Aedifica SA outlined its earnings and dividend projections for the 2018/2019 financial year and provided an update on its plans to transfer its apartment buildings division into a new subsidiary.
The Belgian real estate investment trust said its board expects to generate a rental income of €104 million for the 2018/2019 financial year. This would result in a European Public Real Estate Association earnings of €63 million, or €3.45 per share, for the 12-month period, allowing the company to pay its shareholders a gross dividend of €2.80 per share, up 12%.
Aedifica added that it readying is to transfer its apartment buildings division to its Immobe SA/NV unit, with the transaction expected to occur at the end of the third quarter.
The company added that it agreed to sell up to a 75% stake in the unit to one of the candidate-partners in two phases, with the first phase consisting of the sale of a 50% stake expected to occur in fourth quarter.