FINANCE: Empiric Student Property’s unaudited estimated net asset value now stands at 99.8p per share, up from 98p per share immediately following the company’s IPO on 30 June.
In a trading update, ESP said that the growth in NAV principally follows an independent valuation of the company’s assets acquired since the IPO and is shown net of all property acquisition costs.
Taking into account the company’s equity fundraising intentions, it intends to pay a dividend of 2p per share to shareholders in respect of the period from IPO to 31 December 2014. Thereafter, the company expects to pay quarterly dividends increasing to an annualised dividend target of at least 6p per share on or before the start of its next financial year on 1 July 2015.
annabel.dixon@estatesgazette.com
