Dawnay, Day Treveria, the Germany-focused property management fund, is to change its name following a 19.2%fall in net asset value per share to 91.2 cents.
The company’s fortunes have nosedived because of crumbling confidence in the real estate sector as well as its links with the fast-dissolving Dawnay, Day group. Now directors have said they want to make clear their independence by ditching the Dawnay, Day name altogether.
Shareholders will be asked to approve the new name, expected to be simply Treveria, at a general meeting.
The fall in NAV comes in spite of a 34% jump to €79.8m (£62.3m) in rental income in the past year, and is largely due to revaluations of the fund’s property portfolio.