20th Nov 2015 08:47
LONDON (Alliance News) - Alpha Real Trust Ltd on Friday reported a rise in net asset value for its first half, boosted by an improving economic backdrop and increased investment market activity.
The property investment and development company said its net asset value per share as at the end of September was 123.5 pence, up from 113.2 pence at the end of March.
It proposed a quarterly dividend of 0.6 pence, taking its total dividends for the first half to 1.2p, up from the 1.1p it paid in the previous year.
Alpha Real Trust's performance was boosted by an 7.7% increase in the valuation of the H20 Shopping Centre in Madrid, as a result of an improved tenant mix and physical upgrades undertaken by the company.
During the period the company invested GBP3.2 million for a 20.5% stake in Active UK Real Estate Fund PLC, and GBP2.1 million for the purchase of a central Birmingham development site, Unity and Armouries.
"ART's direct and indirectly held equity investments in real estate continue to perform strongly. This is evident both in the UK and in other markets across Europe," said Chairman David Jeffreys in a statement.
"The improving economic backdrop and increased investment market activity and pricing has allowed ART to continue to improve its portfolio mix. ART continues to actively source new investment opportunities and has the agility and financial reserves to capitalise on those that meet its investment criteria," Jeffreys added.
Shares in Alpha Real Trust were up 6.8% at 78.50 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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