3rd Feb 2023 12:23
(Alliance News) - Value & Indexed Property Income Trust PLC on Friday said that its portfolio remains diversified and resilient, as it celebrated full rent collection since September alongside several new contracts.
Value & Indexed Property is a Glasgow, Scotland-based investment trust company. It invests mainly in directly held UK commercial property to deliver secure, long-term, index-linked income and partly in property-backed UK securities.
Since September 30, the company has added GBP400,000 of annualised rent to its portfolio, raising the total contracted rent roll to GBP8.8 million. It attributed this growth to both new leases and successful rent reviews.
During the period, Value & Indexed completed the lease of a new 80 bedroom Premier Inn hotel and in-house Brewers Fayre pub and restaurant in Alnwick, Northumberland, following the practical completion of development works last year. The property has been let to Premier Inn for 25-years, with a tenant's option to break in 2042, and five yearly consumer price index-linked rent reviews to a maximum of 4% per annum.
It also agreed rent reviews at Dundee, Thetford, and Doncaster, delivering an average uplift of 11% against their previous passing rents.
Looking ahead, the targeted total dividend for the full year is 12.9 pence. The company expects to fully cover the dividend in its financial 2024 following the reinvestment of the GBP5 million proceeds from sales completed in September 2022.
There are no voids in the portfolio, and 100% of rent has been collected.
Value & Indexed Property shares were trading 1.1% lower at 219.48 pence each in London on Friday morning.
By Holly Beveridge; Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.