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Greenbay, the hybrid property company that invests in other property stocks and directly in real estate, achieved distributable earnings of 0.204 British pence per share in the six months to March, exceeding guidance provided in September 2016. The group said in its financial results for the reporting period that it will declare a dividend of 0.2p per share for the interim period. Greenbay’s initial plan is to invest in listed European property funds and distressed real estate assets. CEO Stephen Delport said the group had managed to grow its portfolio opportunistically, despite a volatile world economy. Greenbay increased its net asset value per share from 4.80p at the of March 2016 to 7.35p at the end of March 2017, an increase of 53.1%. "The increase in net asset value since September 2016 is 8.7%," said Delport. The group’s loan-to-value ratio was 6.5% at the interim period end. With the increased direct property exposure, the board’s policy is not to exceed a loan-to-value rati...

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