Net Asset Value(s)

RNS Number : 5320O

IRP Property Investments Ltd

12 October 2012

 



To:                   Company Announcements

Date:                12 October 2012

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 30 September 2012 was 73.2 pence. This represents a decrease of 3.9 per cent from the net asset value per share as at 30 June 2012 of 76.2 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 September 2012 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 September 2012 which is expected to be paid in December 2012.

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 June 2012 to 30 September 2012.

	Pence per share	% of opening NAV
Net asset value per share as at 30 June 2012	76.2
Unrealised movement in valuation of property portfolio (including the effect of gearing)	(2.6)	(3.4)*
Movement in interest rate swap valuation	0.2	0.3
Movement in revenue reserves	(0.6)	(0.8)
Net asset value per share as at 30 September 2012	73.2	(3.9)

* The un-geared decrease in the valuation of the property portfolio over the quarter to 30 September 2012 was 1.7%.

The net gearing as at 30 September 2012 was 41.6%#

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

Portfolio Analysis	£m	% of portfolio as at 30 September 2012	% capital value movement  in quarter
Offices	25.8	16.1	(4.2)
South East	6.0	3.7	(3.2)
Rest of UK	19.8	12.4	(4.5)
Retail	53.7	33.5	(0.2)
West End	4.1	2.6	-
Rest of London	2.9	1.8	-
South East	25.2	15.7	0.5
Rest of UK	21.5	13.4	(1.2)
Industrial	57.5	36.0	(2.2)
South East	50.7	31.7	(2.5)
Rest of UK	6.8	4.3	(0.4)
Retail Warehouse Rest of UK	23.1	14.4	(0.6)
Total Property	160.1	100.0	(1.7)

The property portfolio will next be valued by an external valuer during December 2012 and the net asset value per share as at 31 December 2012 will be announced in January 2013.

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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