Net Asset Value(s)

RNS Number : 1658N

F&C UK Real Estate Investments Ltd

24 July 2014

 



To:                   Company Announcements

Date:                24 July 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 30 June 2014 was 83.4 pence. This represents an increase of 4.4 per cent from the net asset value per share as at 31 March 2014 of 79.9 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 June 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 30 June 2014 which is expected to be paid in September 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 March 2014 to 30 June 2014.

	Pence per share	% of opening NAV
Net asset value per share as at 31 March 2014	79.9
Premium on share issues	0.2	0.3
Unrealised movement in valuation of property portfolio (including the effect of gearing)	2.9	3.6*
Realised gains on sale of properties	0.1	0.1
Movement in interest rate swap valuation	0.6	0.8
Movement in revenue reserves	(0.3)	(0.4)
Net asset value per share as at 30 June 2014	83.4	4.4

* The un-geared increase in the valuation of the property portfolio over the quarter to 30 June 2014 was 2.1%.

The net gearing as at 30 June 2014 was 31.7%#

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

Portfolio Analysis	£m	% of portfolio as at 30 June 2014	% capital value movement  in quarter
Offices	79.7	26.5	2.7
West End	22.0	7.3	2.8
South East	27.3	9.1	6.6
Rest of UK	30.4	10.1	(0.5)
Retail	71.8	23.9	(0.4)
West End	5.2	1.7	7.2
Rest of London	6.2	2.1	10.5
South East	21.3	7.1	0.7
Rest of UK	39.1	13.0	(3.3)
Industrial	77.2	25.7	4.9
South East	76.1	25.3	4.9
Rest of UK	1.1	0.4	-
Retail Warehouse	71.9	23.9	0.9
Rest of London	7.4	2.5	-
Rest of UK	64.5	21.4	1.0
Total Property	300.6	100.0	2.1

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

 

END

 

 

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