Net Asset Value(s)

To:       Company Announcements
Date:     26 January 2015
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 31 December
2014 was 122.1 pence. This represents an increase of 2.6 per cent from the
unaudited NAV per share as at 30 September 2014 of 119.0 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 31 December 2014 and is calculated after
deduction of all dividends paid prior to that date. As at 31 December 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 September 2014 to 31 December 2014 (including
the effect of gearing):

                                                            Pence     % of
                                                              per  opening
                                                            share      NAV
                                                                          
NAV per share as at 30 September 2014                       119.0         
                                                                          
Unrealised increase in valuation of property portfolio *      4.4      3.7
                                                                          
Movement in fair value of interest rate swap                    -        -
                                                                          
Movement due to costs of refinancing                        (0.9)    (0.8)
                                                                          
Movement in revenue reserve                                 (0.4)    (0.3)
                                                                          
NAV per share as at 31 December 2014                        122.1      2.6

* the ungeared increase in the valuation of the property portfolio over the
quarter to 31 December 2014 was 3.0%, after allowing for capital expenditure
and property sales.

The net gearing at 31 December 2014 was 17.9%.#

# Net gearing: (Borrowings - cash) ÷ total assets (less current liabilities,
excluding borrowings, and cash).

Portfolio Analysis

                                              Market        % of          
                                               Value   portfolio          %
                                                        as at 31 unrealised  
                                                  £m    December   movement  
                                                            2014 in quarter  
                                                                 
                                                                           
Offices                                        463.8        38.2        1.5
                                                                           
West End                                       178.2        14.7        1.2
                                                                           
South East                                      92.5         7.6        1.6
                                                                           
Rest of UK                                     179.5        14.8        1.3
                                                                           
City                                            13.6         1.1        9.0
                                                                           
Retail                                         323.9        26.7        5.9
                                                                           
South East                                     308.8        25.5        5.9
                                                                           
Rest of UK                                      15.1         1.2        5.6
                                                                           
Industrial                                     171.9        14.2        4.5
                                                                           
South East                                      17.1         1.4        1.7
                                                                           
Rest of UK                                     154.8        12.8        4.8
                                                                           
Retail Warehouse                               222.7        18.4        1.3
                                                                           
Other                                           30.3         2.5        0.6
                                                                           
Total Property Portfolio                     1,212.6       100.0        3.0


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


Enquiries:

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

Graeme Caton
Winterflood Securities Limited
Tel: [phone]