(Alliance News) - Property investor Vordere PLC on Friday said it is to acquire five properties in Brazil for a total of GBP25.9 million.
Four of the properties are located in the state of Rio Grande do Norte, with three just to the north of Natal. In addition, the fifth property is a large residential development property in the state of Pernambuco, Brazil.
Chair Nicholas Hofgren said: "With the acquisition we have also reached our short-term target to increase our total assets to over GBP100 million, whilst enhancing the net asset value per share. Our medium-term goal remains to continue to undertake further acquisitions, utilising our equity and cash resources, that will enhance shareholder value and deliver medium to long term counter-cyclical gains for our shareholders."
Vordere said since March 31, it has increased its total assets to GBP84.5 million from GBP24.2 million as a result of the acquisition of six new German properties.
The company's net asset value per share increased by 44% since the year ended March 31, to 16.81 pence per share from 11.67p per share as at August 31.
The company also said it increased its total assets to GBP110 million from GBP84.5 million. Since August 31, net asset value increased 8.1% to 18.18 pence from 16.81p as at October 21.
Vordere shares are currently suspended from trading.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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