24th Mar 2016 11:23
LONDON (Alliance News) - South African Property Opportunities PLC, an investment company established to invest in real estate opportunities in South Africa, on Thursday said its EPRA net asset value fell in the first half of its financial year.
The company's EPRA NAV, taking into account property revaluations, estimated sales and distribution costs, was 13 pence on December 31, versus 21p on June 30.
The fall was due to a capital payment of 5.0 pence per share made in October, as well as a currency loss of 3.0p per share as the South African rand fell against sterling.
"As previously reported, the company's remaining six assets all face challenges and the investment manager has been asked to actively seek the sale of individual assets as well as a portfolio sale at an appropriate price," Chairman David Hunter said in a statement.
In December, Hunter said that each of the group's remaining six assets faces challenges, having previously noted the difficulty in obtaining services and consents for development land.
Shares in South African Property Opportunities were untraded on Thursday. The stock last traded at 7.00 pence.
By Samuel Agini; [email protected]; @samuelagini
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