Net Asset Value(s)

RNS Number : 0923G

IRP Property Investments Ltd

26 January 2010

 



To:        Company Announcements

Date:        26 January 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 December 2009 was 84.4 pence. This represents an increase of 14.5 per cent from the net asset value per share as at 30 September 2009 of 73.7 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 2009 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 2009 which is expected to be paid in March 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 30 September 2010 to 31 December 2010.

	Pence per share	% of opening NAV
Net asset value per share as at 30 September 2009	73.7
Unrealised increase in valuation of property portfolio (including the effect of gearing)	10.7	14.5*
Increase in interest rate swap valuation	0.3	0.4
Movement in revenue reserves	(0.3)	(0.4)
Net asset value per share as at 31 December 2009	84.4	14.5

* The un-geared increase in the valuation of the property portfolio over the quarter to 31 December 2009 was 9.0%.

The net gearing as at 31 December 2009 was 34.0%.#

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

Portfolio Analysis	£m	% of portfolio as at 31 December 2009	% capital value movement in quarter
Offices	28.6	18.7	(0.1)
South East	6.6	4.3	(0.3)
Rest of UK	22.0	14.4	0.2
Retail	52.2	34.2	9.5
West End	3.5	2.3	8.3
Rest of London	2.8	1.8	14.1
South East	22.3	14.6	8.3
Rest of UK	23.6	15.5	10.0
Industrial	59.1	38.7	11.7
South East	51.8	33.9	11.8
Rest of UK	7.3	4.8	11.2
Retail Warehouse Rest of UK	12.8	8.4	22.6*
Total Property	152.7	100.0	9.0*

* Adjusted for the purchase of a Retail Warehouse at Churchill Way, Nelson which was valued at cost as at 31 December 2010.

The property portfolio will next be valued by an external valuer during March 2010 and the net asset value per share as at 31 March 2010 will be announced in April 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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