24th Aug 2015 08:54
LONDON (Alliance News) - Industrial Multi Property Trust PLC on Monday reported an increase in occupancy levels in the first half of 2015 due to 37 new lettings and 30 lease renewals, a development that boosted the group's income.
In a statement, the trust said its occupancy level was 88.4% at the end of June, up from 86.5% six months earlier.
On a like for like basis, adjusting for sales, the portfolio valuation increased by GBP1.7 million during the six months to GBP80.5 million.
Its net asset value per share increased to 230.1 pence at the end of June, from 210.3p at the end of December.
Chairman Jonathan Clague said the trust is focused on preserving and improving the income generated by its property portfolio and enhancing its asset value.
"With the current long-term financing arrangements in place, the board believes that the group's strategy provides a strong platform from which to rebuild shareholder value over the medium to long term, recognising that the current financing arrangements have resulted in increased finance costs," Clague said in a statement.
"The board is confident that the group will be able to service its debt, and with an improving secondary commercial property market, the group, and therefore the shareholders may see an improvement in the net asset value in the medium to long term," Clague said.
The trust will aim to refinance the portfolio in the fourth quarter of 2016. If refinancing is not possible, it will consider a range of ways - including a managed winding up of the company - to improve shareholder value.
The company's investment adviser and manager is Alpha Real Capital LLP.
The trust's shares were up 1.0% at 95.94 pence in London on Monday morning.
By Samuel Agini; [email protected]; @samuelagini
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