The company, listed on the London Stock Exchange and JSE, grew net asset value excluding non controlling interests by 11.4 percent to 175.9 million euros (R2.56 billion) or 131.5 Euro cents a share in the reporting period, including a gross equity raise of 16.7 million euros.
Total dividends a share declared for the half year of 2.2c, including 1.2c a share is to be paid by way of a second interim dividend in July, representing a 29 percent increase in the previous corresponding period.
The company reported a profit of 4.2 million for the six month reporting period compared to the loss of 2.7 million for the 10 months to September. This turnaround reflected additional rental income from acquisitions, property acquisition costs and valuation uplifts of portfolio.
The portfolio now comprises nine assets valued at 208.9 million euros and 4.8 years average lease term.
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Tony Smedley, Sereit investment manager, said the company was now almost fully invested in institutional quality, income-producing commercial real estate, in cities and regions in western Europe that demonstrated above average growth prospects.