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(Alliance News) - Real Estate Credit Investments Ltd said that its year-end net asset value per share fell, following economic challenges to real estate.
The investor in European real estate credit markets said its net asset value per share on March 31 was down 2.0% at GBP1.47 from GBP1.50 the year prior.
Shares in Real Estate Credit Investments were flat at 125.00 pence in London on Thursday afternoon.
"Despite the challenges to real estate and credit markets, in particular the yield widening in the bond markets following the 23 September 2022 "mini-budget", the company's robust portfolio ensured the NAV remained stable at an average of GBP1.50 per share during the financial year," Real Estate Credit said.
The company said its NAV total return weakened to 6.2% for the financial year, from 6.9% in financial 2022.
Chair Bob Cowdell said: "No review of our financial year ended 31 March 2023 can ignore the extraordinary events and global economic and market volatility which provided the backdrop to your company's performance, as it continued to deliver a stable NAV and an attractive, sustainable dividend for our shareholders."
The company's total dividend was 12.0 pence per share, unchanged from the prior year, and it announced a fourth interim dividend of 3.0 pence per share.
Real Estate Credit Investments said its main focus will be on new regulatory requirements, with the company advancing its reporting for the task force on climate-related financial disclosures in the coming year.
The company said its ambitions are enhancing the quality of its portfolio, staying ahead of investor demand, using capital to drive change in the real estate area, and providing a measurable approach to understand the environmental, social, and governance aspects of its business.
"These efforts will allow the investment manager to influence borrowers and to improve the environmental, social, and governance standards of projects which they fund," said Real Estate Credit Investments.
By Will Neill, Alliance News reporter
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