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LONDON (Alliance News) - Schroder European Real Estate Investment Trust PLC on Tuesday reported an improvement in its interim total return, while profit and revenue also increased strongly.
Schroder European's net asset value at the end of its first half at March 31 was 139.9 euro cents, compared to 131.5 cents a year before. The net asset value total return for the period was 6.1%, compared to 2.5% 12 months before.
The company's net rental and related income rose to EUR8.8 million from EUR5.4 million, while pretax profit increased to EUR13.7 million from EUR4.8 million. This was driven primarily by a net valuation gain of EUR6.4 million from EUR1.6 million.
Schroder European is paying a second interim dividend of 1.85 cents per share, the same as its first interim dividend.
It said it achieved two "significant" milestones in the first half: becoming fully invested, and getting its dividend to its initial public offering target. The portfolio now stands at 10 assets across Europe.
Looking forward, Schroder European said it is well positioned going forward, as occupier demand and rental growth in western Europe increases on wider economic growth.
Chairman Julian Berney commented: "This has been an active period for the company, during which we have delivered growth in net asset value, net income and shareholder dividends. We have executed on the strategy outlined at IPO, constructing a high quality real estate portfolio, across the growth cities of western continental Europe.
"Leveraging its local expertise, Schroders is working on a number of asset management initiatives across the portfolio to grow income and value and coupled with the positive economic backdrop in our target markets, we believe the company is well positioned for the next stage of growth."