Further investment into industrial assets and the disposal of retail property in 2018 has helped Schroder European REIT grow the group’s net asset value, which stood at €182.1m (£162.2m) at the end of September, reflecting a 2.2% increase.
In its second set of full-year results since its 2016 IPO, the company, which targets continental European cities that are growing faster than their domestic economies, also saw the value of its portfolio hit €222m (£197m), an 8.1% uplift on its purchase price and a 3.2% increase on last year.
Underlying EPRA earnings were €10.8m compared to €6.9m for the 12 months ended September 2017 .
Sir Julian Berney, chairman of Schroder European REIT, said: “This has been another strong year that has seen SEREIT delivering growth in both NAV and income, chiefly underpinned by the profitable disposal of lower-yielding assets alongside new investment into higher-growth industrial assets, as well as the active asset management of the existing portfolio and its tenants.
“This activity has enabled the company to grow the dividend and achieve its 5.5% IPO target dividend.
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