28th Sep 2023 15:40
(Alliance News) - Schroder European Real Estate Investment Trust PLC said on Thursday its quarterly net asset value was almost flat in the third quarter of its financial year.
The London and Johannesburg-listed property investor also declared interim dividend of 1.48 euro cents for the third quarter that ended June 30. Total dividend declared for the nine months that ended June 30 was 5.18 cents.
As at June 30, net asset value per share was 130.4 cents, almost flat from 132.4 cents at March 31.
Schroder European Real Estate said its direct property portfolio was independently valued at EUR218.4 million, reflecting a marginal like-for-like decrease over the quarter of 0.8%.
"The change partially reflects the valuers increasing sustainability-led provisions across select assets, whilst outward yield movement in the wider real estate market was partially offset by asset management initiatives and portfolio rental growth," the company said.
The property group said it remains well positioned with cash reserves in excess of EUR20 million, retaining capital to manage the two re-financings due in 2024.
Shares in Schroder European Real Estate slid 5.0% to ZAR16.20 on Thursday afternoon in Johannesburg. They were down 3.0% at 69.86 pence in London.
By Artwell Dlamini, Alliance News reporter
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