Net Asset Value(s)

RNS Number : 3388Z

ISIS Property Trust 2 Limited

18 July 2008

 



To:        Company Announcements

Date:        17 July 2008 

Company:    ISIS Property Trust 2 Limited

Subject:    Net Asset Value

Net asset value

The unaudited net asset value per share of ISIS Property Trust 2 Limited as at 30 June 2008 was 121.0 pence. This represents a decrease of 1.1 per cent from the net asset value per share as at 31 March 2008 of 122.4 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 2008 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 2008 which is expected to be paid in September 2008. 

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 2008 to 30 June 2008.

	Pence per share	% of opening NAV
Net asset value per share as at 31 March 2008	122.4
Unrealised decrease in valuation of property portfolio (including the effect of gearing)	(4.0)	(3.3)*
Increase in interest rate swap valuation	2.9	2.4
Movement in revenue reserves	(0.3)	(0.2)
Net asset value per share as at 30 June 2008	121.0	(1.1)

* The ungeared decrease in the valuation of the property portfolio over the quarter to 30 June 2008 was 2.2%.

Portfolio Analysis	£m	% of portfolio as at 30 June 2008	% capital value movement in quarter
Offices	58.6	30.6	(0.7)
West End	17.8	9.3	(1.4)
South East	8.8	4.6	(1.7)
Rest of UK	32.0	16.7	-
Standard Retail	58.6	30.6	(1.7)
West End	3.9	2.0	(3.7)
Rest of London	3.0	1.6	(3.9)
South East	25.8	13.5	(0.6)
Rest of UK	25.9	13.5	(2.3)
Industrial	65.5	34.2	(3.7)
South East	57.0	29.8	(3.8)
Rest of UK	8.5	4.4	(3.5)
Retail Warehouse	8.8	4.6	(4.2)
Total Property	191.5	100.0	(2.2)

The property portfolio will next be valued by an external valuer during September 2008 and the net asset value per share as at 30 September 2008 will be announced in October 2008.

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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