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LONDON (Alliance News) - TR Property Investment Trust PLC on Wednesday said its net asset value per share declined in the first half.
The FTSE 250-listed trust said its net asset value per share slipped to 315.05 pence in the half to end September, down 1.0% from the 318.12p a year earlier. It made a pretax profit of GBP6.2 million, down from GBP37.5 million, due to lower valuation gains.
The group said it had expected a weaker performance in the first half due to the redevelopment of its property in Bayswater in London and due to some one-off gains it made a year earlier. It also saw divergent performances between its UK and European portfolios, as the UK property market remained very strong but Europe was more variable.
It will pay an interim dividend of 3.15 pence per share, up 6.8% year-on-year.
Shares in TR Property were up 1.0% to 289.60 pence on Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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