Invista European Real Estate Trust, the European investor that floated last December, today revealed a 4.5% increase in its net asset value in the first quarter of this year.

The NAV rise to E3.00 (204p) means the company’s shares at 224p are trading at a 10% premium to NAV. An interim dividend of E0.049 is being paid, which equates to a 6% yield off the flotation price.

Since the flotation Invista European has spent most of the equity raised, accumulating a portfolio of E743m (£508m). Half of the properties are in France and a third in Germany. Chris Ludlam, head of fund development in Invista Real Estate’s Continental European team, said the company was also looking at deals in Italy, Scandinavia and the Netherlands. ‘The focus is western Europe, we are not huge fans of Eastern Europe,’ he said.

By sector the company has half its portfolio in logistics and a third in offices.