Alpha Pyrenees Trust has posted its half year results for the six months to June 30, 2008. They revealed adjusted earnings of £5.2m and a further dividend of 1.75p per share in respect of Q2. The Trust has now paid and declared 3.5p per share for the half year. The results also revealed a NAV (basic) of 88.0p and NAV (adjusted) of 88.5p per share.
Managed by Paul Cable, the Trust is a London-listed, Guernsey registered closed-ended investment company, invested mostly in French commercial real estate. It also has some exposure to Spanish property assets. Approximately two-thirds of the portfolio comprises offices and business park assets, just over a quarter is in warehouses and the remainder is in the retail sector. It aims to generate returns through the acquisition of real estate with yields exceeding the cost of borrowings and with the potential for income growth and/or enhanced returns from active asset management. Properties wit...
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