MAS Real Estate lifts adjusted NAV per share

Europe-focused MAS Real Estate said on Monday it was pleased that its adjusted net asset value (NAV) per share lifted 4.3% to 114.5 euro cents as at March 31, 2015.

The continued growth in the NAV per share was attributable to the strong net operating profit as the portfolio benefitted from increased scale, gains in the value of the indirect property investments, and exchange gains from a stronger sterling and Swiss franc.

"The company retains a basket of currencies hedging approach as part of its diversification strategy, with exposure to euros, sterling and Swiss francs," MAS Real Estate said.

Net operating profit increased from EUR0.045 million for the six months to December 31, 2014, to EUR1.985 million for the nine months since the end of the previous financial year being June 30, 2014.

This increase of EUR1.940 million was driven principally by the acquisitions completed late last year as well as the Heppenheim and Bruchsal properties acquired in the third quarter of the financial year.

The assumptions on which the above results are based are consistent with the company's interim reporting. Properties have not be re-valued since the end of the interim reporting period, except for properties acquired after this period end which have been valued by an independent valuer at the date of acquisition.

Lukas Nakos, CEO of MAS Real Estate, said the company's strategy of investing in and developing high-quality assets in the core of Western Europe was paying off.

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