Terra hails property market revival

4th Dec 2009 16:26

Terra Catalyst Fund, the Cayman Islands-registered investment company focused on listed property companies and funds in Europe, saw its net asset value (NAV) per share rise to 53.61p at the end of September from 39.00p at the end of March.The 37.46% gain, while good, compares unfavourably with the 49.3% rise on the European Public Real Estate Association over the same period, which the company's investment manager, Laxey Partners, regards as a reasonable index against which to measure the fund's performance.'Due to a much improved investment market for physical property, the Investment Manager does expect to start receiving significant distributions from investee companies over the next six to twelve months as property assets are sold,' the company said. TCF has also not ruled out the possibility of closing out or reducing some positions.