Property firm Sirius Real Estate traded in line with management's expectations in the financial year just ended. Rental income is expected to have increased to €45.2m from €43.6m (after excluding €1.9m of surrender premiums) the year before, driven primarily by higher average rate per square metre on new sales. In addition, the group expects to see further reductions in non-recovered service charge costs and overhead costs once all the numbers have been totted up, which should add around €1m to profits.
Occupancy has increased to 78% in the year, up from 76% at the start of the financial year. As at March 31st, 2012, cash reserves were €9.1 million, down from €13m six months earlier. Borrowings, excluding capitalised loan costs, totalled €296m, down from €300.0m at the end of September, representing a loan to value percentage of 60.1% based on an independent portfolio performed at the end of September. Both banking facilities are operating within covenants and the group remains in discussions with the the Royal Bank of Scotland about its banking facility, which matures in October 2012. The group said its main focus at present is to be able to service its borrowings and cover future capital expenditure requirements from operational cash flow.
Real Estate Credit Investments is to implement a more generous dividend policy for holders of its core shares. From the quarter ended March 31st, 2012, the closed-ended investment company is targeting an annual dividend on the core shares of 6% of net asset value per share, payable quarterly.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Venture capital firm CCan 2005 Inversiones Societarias is in discussions with 'TV on the move' technology firm Motive Television about CCan's 32.3% stake in Motive subsidiary, Motive Television SL. CCan, which retained a minority stake in Adecq Digital (subsequently renamed Motive Television SL) after selling it to Motive, is now free to exercise an option to sell the holding to Motive for €2.1m, but has indicated to Motive that it will not exercise the option before the end of May this year.
JH
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
