Sign In
23 Apr 2009 11:20
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: 01481 745001
Fax: 01481 745051
Ian McBryde
Scott Macrae
F&C Investment Business Ltd
Tel: 0207 628 8000
Fax: 0131 225 2375
Follow the stocks
