K&C REIT has reported an expected doubling in income from a portfolio of flats and houses it bought last year after improvements in management.
It bought the Osprey freehold retirement portfolio in May 2016 and said in a trading statement that net returns are expected to be 15% for the portfolio of 254 flats, 79 houses and 13 commercial units.
It paid £1.6m in cash and issued £3m shares at 10p each for the portfolio.
K&C said it is continuing to broaden its activities in the residential space and looking at a number of opportunities to significantly extend its portfolio.
Chief executive Dominic White said: “The performance of the Osprey portfolio since its acquisition demonstrates K&C’s ability to identify opportunities within the residential sector and significantly enhance asset performance through improved management and strategy.
“The company is currently looking at several targets across the residential space where it believes it can deploy its skills to boost yields, and looks forward to updating the market in due course.”
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