21st Mar 2014 08:56
LONDON (Alliance News) - Starwood European Real Estate Finance Ltd, which completed an initial public offering in December 2012, said it has experienced some challenges in its first year with investment activity slower than anticipated but picking up as it approached the calendar year-end.
The company, posted total income of from investments of GBP6.0 million for the period November 9, 2012 to December 31, 2013.
Starwood said it had anticipated being substantially fully invested within twelve months, however at the period-end it was 66.3% invested through seven investments.
At its launch, the company targeted a dividend of 3.5 pence per share in respect of the period from admission to the first financial year end and 7.0 pence per share in subsequent financial periods.
"This was predicated on the assumption that 50% of the company's available cash would be invested within six months of the IPO and the remainder within twelve months," it said.
However the company has paid 0.80 pence for the period November 9, 2012 to September 30, 2013 and then 1.10 pence for the October 1, to December 31, 2013.
The firm said it remains comfortable that once fully invested it will be able to meet its dividend target for 7.0 pence a year.
At the period-end it had total assets worth GBP236.5 million, with its net asset value per share stood at 99.13 pence.
Looking ahead, the company said it plans to expand its geographically footprint with investments in Spain and Italy and to increase the maximum allocation for residential for sale to 30% from 20%.
The stock was trading at 100.75 pence Friday, up 0.25 pence or 0.3%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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