5th Dec 2016 10:39
LONDON (Alliance News) - Terra Catalyst Fund on Monday said its net asset value per share rose in the first half of its financial year, thanks to an increase in the market value of its only asset, Italian industrial real estate investor Spazio Investments NV.
At the end of September, Terra Catalyst said its net asset value per share increased to 2.45 pence from 2.26p at the end of March.
Terra Catalyst indirectly holds a 26.7% stake in Spazio.
Terra Catalyst said the market value of its Spazio investment increased to GBP37.2 million at the end of September from GBP34.1 million at the end of March, noting no new investments were made by the fund in the first half. Sales of its properties for EUR757,000 were finalised.
Looking forward, Terra Catalyst said its shareholders should not expect substantial returns in the short to medium term.
The focus for Spazio has been to reduce costs where possible, Terra Catalyst said, noting that Spazio will look to further reduce management fees, consultancy work and property administration fees in the future.
Shares in Terra Catalyst were untraded on Monday, having last traded at 95.00 pence.
By Hannah Boland; [email protected]; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.