European property group Alpha Pyrenees continues to boast one of the highest dividend yields in the property sector, declaring a 0.9p quarterly payment in a trading statement this week.
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This is in line with broker KBC Peel Hunt's full-year estimates of 3.6p, which equates to a thumping dividend yield of nearly 12 per cent. Alpha's portfolio of French and Spanish assets has seen valuations decline as a result of the weakened euro and dismal Spanish economy, but the quarter to 31st March saw a much slimmer fall of 0.4 per cent. Adjusted net asset value has dipped marginally to 31p.
Three new lettings were secured in the period, bringing the vacancy rate to 9 per cent, and 84 per cent of income comes from blue-chip tenants.
