NAV/Dividend

RNS Number : 8487Y

Invista Foundation Property Tst Ltd

11 July 2008

 

Invista Foundation Property Trust Limited (the "Company")

ANNOUNCEMENT OF NAV AND DIVIDEND

As at 30 June 2008 the Company's net asset value ('NAV') was 94.16 pence per share (pps), a fall of 13.68 pps or -12.68% relative to the March 2008 figure of 107.80 pps.  This was led by a fall in the like for like value of the Company's directly held property portfolio of 5.36%.  The impact of marking to market the Company's interest rate swaps increased the NAV by £13.74 million.  

The Board has also taken a full provision against the estimated net asset value of the Group's 28.19% interest in the joint venture that owns Plantation Place, London EC3, totalling £18.0 million. This is felt to be a prudent approach given ongoing discussions regarding a loan to value ratio covenant affecting the separate, non-recourse, off-balance sheet debt that is secured against the Plantation Place property.  

The Company will pay an interim dividend of 1.6875 pence per share in respect of the period 1 April 2008 to 30 June 2008. The dividend payment will be made on 22 August 2008 to Shareholders on the register on 8 August 2008. The ex-dividend date will be on 6 August 2008. The next dividend payable in November will be at the lower level of 0.88 pence per share per quarter. 

For further information:

Northern Trust Karl Savident

01481 745322

 

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