29th Sep 2015 13:02
LONDON (Alliance News) - Secure Income REIT PLC on Tuesday said it intends to start distributing funds to shareholders in autumn 2016 after a strong first half when its net asset value per share rose.
Secure Income said its net asset value per share in the first half to the end of June rose to 275.3 pence from 258.5 pence at the end of December, as its total net asset value rose to GBP496.4 million from GBP466.2 million.
The real estate investor said it sold GBP382.0 million in assets in the first half at around 8% above December 2014 book value, mostly related to the sale of the Madame Tussauds attraction in London, which it sold for GBP332.0 million.
The company said it intends to start paying out funds to shareholders in autumn 2016, which is expects to reflect a yield of more than 4% on its net asset value at the end of June, with robust growth prospects.
The company has also secured new long-term financing arrangements worth GBP903.0 million, which will cut the interest rate on its debt to 5.2% per year from 6.8% and which will extend the maturity of its facilities to nine years from less than two years previously, on significantly improved terms.
Shares in Secure Income were up 0.7% to 251.7 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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