Results for the year to May 2009 show the club completed the sale of 208 private apartments at its Highbury Square site raising ВЈ88m compared to ВЈ100m of match day revenue.
The north London club redeveloped its old Highbury home into apartments to help fund construction of the Emirates Stadium.
Non-executive chairman Peter Hill-Wood said: "We have always been confident of the outstanding quality and unique character of the Highbury Square project.
"Approaching 70 per cent of the 655 private apartments at Highbury Square have now completed sale and the related bank loan has been reduced from ВЈ137 million to ВЈ47 million. We believe that the development has outperformed the market and is now on a secure footing which should allow us to maximise our final return."
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