LONDON (Alliance News) - South African Property Opportunities PLC Chairman David Hunter on Monday said each of the group's remaining six assets faces challenges, having previously noted the difficulty in obtaining services and consents for development land.
"The board continues to take a pragmatic view on realising these assets taking into account the reduced size of the portfolio, group running costs and the investment manager's views on local factors," Hunter said.
The investment company, which was established to invest in South African real estate, said its net asset value declined by 16.0 pence per share to 21.0p from 37.0p in the financial year ended June 30.
The decline was due to a 5.0p distribution made in October 2014 and a net loss of 11.0p per share.
That loss was due to 2.0p of foreign exchange losses, valuation falls and asset sales at sales prices less than the last reported carrying value taking away 8.0p, and operating expenses of 1.0p.
EPRA net asset value has fallen to 21.0p from 36.0p. "The primary difference in calculation to NAV is the provision for performance fees that may be paid on future sales and distributions," the trust said.
Shares in the investment company were untraded on Monday afternoon, having last traded on Monday last week.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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