AIM-listed investment company Dawnay, Day Treveria announced plans to buy back 10% of its shares yesterday.
The company, which was set up in 2005 in order to invest in German retail property, has a market capitalisation of €776m according to financial newswire Bloomberg, which would put the level of the buy back at around €78m.
The company’s share price has declined 23% in the last three months, in line with the poor performance exhibited by the listed property sector. It currently has a portfolio valued at €1.7bn (£1.2bn)
The move follows a similar announcement by British Land, who are set to buy back £250m of their own shares over the next year.
A statement to the London Stock Exchange said: ‘In light of the current share price, the Directors believe that the buy back will enhance returns to shareholders.’
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