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Manchester-based property firm reports profit increase
17/02/2009
A property firm based in Manchester has reported a rise in profits, despite the current economic conditions.
The Opal Property Group, which recently completed new developments in Manchester, Leeds, Birmingham and London, said that its commercial rent roll amounted to £53.2 million in the year ending September 30th 2008, Crain's Manchester Business reports.
This represents an increase on the figure of £37.9 million for the previous 12-month period.
Opal chairman and shareholder Stuart Wall said there was scope for further expansion.
Commenting on the recently-acquired Manchester Conference Centre and Hotel on Sackville Street and the Place Apartment Hotel on Ducie Street, Mr Wall said they were well placed to weather the current economic downturn.
Founded in 1982, the Opal Property Group is a provider of student accommodation and claims to have around 17,000 beds either in operation or in development.
In addition, it employs more than 500 staff members in the UK.
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