Net asset value (NAV) per share Orange European Property Fund (OEPF) increased by 12.2% in the first half of the FundÂ's financial year, which runs from 1 October 2001 to 31 March 2002 inclusive, from EUR 9.57 to EUR 10.74 as at 31 March 2002.
The benchmark against which performance is measured - the Global Property Research-250 Europe Index adjusted by reducing the UK component to 20% of the index - increased by 12.4% over this period.
The share price increased by 10.9%, from EUR 9.60 to EUR 10.65 over the past six months. The number of shares in issue expanded over the period under review from 7,615,465 as of 1 October 2002 to 11,497,271 as at 31 March 2002. Shareholders equity increased from EUR 73 million to EUR 123 million. This increase is mainly due tot the merger with Amvabel NV and Orange Global Property Fund NV as per 13 March 2002.
The semi-annual report as at 31 March 2002 is available from 29 May on.
(source: Kempen Capital Management)