Net Asset Value(s)

RNS Number : 7283K

IRP Property Investments Ltd

26 April 2010

 



To:                   Company Announcements

Date:                26 April 2010

Company:        IRP Property Investments Limited

Subject:           Net Asset Value

Net asset value

The unaudited net asset value per share of IRP Property Investments Limited as at 31 March 2010 was 85.8 pence.  This represents an increase of 1.7 per cent from the net asset value per share as at 31 December 2009 of 84.4 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 2010 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 March 2010 which is expected to be paid in June 2010.

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 2009 to 31 March 2010.

	Pence per share	% of opening NAV
Net asset value per share as at 31 December 2009	84.4
Unrealised increase in valuation of property portfolio (including the effect of gearing)	3.7	4.4*
Movement in interest rate swap valuation	(1.8)	(2.1)
Movement in revenue reserves	(0.5)	(0.6)
Net asset value per share as at 31 March 2010	85.8	1.7

* The un-geared increase in the valuation of the property portfolio over the quarter to 31 March 2010 was 2.7%.

The net gearing as at 31 March 2010 was 33.5%#

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

Portfolio Analysis	£m	% of portfolio as at 31 March 2010	% capital value movement  in quarter
Offices	29.0	18.6	1.3
South East	6.7	4.3	1.1
Rest of UK	22.3	14.3	1.3
Retail	54.1	34.7	3.7
West End	3.6	2.1	2.3
Rest of London	2.9	1.9	3.8
South East	23.3	15.0	4.3
Rest of UK	24.3	15.7	3.3
Industrial	59.4	38.1	2.2
South East	52.1	33.4	2.5
Rest of UK	7.3	4.7	-
Retail Warehouse Rest of UK	13.5	8.6	5.0
Total Property	156.0	100.0	2.7

The property portfolio will next be valued by an external valuer during June 2010 and the net asset value per share as at 30 June 2010 will be announced in July 2010.

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]

 

END

 

 

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