27th Jan 2014 17:55
LONDON (Alliance News) - Duet Real Estate Finance Ltd Monday said its Master Fund has fully realised a further three of its mezzanine loan investments, earning returns in line with its investment criteria.
The closed-ended investment firm said the three investments realised are Loan 1, secured by a retail property in Denmark, Loan 3 secured by eight hotels in Germany and Loan 8 which is secured by an office and light industrial park in France.
Total proceeds realised by the Master Fund include all amounts outstanding under the loan agreements, of which the company's share totals GBP10.0 million, equivalent to 13.35 pence per share.
The company intends to distribute its share of the realised proceeds pertaining to capital received from the Master Fund after the deduction of costs and expenses of this distribution, alongside its next quarterly dividend, as a return of capital via an issue of redeemable B shares to existing shareholders and immediate subsequent redemption of those shares pro rata to their holding at the time of the relevant issue.
Duet real Estate will issue a dividend, net asset value and investment update in February 2014.
The stock closed at 88.00 pence Monday, down 0.50 pence or 0.6%.
By Anthony Tshibangu; [email protected];
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