Net Asset Value(s)

RNS Number : 0454R

IRP Property Investments Ltd

23 April 2009

 



To:        Company Announcements

Date:        23 April 2009 

Company:    IRP Property Investments Limited

Subject:    Replacement Net Asset Value Announcement

This replaces announcement number 0136R07 released at 07.00am 23 April 2009

Net asset value

The unaudited net asset value per share of IRP Property Investments Limited as at 31 March 2009 was 70.7 pence. This represents a decrease of 12.1 per cent from the net asset value per share as at 31 December 2008 of 80.4 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 31 March 2009 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 2009 which is expected to be paid in June 2009. 

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 2008 to 31 March 2009.

	Pence per share	% of opening NAV
Net asset value per share as at 31 December 2008	80.4
Unrealised decrease in valuation of property portfolio (including the effect of gearing)	(9.5)	(11.7)*
Realised gain on sale of property	1.4	1.7
Decrease in interest rate swap valuation	(0.7)	(0.9)
Movement in revenue reserves	(0.9)	(1.1)
Net asset value per share as at 31 March 2009	70.7	(12.0)

* The ungeared decrease in the valuation of the property portfolio over the quarter to 31 March 2009 was 7.1% (this calculation excludes 48/49 St James Street which was sold in the quarter and realised a gain of £1.65 million over its 31 December 2008 valuation).

The net gearing as at 31 March 2009 was 30.6%.

Portfolio Analysis	£m	% of portfolio as at 31 March 2009	% capital value movement in quarter
Offices	30.5	22.9	(6.6)
South East	6.8	5.1	(10.0)
Rest of UK	23.7	17.8	(5.6)
Retail	46.3	34.7	(6.1)
West End	3.0	2.3	(8.4)
Rest of London	2.4	1.8	(7.1)
South East	19.9	14.9	(6.2)
Rest of UK	21.0	15.7	(5.5)
Industrial	50.6	38.0	(7.8)
South East	44.2	33.2	(7.7)
Rest of UK	6.4	4.8	(8.1)
Retail Warehouse	5.8	4.4	(11.3)
Total Property	133.2	100.0	(7.1)

The property portfolio will next be valued by an external valuer during June 2009 and the net asset value per share as at 30 June 2009 will be announced in July 2009.

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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