Last checked at 
(Alliance News) - Schroder European Real Estate Investment Trust PLC held its first quarter dividend on Thursday, as it reported a rise in net asset value over the period.
As at December 31, net asset value per share increased by 1.0% to 137.6 euro cents per share, up from 136.2 cents at the end of September. This was after total net asset value also rose by 1.0% to EUR184.0 million from EUR182.1 million.
The London and Johannesburg listed-REIT also declared a first quarter dividend of 1.85 cents per share, unchanged from the same quarter the year before.
At the end of December, Schroder European's property portfolio consisted of 13 properties valued at EUR246.3 million, up 1.1% over the quarter, and generating net rental income of EUR3.9 million.
"Our strategy of investing in a diversified real estate portfolio in winning cities such as Paris, Berlin, Hamburg and Frankfurt has again supported an uplift in NAV and portfolio valuation and a stable and attractive dividend," said Jeff O'Dwyer, manager of Schroder Real Estate Investment Management.
"We are making good progress on the planning, design and financing for the re-development of our largest asset in Boulogne-Billancourt, Paris. Successful completion will deliver profitable growth for the company and will improve the building's sustainability credentials and income quality," O'Dwyer added.
Shares in Schroder European Real Estate were up 0.4% at 104.62 pence on Thursday in London, while its Johannesburg shares remained flat at ZAR21.59.
By Dayo Laniyan; dayolaniyan@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.