30th Sep 2014 10:31
LONDON (Alliance News) - Property company Treveria PLC Tuesday said it hopes to return capital to shareholders as and when sufficient liquidity is available, despite swinging to a loss in the first-half.
Treveria, which invests in German commercial real estate, posted pretax losses of EUR2.4 million for the six months to June 30, compared with a EUR383,000 profit a year earlier.
Gross rental income amounted to EUR1.3 million, down from EUR29.7 million a year earlier.
At the time of its full-year results the company posted a pretax loss of EUR64.5 million. Treveria said the key component of this was the write down of investment property valuations by EUR3.5 million and the EUR62.5 million effect of the de-consolidation of the Silo D and Silo F&K companies as subsidiaries.
In 2012, the company made the decision to move to an externally managed portfolio from one managed internally. As a result the company completed the handover of its Silo D property portfolio and the Silo F&K portfolio to Situs Asset Management and Atos Asset Management, respectively.
Treveria Tuesday said it continues to make progress working closely with lenders in Silo D and F&K to implement the agreed business plans under the restructuring agreements.
Meanwhile, the company said it is working towards the disposal of assets in Silos G&J. During the period Silos G&J sold two properties generating gross sales proceeds of EUR1.8 million
At the period-end Silos G&J held ten unsold properties with a net asset value of EUR19.2 million.
Financially, the group said cash amounted to EUR14.9 million at the period-end.
Despite its woes the company said it is targeting a capital return to shareholders, which is largely dependent on the success in completing sales, the implementation of restructuring agreements.
Treveria shares were untraded Tuesday morning, quoted at EUR0.0284 per share.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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