Net Asset Value(s)

To:         Company Announcements
Date:       13 October 2014
Company:    F&C Commercial Property Trust Limited

Subject:    Net Asset Value


Net Asset Value

The unaudited net asset value (`NAV') per share of the Group as at 30 September
2014 was 119.0 pence. This represents an increase of 3.4 per cent from the
unaudited NAV per share as at 30 June 2014 of 115.1 pence.

The NAV has been calculated under International Financial Reporting Standards
(`IFRS'). It is based on the external valuation of the Group's direct property
portfolio prepared by CBRE Limited.

The NAV includes all income to 30 September 2014 and is calculated after
deduction of all dividends paid prior to that date. As at 30 September 2014 no
adjustments were required to the NAV in respect of dividends for which the
share price had gone ex-dividend.

Analysis of Movement in NAV

The following table provides an analysis of the movement in the unaudited NAV
per share for the period from 30 June 2014 to 30 September 2014 (including the
effect of gearing):

                                                            Pence     % of
                                                              per  opening
                                                            share      NAV
                                                                          
NAV per share as at 30 June 2014                            115.1         
                                                                          
Unrealised increase in valuation of property portfolio *      4.4      3.8
                                                                          
Movement in fair value of interest rate swap                    -        -
                                                                          
Movement due to share issuance                                0.1      0.1
                                                                          
Movement in revenue reserve                                 (0.6)    (0.5)
                                                                          
NAV per share as at 30 September 2014                       119.0      3.4

* the ungeared increase in the valuation of the property portfolio over the
quarter to 30 September 2014 was 3.1%, after allowing for capital expenditure
and property sales.

The net gearing at 30 September 2014 was 17.7%.#

# Net gearing: (Secured Bonds and interest bearing bank loan - cash) ÷ total
assets (less current liabilities, excluding borrowings, and cash).


Portfolio Analysis

                                              Market        % of          %
                                               Value   portfolio unrealised         
                                                        as at 30   movement
                                                  £m   Sept 2014 in quarter        
                                                                   
                                                                 
                                                                           
Offices                                        456.9        38.8        3.3
                                                                           
West End                                       176.1        15.0        5.2
                                                                           
South East                                      91.1         7.7        4.0
                                                                           
Rest of UK                                     177.2        15.0        0.9
                                                                           
City                                            12.5         1.1        5.9
                                                                           
Retail                                         305.4        25.9        2.3
                                                                           
South East                                     291.1        24.7        2.4
                                                                           
Rest of UK                                      14.3         1.2          -
                                                                           
Industrial                                     164.4        14.0        2.4
                                                                           
South East                                      16.7         1.4        1.1
                                                                           
Rest of UK                                     147.7        12.6        2.6
                                                                           
Retail Warehouse                               219.8        18.7        4.0
                                                                           
Other                                           30.1         2.6        3.6
                                                                           
Total Property Portfolio                     1,176.6       100.0        3.1

The next quarterly valuation of the property portfolio will be conducted by
CBRE Limited during December 2014 and it is expected that the unaudited NAV per
share as at 31 December 2014 will be announced in January 2015.

Enquiries:

Richard Kirby
F&C REIT Property Asset Management plc
Tel: [phone]

Graeme Caton
Winterflood Securities Limited
Tel: [phone]