LONDON (Alliance News) - Invista European Real Estate Trust Sicaf on Friday said its net asset value fell 42% in the first half of the year after it disposed of some non-core assets.
The trust said its net asset value declined 35% in the first quarter of the year, and dropped 42% in the first-half to EUR0.09, or GBP0.06 per share, partially caused by the trust downsizing its portfolio by EUR7.4 million in the period. The net asset value was EUR23.2 million at the end of March compared to EUR40.1 million at the end of September 2014.
The trust's portfolio, consisting of 27 properties, was valued at EUR235.1 million at the end of March, compared to EUR231.2 million at the end of September.
"During the first half of the financial year, the company has made further progress in its disposal programme of non-core properties," it said.
Invista shares were down 12% to 0.729 pence per share on Friday afternoon.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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