Commercial property investor Circle Property (LON: CRC) is reducing its borrowings through disposals and it is raising the dividend. This could help the discount to the net asset value narrow.

In the six months to September 2021, rental and other income fell from £4.93m to £4.22m, although expenses also declined. Pre-tax profit before property gains was £1.29m, down from £1.8m. There was a small net gain in property values, compared to a large loss on revaluation last year.

There was one disposal during the period, and this raised £3.96m. Loan-to-value was around 40%. The interim divide...