5th Nov 2014 10:49
LONDON (Alliance News) - Schroder Real Estate Investment Trust Ltd Wednesday said it is actively considering a pipeline of potential acquisitions to be funded from disposal proceeds and further equity issues under its placing programme.
In a statement, the trust said the backdrop of a growing UK economy, lower inflation and low interest rates means that the potential returns from the UK commercial property market remain attractive.
The trust's placing programme, which was approved by shareholders in April, allows it to issue up to 120 million new shares up to March 19 2015, with such shares being issued at a premium to the prevailing NAV in order to cover the costs associated with the issue.
The trust said it will "continue to engage and consult with existing and prospective new shareholders in connection with achieving accretive and disciplined growth via the placing programme over the period to March 2015".
The trust's unaudited net asset value was GBP260 million, or 55.1 pence per share, at the end of September, an increase of 8.7% from June 30. The rise equates to a NAV total return, including the dividend of 0.62 pence per share, of 10%.
Schroder Real Estate Investment Trust shares were down 0.03% at 59.74p on Wednesday.
By Samuel Agini; [email protected]; @samuelagini
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