Net Asset Value(s)

To: Company Announcements
Date: 21 January 2015
Company: F&C UK Real Estate Investments Limited

Subject: Net Asset Value


Net asset value

The unaudited net asset value per share of F&C UK Real Estate Investments
Limited ("FCRE") as at 31 December 2014 was 90.8 pence. This represents an
increase of 4.2 per cent from the net asset value per share as at 30 September
2014 of 87.1 pence.

The net asset value is based on the external valuation of the Group's property
portfolio prepared by DTZ Debenham Tie Leung Limited.

The net asset value is calculated under International Financial Reporting
Standards ("IFRS").

The net asset value includes all income to 31 December 2014 and is calculated
after deduction of all dividends paid prior to that date. It does not include a
provision for the dividend for the quarter to 31 December 2014 which is
expected to be paid in March 2015.

Breakdown of NAV movement

Set out below is a breakdown of the change to the unaudited net asset value per
share calculated under IFRS over the period from30 September 2014 to 31
December 2014.

                                                          Pence     % of
                                                            per  opening
                                                          share      NAV
                                                                        
Net asset value per share as at 30 September 2014          87.1         
                                                                        
Unrealised movement in valuation of property portfolio      3.9     4.4*
(including the effect of gearing)                                       
                                                                        
Movement in revenue reserves                              (0.2)    (0.2)
                                                                        
Net asset value per share as at 31 December 2014           90.8      4.2


* The un-geared increase in the valuation of the property portfolio over the
quarter to 31 December 2014 was 3.0%.

The net gearing as at 31 December 2014 was 30.7%#

# Bank debt (less net current assets, excluding swap liability) divided by fair
value of investment properties





Portfolio Analysis                                 £m        % of  % capital
                                                        portfolio      value
                                                         as at 31   movement
                                                         December in quarter
                                                             2014           
                                                                            
Offices                                          90.8        28.3        2.8
                                                                            
West End                                         23.7         7.4        3.2
                                                                            
South East                                       34.9        10.9        4.1
                                                                            
Rest of UK                                       32.2        10.0        1.0
                                                                            
Retail                                           69.5        21.7        1.3
                                                                            
West End                                          5.7         1.8        2.7
                                                                            
Rest of London                                    6.5         2.0        2.7
                                                                            
South East                                       19.4         6.1        1.3
                                                                            
Rest of UK                                       37.9        11.8        0.9
                                                                            
Industrial                                       83.9        26.2        4.2
                                                                            
South East                                       82.8        25.8        4.2
                                                                            
Rest of UK                                        1.1         0.4          -
                                                                            
Retail Warehouse                                 76.2        23.8        3.4
                                                                            
Rest of London                                    7.9         2.5        6.1
                                                                            
Rest of UK                                       68.3        21.3        3.1
                                                                            
Total Property                                  320.4       100.0        3.0

The property portfolio will next be valued by an external valuer during March
2015 and the net asset value per share as at 31 March 2015 will be announced in
April 2015.

Enquiries:

The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL
Tel: [phone]
Fax: [phone]

Ian McBryde
Scott Macrae
F&C Investment Business Ltd
Tel: [phone]
Fax: [phone]