25th Feb 2015 09:58
LONDON (Alliance News) - Empiric Student Property PLC on Wednesday said it intends to raise GBP75 million via an institutional share placing as the group reported its first set of interim results.
Empiric said said it will issue the shares at 102.5 pence per share in order to raise GBP75 million to back its investment plans. The student accommodation investor did not define how many shares it would raise, but the pricing and fundraising target suggest it will issue at least 73 million shares.
Elsewhere, the company reported pretax profit of GBP3.2 million for the period from February 11 to the end of December 2014. Revenue for the period was GBP2.6 million. It did not provide any comparative figures, as the company floated on the stock exchange in June last year.
The company said its net asset value per share increased to 99.4 pence per share from 98.1 pence over the period. Its passing rent is at GBP8.4 million at the period end, with its portfolio fully let. The average net yield on its operating properties at year-end was 6.7%.
Empiric declared a 2 pence dividend for the six-month period between its IPO in June to the end of December and is targeting a 2 pence minimum dividend payout for the first half of 2015.
Shares in Empiric were down 1.7% to 104.625 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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