28th Jul 2014 08:40
LONDON (Alliance News) - Custodian REIT PLC, which has managed to invest GBP37 million in properties since its initial public offering in March, Monday said its net asset value per share has increased 1% since its admission.
The company said its net asset value per share at June 30 was 99.1 pence compared with 98.2 pence at March 26. Custodian said its net assets also rose 1% to GBP130.9 million at the period-end, from GBP129.5 million at March 26.
Overall, the portfolio was valued at GBP111.4 million at June 30. During the period, the company added to its portfolio, the largest being a retail portfolio for GBP17.4 million. Tenants within the portfolio, which currently generates net income of GBP1.3 million, include JD Wetherspoon PLC and Poundland Group PLC.
Looking ahead, the company said it intends to operate with a conservative level of gearing, with expected borrowings over the medium term of up to 25% of the aggregate market value of all properties at the time of drawdown.
Custodian REIT declared an interim dividend of 1.25 pence per share.
Its shares were quoted up 0.9% at 110.00 pence Monday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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