Industrial Multi Property Trust Reports Higher Portfolio Value

LONDON (Alliance News) - Industrial Multi Property Trust PLC on Monday said the value of its portfolio increased over the course of the three months to September 30.

The trust said its portfolio was valued at GBP81.1 million on September 30, up from GBP80.5 million on June 30.

"The board believes the current market conditions for UK commercial property remain favourable," the trust said.

However, the trust's adjusted net asset value per share was slightly lower over the three months, down to 236 pence on September 30 from 237p on June 30.

"Primarily, this resulted from the revaluation gain in the property portfolio being offset by finance costs in the period," the trust said.

The occupancy level by estimated rental value fell to 87.0% on September 30 from 88.4% on June 30.

"The board is optimistic that the occupancy will rise within the next six months," the trust said.

The trust had an adjusted loss per share of 16.2p in the nine months to September 30, compared with a loss of 7.9p in the six months to June 30.

Shares in Industrial Multi Property Trust were up 0.9% at 112.49p on Monday late morning.

By Samuel Agini; samagini@alliancenews.com; @samuelagini

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