The Company’s results are reported in Pounds Sterling.
Consistent with the Group’s strategy to build a portfolio of dominant retail assets in towns in the United Kingdom, the Company raised via private placement a further £43.90 million (net of issue costs) on 17 September 2015.
These funds, together with a 5 year term loan for £59.70 million, provided by Deutsche Pfandbriefbank AG were used to purchase The Houndshill Shopping Centre in Blackpool for a consideration of £100.75 million.
This modern, fully covered shopping centre in the town’s prime pitch offers over 300,000 sq ft which includes 65 retail units and 750 car parking spaces. The centre is anchored by Debenhams, with other major retailers including New Look, River Island, Next and H&M. The Company transferred its tax domicile to the United Kingdom on 20 October 2015 and elected to join the UK REIT regime with effect from 21 October 2015. The UK REIT regime offers certain tax advantages to the Company and guarantees 90% distribution of the aggregate net property rental income to shareholders.
They are pleased to report the Group produced a recurring profit of £2,232,000 for the period which is slightly ahead of expectations after taking into account the timing of the purchase of The Houndshill Shopping Centre in Blackpool part way through the period. The Group’s results for the period was a loss of £513,000 which incorporated the writing off of the acquisition fees associated with the acquisition of The Houndshill Shopping Centre Blackpool.
The Group is focussed on delivering a number of asset management initiatives over the next 12 months to enhance shareholder returns.
Read more here: SENS_New Frontier Properties_2016
