LONDON (Alliance News) - Highcroft Investments PLC Friday said it expects to see further investment opportunities to increase shareholder return and value as a result of the UK's resurgent property market.
The real estate investment trust, which lets a variety of office, retail and industrial space to clients such as Lloyds Banking Group PLC, the BBC, and IKEA, said its equity portfolio was valued at GBP5.2 million at November 13, having continued marginally to outperform the relevant benchmarks of the FTSE 100 and the All-Share Indices this year.
Net bank borrowings totalled GBP2.5 million on November 13, but will rise to GBP 4.0 million on November 22, when a recent GBP2.35 million acquisition in Cardiff is expected to be completed.
The real estate investment trust is able to borrow up to GBP5.0 million under its existing facility and said it intends to make use of limited gearing in order to boost shareholder returns.
Highcroft shares were Friday quoted at 696.00 pence, up 1.6%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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