Latest trust commentary

Despite geopolitical risks, economic sentiment is slowly improving and inflation is moderating across Continental Europe. As such, with the ECB reducing rates by 25 basis points in early June 2024, we anticipate the potential for a further rate cut towards the end of 2024. This should provide more certainty to capital markets, attracting investors back to real estate and investment trusts, given their attractive income and value characteristics. Our management team has successfully managed the near-term refinancing challenges and given the strength of our balance sheet, cash position, and dividend, the Company provides a compelling investment proposition compared to our UK-listed peers.

Moving forward, we will continue to focus on the elements within our control including operational understanding, tenant relationships and sustainability enhancements, which will collectively improve our income and thereby earnings, enhance liquidity, and drive asset value. We anticipate that the investor pool will grow as we potentially seek to pivot towards becoming an Article 8 vehicle, and we expect the attractive discount currently available to narrow. Regardless, investors can have confidence in a viable company with diversified real estate exposure across key growth European cities, managed by local market specialists.

Past performance is not a guide to future performance and may not be repeated.

The value of investments, and the income from them, can rise and fall and investors may not get back the amount originally invested.

Companies which invest in a smaller number of assets carry more risk than those spread across a larger number of assets.

The Company may invest solely in property located in one country or region. This can carry more risk than investments spread over a number of countries or regions.

The Company may borrow money to invest in further investments, this is known as gearing. Gearing will increase returns if the value of the assets purchased increase in value by more than the cost of borrowing, or reduce returns if they fail to do so.

The fund holds investments denominated in currencies other than sterling, changes in exchange rates will cause the value of these investments, and the income from them, to rise or fall.

The dividend yield is an estimate and is not guaranteed.