Net Asset Value(s)

RNS Number : 9939H

UK Commercial Property Trust Ltd

19 July 2012

UK Commercial Property Trust Limited ("the Company")

Net Asset Value as at 30 June 2012

UK Commercial Property Trust Limited (LSE: UKCM), the largest Guernsey based, UK focused, commercial property trust, announces its unaudited quarterly Net Asset Value ("NAV") as at 30 June 2012.

The unaudited NAV per share as at 30 June 2012 was 72.3 pence, representing a decrease of 2.4% from the unaudited NAV per share as at 31 March 2012 of 74.1 pence.

This compares to an IPD balanced monthly index funds capital decrease of 1.3% over the same period.

The NAV has been calculated under International Financial Reporting Standards ("IFRS"). It is based on the external valuation of the Company's direct property portfolio prepared by CBRE Limited.

The NAV includes all income to 30 June 2012 and is calculated after deduction of all dividends paid prior to that date.

As at 30 June 2012 the Company's gearing, measured as gross borrowings (excluding swap liabilities) as a percentage of total assets, was 18.5%.

Analysis of Movement in NAV

The following tables provide an analysis of the movement in the unaudited NAV per share for the period from 1 April 2012 to 30 June 2012 and a sector analysis as at 30 June 2012:

UK Commercial Property Trust Limited	Per Share (p)	Attributable Assets (£m)
Net assets as at 1 April 2012	74.1	887.5
Unrealised increase in valuation of property portfolio	(1.2)	(14.4)
Capital expenditure during the period	(0.2)	(2.0)
Income earned for the period	1.6	18.8
Expenses for the period	(0.4)	(5.3)
Dividend paid on 31 May 2012	(1.3)	(15.7)
Interest rate swaps mark to market revaluation	(0.3)	(3.2)
Net assets as at 30 June 2012	72.3	865.7

Sector Analysis

	Portfolio Value as at 30 Jun 2012 (£m)	Exposure as at 30 Jun 2012 %	Capital Value Shift	Capital Value Shift (£m)
			(%)
External Valuation at 31 Mar 2012				1,067.2

Sub-sector Analysis

Retail	550.5	52.3	(1.8)	(10.0)
High St - South East		9.0	0.0	0.0
High St - Rest of UK		3.9	(1.6)	(0.7)
Shopping Centres		14.6	(3.7)	(5.9)
Retail Warehouses		24.8	(1.3)	(3.4)

Offices	254.9	24.2	(1.2)	(3.2)
West End		8.7	0.7	0.6
South East		5.4	(2.3)	(1.3)
Rest of UK		10.1	(2.3)	(2.5)

Industrial	172.2	16.4	(0.7)	(1.2)
South East		9.8	(1.2)	(1.2)
Rest of UK		6.6	0.0	0.0

Leisure & Other	75.2	7.1	0.0	0.0

External valuation at 30 Jun 2012	1,052.8	100.0	(1.4)	1,052.8