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Atlantic Leaf Properties declares maiden distribution

Posted On Tuesday, 13 October 2015 17:16 Published by
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Mauritian-based real estate company, Atlantic Leaf Properties today declared a maiden dividend of 3 GBP pence per share for the 31 August 2015 interim results.

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Atlantic Leaf Properties adjusted headline earnings of GBP5.21 pence for the six-month period were almost 150% higher than that of the equivalent period last year.

Paul Leaf-Wright, CEO of Atlantic Leaf, comments: "We are very pleased to be in a position to declare our first distribution to shareholders and it shows we are on track in terms of our listing manifesto of being a dividend paying property company.”

Total underlying property assets grew to GBP 131 million at the end of the reporting period (up 256% for the quarter). Since the year end, the company has also contracted to acquire two further assets at a cost of GBP 13 million at an initial yield of c. 9% (post debt), which should be on balance sheet by the end of October.

In October 2015 the company raised a further GBP 18.5 million of new capital, which included shares issued in terms of a strategic relationship with 21% shareholder, Vukile Property Fund Limited.

As of today, the company has issued 78.8 million shares, bringing its net asset value to approximately GBP 88 million.

The company said it now has a solid asset base of income producing assets from which to grow. Atlantic Leaf will continue to pursue further asset acquisitions.

"In the next quarter we will complete the re-financing of our major portfolio, the Booker assets, and this will see a significant reduction in our debt financing costs," the company said.

 

Atlantic Leaf Properties is forecasting an increase in the distribution to 4 GBP pence for the second half of the financial year.

Last modified on Tuesday, 13 October 2015 21:56
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