Net Asset Value(s)

RNS Number : 2035F

IRP Property Investments Ltd

20 April 2011

 



To:                   Company Announcements

Date:                20 April 2011

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 2011 was 86.3 pence.  This represents a decrease of 0.6 per cent from the net asset value per share as at 31 December 2010 of 86.8 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 2011 and is calculated after deduction of all dividends paid prior to that date.

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 2010 to 31 March 2011.

	Pence per share	% of opening NAV
Net asset value per share as at 31 December 2010	86.8
Unrealised decrease in valuation of property portfolio (including the effect of gearing)	(0.1)	(0.1)*
Movement in interest rate swap valuation	1.3	1.5
Fair value adjustment - lease incentives	(1.3)	(1.5)
Movement in revenue reserves	(0.4)	(0.5)
Net asset value per share as at 31 March 2011	86.3	(0.6)

* The un-geared decrease in the valuation of the property portfolio over the quarter to 31 March 2011 was 0.1%.

The net gearing as at 31 March 2011 was 32.3%#

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

Portfolio Analysis	£m	% of portfolio as at 31 March 2011	% capital value movement  in quarter
Offices	28.6	18.6	(0.6)
South East	6.6	4.3	(0.6)
Rest of UK	22.0	14.3	(0.6)
Retail	50.4	32.7	(3.8)
West End	3.9	2.5	-
Rest of London	2.8	1.8	-
South East	24.8	16.1	1.4
Rest of UK	18.9	12.3	(10.9)^
Industrial	60.6	39.4	(0.3)
South East	53.3	34.6	(0.3)
Rest of UK	7.3	4.8	-
Retail Warehouse Rest of UK	14.5	9.3	1.0
Total Property	154.1	100.0	(1.4)

^ The majority of the fall in capital was due to the sale of a property at Nuneaton for £2.13 million.

The property portfolio will next be valued by an external valuer during June 2011 and the net asset value per share as at 30 June 2011 will be announced in July 2011.

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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