Net Asset Value(s)

RNS Number : 4273E

F&C UK Real Estate Investments Ltd

09 April 2014

 



To:                  Company Announcements

Date:               9 April 2014

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 2014 was 79.9 pence. This represents an increase of 3.8 per cent from the net asset value per share as at 31 December 2013 of 77.0 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 2014 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 2014 which is expected to be paid in June 2014.

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 2013 to 31 March 2014.

	Pence per share	% of opening NAV
Net asset value per share as at 31 December 2013	77.0
Unrealised movement in valuation of property portfolio (including the effect of gearing)	2.6	3.4*
Movement in interest rate swap valuation	0.4	0.5
Movement in revenue reserves	(0.1)	(0.1)
Net asset value per share as at 31 March 2014	79.9	3.8

* The un-geared increase in the valuation of the property portfolio over the quarter to 31 March 2014 was 2.0%.

The net gearing as at 31 March 2014 was 34.5%#

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

Portfolio Analysis	£m	% of portfolio as at 31 March 2014	% capital value movement  in quarter
Offices	77.6	27.6	2.7
West End	21.5	7.6	3.9
South East	25.6	9.1	2.3
Rest of UK	30.5	10.9	2.3
Retail	73.8	26.2	0.9
West End	4.9	1.7	1.0
Rest of London	5.5	2.0	0.5
South East	25.2	8.9	0.8
Rest of UK	38.2	13.6	0.9
Industrial	78.4	27.8	2.7
South East	71.9	25.5	2.1
Rest of UK	6.5	2.3	9.3
Retail Warehouse	51.7	18.4	1.7
Rest of London	7.4	2.6	2.1
Rest of UK	44.3	15.8	1.7
Total Property	281.5	100.0	2.0

The property portfolio will next be valued by an external valuer during June 2014 and the net asset value per share as at 30 June 2014 will be announced in July 2014.

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]

 

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