K&C REIT, which was admitted to AIM on 3 July 2015, has released its annual results for the year ended 30 June 2015. On its admission to AIM, the Group issued 43,035,622 ordinary shares, including 35,663,400 shares issued at 10 pence per share pursuant to a fundraising, generating gross cash proceeds of £3,566,340. Shortly after its admission to AIM, the Company acquired the entire share capital of Silcott Properties Limited for a consideration of £3,630,000. Silcott is a special purpose vehicle that owns a freehold property in Central London with ten apartments for rent. During the period covered by the annual report, the Company reports a consolidated loss from operating activities of £144,502. The total comprehensive expense for the period was £242,618.
In terms of outlook, the company says that, following its AIM admission and having achieved its status as a REIT, it now it needs to build a business with high quality assets that will be able to support an increasing income yield. To achieve this, the company says that it will need to raise more capital in order to make further acquisitions.
Early days for K&C REIT : KCR