The board of AltX-listed Rockcastle Global Real Estate Company (ROC) said on Wednesday it had proposed a distribution of 4 US cents per share for the six months ended June.

Rockcastle‚ which was incorporated in Mauritius in March last year‚ has invested in predominantly retail assets in the developed markets of the USA‚ UK‚ Canada‚ Europe‚ Singapore‚ Hong Kong and Australia.

The company's cumulative distribution for the 15-month period ended June would be 8.56 US cents per share‚ it said.

Over the 15-month period ended June‚ the company’s portfolio performed “in line with guidance” and achieved an annualised yield of 7.9% based on the initial listing price of $1 per share.

The company’s investments were made through a combination of direct holdings in shares or‚ where there were significant gearing and withholding tax benefits‚ through equity derivative instruments‚ Rockcastle said.

Gearing — which is earnings enhancing — “has been employed since listing”.

The company’s gearing ratio was 42.4% at the end of June.