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(Alliance News) - Schroder European Real Estate Investment Trust PLC on Wednesday said its performance improved in its most recently ended financial year.
The UK-based real estate investment trust said value of its property assets grew to EUR268.6 million in the year to the end of September compared to EUR242.7 million reported the year earlier. Annualised rental income was slightly higher year-on-year, at EUR17.2 million versus EUR17.1 million.
Net asset value per share rose to 150.9 euro cents as at September 30 compared to 136.2 cents a year ago.
The trust cut its dividend per share to 5.7 cents compared to 7.4 cents paid a year prior.
Going forward, the company said it is actively managing the impact of Covid-19 on the portfolio. Rent collection during the pandemic is above 85%.
"Faced with a global pandemic such as Covid-19 and ongoing political risk such as Brexit, it is impossible to accurately forecast with any degree of confidence how European economies and real estate markets will perform next year," said Chair Julian Berney.
"We are looking forward to next year with cautious positivity, focusing on investing sales proceeds into new acquisition opportunities in high-growth sectors and positioning the portfolio for the next phase of the Company’s growth," added Berney.
Schroder European shares were trading 1.0% higher in London on Wednesday at 100.60 pence each, while in Johannesburg, the stock was untraded, last closing at ZAR20.14 a share.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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