Alpha Real Trust has reported an uplift in the value of its H2O shopping centre in its interim accounts 9which cover the six month period ended 30 September 2015). This helped drive an increase in the NAV from 108.3p to 123.5p. Earnings per share were flat at 3p. the interim dividend was increased to 1.2p from 1.1p.
The H2O valuation increased by 7% (on an underlying Euro basis) to £71.5m, aided by asset management initiatives, including an improved tenant mix and physical upgrades undertaken by Alpha Real Trust. they say the Madrid shopping centre attracted record visitor numbers in the first nine months of 2015.
They spent £3.2m on a 20.5% stake in Active UK Real Estate Fund plc, a company with a high yielding, diversified, UK commercial real estate portfolio and spent £2.1m on Unity and Armouries, a central Birmingham predominantly residential development site with planning consent for 90,000 net developable square feet in 162 residential apartments with ground floor commercial units. The project has a potential gross development value in excess of £25m.
ARTL : H2O write up benefits Alpha Real Trust