Net Asset Value(s)

To:        Company Announcements
Date:      28 April 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 March 2015 was 93.3 pence. This represents an increase
of 2.7 per cent from the net asset value per share as at 31 December 2014 of
90.8 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 March 2015and 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 March 2015 which is expected
to be paid in June 2015.

Share Price

The share price was 102.5 pence per share at 31 March 2015, which represented a
premium of 9.9 per cent to the NAV per share announced above. The share price
total return for the quarter was 10.4 per cent.

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 from 31 December 2014 to 31 March
2015.

                                                          Pence     % of
                                                            per  opening
                                                          share      NAV
                                                                        
Net asset value per share as at 31 December 2014           90.8         
                                                                        
Unrealised movement in valuation of property portfolio      2.4     2.6*
(including the effect of gearing)                                       
                                                                        
Movement in interest rate swap valuation                    0.4      0.4
                                                                        
Movement in revenue reserves                              (0.3)    (0.3)
                                                                        
Net asset value per share as at 31 March 2015              93.3      2.7

* The un-geared increase in the valuation of the property portfolio over the
quarter to 31 March 2015 was 1.8%.

The net gearing as at 31 March 2015 was 30.2%#

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


Portfolio Analysis                                 £m        % of  % capital
                                                        portfolio      value
                                                               as   movement
                                                            at 31 in quarter
                                                       March 2015           
                                                                            
Offices                                          95.2        28.9        1.4
                                                                            
West End                                         24.0         7.3        1.1
                                                                            
South East                                       35.9        10.9        2.6
                                                                            
Rest of UK                                       35.3        10.7        0.6
                                                                            
Retail                                           70.7        21.5        1.7
                                                                            
West End                                          5.8         1.8        3.1
                                                                            
Rest of London                                    6.7         2.0        2.3
                                                                            
South East                                       19.8         6.0        2.0
                                                                            
Rest of UK                                       38.4        11.7        1.3
                                                                            
Industrial                                       86.5        26.2        3.1
                                                                            
South East                                       85.4        25.9        3.1
                                                                            
Rest of UK                                        1.1         0.3          -
                                                                            
Retail Warehouse                                 76.9        23.4        1.0
                                                                            
Rest of London                                    7.9         2.4        1.3
                                                                            
Rest of UK                                       69.0        21.0        1.0
                                                                            
Total Property                                  329.3       100.0        1.8


Property Purchases and Sales

On 27 March 2015, IPT Property Holdings Limited, a subsidiary of FCRE,
purchased an office in Nottingham for £3.25 million, at a net initial yield of
7.14 per cent. The property is let to three separate tenants for 10 years at
£246,858 per annum. There were no other purchases or sales in the quarter.

Summary Balance Sheet

                                                     £m   Pence    % of
                                                            per     Net
                                                          share  Assets
                                                                       
Property Portfolio per Valuation Report           329.3   140.8   151.0
                                                                       
Adjustment for lease incentives                   (5.5)   (2.4)   (2.5)
                                                                       
Fair Value of Property Portfolio                  323.8   138.4   148.5
                                                                       
Cash                                                5.1     2.2     2.3
                                                                       
Trade and other receivables                         6.4     2.7     2.9
                                                                       
Trade and other payables                          (6.4)   (2.7)   (2.9)
                                                                       
Interest-bearing loan                           (103.0)  (44.0)  (47.2)
                                                                       
Interest rate swap                                (7.8)   (3.3)   (3.6)
                                                                       
Net Assets at 31 March 2015                       218.1    93.3   100.0


The property portfolio will next be valued by an external valuer during
June 2015 and the net asset value per share as at 30 June 2015 will be announced
in July 2015.

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

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