Net Asset Value(s)

RNS Number : 8099L

IRP Property Investments Ltd

19 January 2009

 



To:        Company Announcements

Date:        19 January 2009 

Company:    IRP Property Investments Limited

Subject:    Net Asset Value

Net asset value

The unaudited net asset value per share of IRP Property Investments Limited as at 31 December 2008 was 80.3 pence. This represents a decrease of 26.1 per cent from the net asset value per share as at 30 September 2008 of 108.7 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 December 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 31 December 2008 which is expected to be paid in March 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 30 September 2008 to 31 December 2008.

	Pence per share	% of opening NAV
Net asset value per share as at 30 September 2008	108.7
Unrealised decrease in valuation of property portfolio (including the effect of gearing)	(21.3)	(19.6)*
Decrease in interest rate swap valuation	(6.9)	(6.3)
Movement in revenue reserves	(0.2)	(0.2)
Net asset value per share as at 31 December 2008	80.3	(26.1)

* The ungeared decrease in the valuation of the property portfolio over the quarter to 31 December 2008 was 13.1%.

The net gearing as at 31 December 2008 was 38.1%.

Portfolio Analysis	£m	% of portfolio as at 31 December 2008	% capital value movement in quarter
Offices	47.1	29.8	(13.2)
West End	14.5	9.1	(15.0)
South East	7.5	4.8	(13.3)
Rest of UK	25.1	15.9	(12.0)
Retail	49.3	31.2	(11.6)
West End	3.3	2.1	(14.4)
Rest of London	2.5	1.6	(11.9)
South East	21.3	13.5	(12.5)
Rest of UK	22.2	14.0	(10.3)
Industrial	54.9	34.8	(13.3)
South East	47.9	30.4	(13.3)
Rest of UK	7.0	4.4	(13.3)
Retail Warehouse	6.6	4.2	(18.8)
Total Property	157.9	100.0	(13.0)

The property portfolio will next be valued by an external valuer during March 2009 and the net asset value per share as at 31 March 2009 will be announced in April 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]

 

END

 

 

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