25th Jan 2016 10:44
LONDON (Alliance News) - Drum Income Plus REIT PLC on Monday said it is considering a fundraising as its investment manager has identified several investment opportunities that are currently being offered for sale.
The real estate investment trust said it is mulling over an issue of new shares and the introduction of a placing programme to fund any acquisitions that are made. New shares would be issued at a premium to the most recent net asset value of the company at the time of issue.
The company also said it will target a total dividend of 5.25 pence per share for the period from May 2015 to September 30, 2016, followed by at least 5.5p and 6.0p for the 12-month periods to September 30, 2017 and September 30, 2018, respectively.
Drum Income Plus Reit, which invests in smaller UK commercial properties, aims to provide shareholders with a regular dividend income plus the prospect of income and capital growth over the longer term.
Its net asset value per share was 95.1 pence per share on December 31, 2015, versus the 97.9p net proceeds of its initial public offering last May.
Shares in Drum Income Plus REIT were untraded on Monday morning, having last traded at 115.00p.
By Samuel Agini; [email protected]; @samuelagini
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