15th Sep 2020 09:30
(Alliance News) - Schroder European Real Estate Investment Trust PLC on Tuesday announced a better-than-planned third interim dividend, following the positive progress made with the Paris Boulogne-Billancourt refurbishment project and the stabilisation in rent collection levels.
The real estate investment trust that focuses on continental Europe said it will pay a third interim dividend of 1.39 euro cents per share, which is 75% of the previous target before Covid-19. This is up from the 0.925 cents, or 50% of its pre-Covid target, it had planned to pay when announcing half-year results in June.
Schroder European Real Estate paid a half-year dividend of 2.775 cents, down from 3.7 cents a year before.
The company's net asset value per share at June 30 was 133.4 cents per share, which is a 2.1% reduction compared to March 31 which was at around 130.6 cents per share, and was driven by capital expenditure commitments at Paris Boulogne-Billancourt and a valuation decrease at the company's sole shopping centre in Seville.
Rent collection during the quarter and subsequent period remained stable at approximately 84% of contracted rent.
Schroder European Real Estate shares were untraded in Johannesburg on Tuesday morning, last trading at ZAR13.63 on Monday. They were up 5.5% in London at 69.96 pence.
By Greg Roxburgh; [email protected]
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