Alpha Pyrenees’s NAV has risen to 37.2p per share from 37p in the six months to 30 June 2012.
The company, which invests primarily in French property, said had signed new lease extensions covering more than 450,000 sq ft since the start of the year.
It announced adjusted earnings of £1.3m for the six months to 30 June, with a further dividend of 0.6p per share for the second quarter, matching that paid in the first quarter.
Alpha Pyrenees Trust chairman Dick Kingston said: “Management emphasis during the period has continued to focus on active asset management within the existing portfolio with particular emphasis on the extension of lease terms and the letting of vacant units to secure the trust’s income.
“During the period, new leases or lease extensions were achieved on a total of 42,435 m2, representing around 16% of the portfolio by area.
“Despite the levelling off in growth in the French economy, vacancy levels in our principal occupational markets have been stable and leasing take-up has been sustained. The trust has identified opportunities to add value at a number of the trust’s properties and with this in mind the board believes that it is sensible to conserve available cash for investment in such opportunities.”
Jack.sidders@estatesgazette.com
