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(Alliance News) - Schroder European Real Estate Investment Trust PLC on Tuesday upped its third interim payout for the year as rent collections improved in the first half of the year.
Schroder's shares were up 3.1% to ZAR22.43 each in Johannesburg on Tuesday afternoon, and were 0.2% higher to 105.75 pence in London.
At June 30, the property investor reported a net asset value per share of 148.5 euro cents, up 0.8% from 147.4 cents on March 31.
Rent collections came in at about 94% for the first six months of the year, ahead of the 89% figure for the last six months of 2020.
Schroder declared a third interim dividend for the financial year ending September 30 of 1.85 euro cents per share, up from last year's 1.39 cents. The firm intends to declare two further distributions in the next nine months, with a target of around 4.75 cents per share for each one.
"The company currently has around EUR20 million of firepower to deploy into an attractive pipeline of acquisitions and a further around EUR35 million to be released as the refurbishment of the Paris, Boulogne-Billancourt is completed," it said.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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