied to Develop North's strategy shift, the launch of a new prospectus and management team expansion.
The board believes these investments will drive long-term value creation for shareholders.
During the period, shareholders also approved an expanded investment policy, allowing Develop North to invest across a broader range of real estate opportunities, including residential and commercial assets as well as real estate lending.
The appointment of Michelle Percy as chief executive officer further strengthened the company as it continues to invest in projects that support regeneration, job creation and economic growth across the region.
Ms Percy said: "These interim results reflect a business that has spent the past six months investing in its future.
"We've evolved our investment strategy, strengthened the leadership team, welcomed new shareholders and continued to recycle capital through successful exits, all while maintaining the disciplined approach that has defined Develop North since launch.
"Our purpose remains unchanged.
"We want to provide investors with access to attractive regional real estate opportunities while supporting developments that deliver regeneration, create jobs and contribute to long-term economic growth.
"As we enter our tenth year, we're in a strong position.
"We have an experienced team, an expanded investment mandate, a healthy pipeline of opportunities and a portfolio that continues to perform well.
"We're excited about building on that momentum during the second half of the year and continuing to create long-term value for both our shareholders and the regional economies in which we invest."
The company has realised 28 investments since launch, including the recent exits from Whitley Court at Leeming Bar Business Park and the redevelopment of Sunderland’s former Farringdon Police Station, now a fully occupied retail destination.
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These exits support Develop North’s approach of recycling capital into new investment opportunities.
Following the reporting period, the company completed its first new lending deal, providing £1.95 million to support the construction of nine executive homes at Kellys Wharf in South Tyneside.
Develop North expects to complete its first direct investment under the expanded policy before the end of the financial year.