In results for the half year ending 31 March, the trust said it had made “further progress” on delivering its target dividend yield of 5.5% proposed before it floated in December 2015.
The results showed the trust’s investment manager Tony Smedley still had 19% of its total assets remaining in cash at the end of March or £46.9m.
However, its recent acquisition of a €52.4m (£45.3m) shopping centre in Seville, Spain is likely to have brought this figure closer to zero.
The acquisition, announced earlier this week, was made in a 50:50 joint venture with another fund, Immobilien Europa Direkt, which is also advised by Schroders.
The trust reported profits for the six-month period of €4.2 million.
It declared a dividend of 2.2 cents per share, including 1.2 cents per share to be paid as a second interim dividend in July 2017.
Chairman of the trust’s board, Sir Julian Berney Bt., declared the period as one of progress “against a background of political and economic uncertainty”.
“We are making further progress on delivering our target 5.5% dividend yield as we complete the investment programme, providing shareholders with sustainable long-term income and the potential for capital growth,” he said.
