Last checked at 
(Alliance News) - Schroder Real Estate Investment Trust Ltd said on Friday that its net asset value to fell year-on-year in the first quarter.
Net asset value at June 30, the end of its first quarter, stood at GBP355.7 million, or 68.6 pence per share, down year-on-year from GBP358.8 million or 69.2p per share.
Its dividend for the quarter, rose year-on-year to 0.65p per share from 0.62p per share. It was however flat on the dividend payment it released in respect to the last quarter of the previous financial year ended March 31.
Shareholders will receive 0.3p per share in an interim dividend and then 0.35p per share as an interim property income distribution.
Shares in the company were down 0.5% at 56.00 pence each in London on Friday afternoon.
In Schroder's property portfolio, it said three new lettings in the Millshaw Industrial Estate in Leeds were completed this quarter, generating a total of GBP291,000 per year.
In the same estate, the company is working on converting a 31,000 squared feet warehouse to a JD Sports PLC gym for a ten-year lease worth GBP204,750 per year.
The Millshaw's value increased by 4.3% to GBP33.0 million during the quarter.
The Southgate Way development in Peterborough increased in value by 26% to GBP4.8 million following a lease agreement with screeding, drylining and plastering distributors EPD Insulation Group Ltd. The lease is worth GBP450,000 per year and will take effect once refurbishment works are completed in August.
Schroder's East Gates property in Leicester was let to fast food chain Tim Hortons Inc during the quarter for GBP95,000 per year.