6th Sep 2013 09:12
LONDON (Alliance News) - Ground Rents Income Fund PLC Friday said it invested GBP7.5 million in six transactions totalling more than 1,000 units between April and August 2013, with its initial public offering proceeds fully invested .
In a trading statement, the real-estate investment trust said it would pay dividends for the period from the IPO on August 13 to September 30 of 2.8 pence per share, ahead of the target return set at the time of the IPO.
The company's recent investments include the GBP1.4 million acquisition of luxury apartment development City Island, Leeds, which comprises 404 one- and two-bedroom duplexes, penthouses and apartments.
It also purchased Ladywell Point in Greater Manchester for GBP2.7 million. The development, near Salford Quays, consists of three blocks of modern residential apartments totalling 262 units.
Ground Rents said it had a strong pipeline of future investment opportunities to enable it to achieve its 12-month investment timetable set at the time of its May Convertible Preference Share issue.
Ground Rents shares were trading at 101.61 pence Friday morning, down 0.89 pence, or 0.9%.
By Anthony Tshibangu; [email protected];
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