30th Nov 2018 12:29
LONDON (Alliance News) - Real Estate Credit Investments Ltd said on Friday its net asset value per share remained flat over the first six months of its financial year, as Brexit uncertainty continued to overshadow the real estate sector.
Net asset value per share as at September 30 came up to 164 pence per share, flat compared to March 31.
The share price as at September 30 was 168.0 pence, reflecting a premium to net asset value of 2.4%, swinging from a discount of 2.8% as at the end of March.
Shares in the real estate investor were up 0.3% at 165.45 pence on Friday.
Real Estate Credit reported a net profit of GBP8.5 million for the six month-period, up from GBP6.1 million the year before, on interest income that rose to GBP10.7 million from GBP8.5 million on bonds and loans.
The trust's investment portfolio of 44 positions in real estate bonds and loans was valued at GBP250.3 million as at September 30, up from GBP245.4 million at the end of March.
The total dividend for the interim period was 6.0 pence per share, made up of two 3.0p payments, remaining flat from the year before.
On Thursday, shareholders approved a placing for Real Estate Credit to raise GBP164 million within 12 months, which will go towards portfolio growth.
"While the uncertainty caused by Brexit continues to overshadow markets and the real estate sector, RECI’s ability to invest in opportunities in the UK and Europe, utilising a flexible range of lending instruments, positions the company well to continue to deliver attractive and stable returns for our shareholders," said Chairman Bob Cowdell.
Related Shares:
Real Est.cred