Net Asset Value(s)

RNS Number : 5632Q

IRP Property Investments Ltd

21 October 2011

 



To:                   Company Announcements

Date:                21 October 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 30 September 2011 was 79.7 pence. This represents a decrease of 3.7 per cent from the net asset value per share as at 30 June 2011 of 82.8 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 30 September 2011 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 30 September 2011 which is expected to be paid in December 2011.

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 June 2011 to 30 September 2011.

	Pence per share	% of opening NAV
Net asset value per share as at 30 June 2011	82.8
Unrealised movement in valuation of property portfolio (including the effect of gearing)	-	- *
Movement in interest rate swap valuation	(2.5)	(3.0)
Movement in revenue reserves	(0.6)	(0.7)
Net asset value per share as at 30 September 2011	79.7	(3.7)

* The un-geared movement in the valuation of the property portfolio over the quarter to 30 September 2011 was 0.0%.

The net gearing as at 30 September 2011 was 37.4%#

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

Portfolio Analysis	£m	% of portfolio as at 30 September 2011	% capital value movement  in quarter
Offices	28.5	17.6	(0.1)
South East	6.4	3.9	(1.1)
Rest of UK	22.1	13.7	0.2
Retail	50.5	31.3	0.6
West End	4.1	2.5	5.0
Rest of London	2.9	1.8	-
South East	24.8	15.4	0.1
Rest of UK	18.7	11.6	0.3
Industrial	59.4	36.7	(0.2)
South East	52.6	32.5	0.1
Rest of UK	6.8	4.2	(2.5)
Retail Warehouse Rest of UK	23.2	14.4	(0.1)
Total Property	161.6	100.0	-

The property portfolio will next be valued by an external valuer during December 2011 and the net asset value per share as at 31 December 2011 will be announced in January 2012.

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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