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18 Jul 2008 07:00
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To: Company Announcements
Date: 17Β JulyΒ 2008Β
Company: ISISΒ Property Trust 2 Limited
Subject: Net Asset Value
Net asset value
The unaudited net asset value per share of ISIS Property Trust 2 Limited as atΒ 30 June 2008Β was 121.0Β pence. This represents aΒ decreaseΒ ofΒ 1.1Β per cent from the net asset value per share as atΒ 31 March 2008Β of 122.4Β pence.Β
The net asset value is based on the external valuation of the Group's property portfolio prepared by DTZ Debenham Tie Leung Limited.Β
The net asset value is calculated under International Financial Reporting Standards ("IFRS").
The net asset value includes all income toΒ 30 JuneΒ 2008Β and is calculated after deduction of all dividends paid prior to that date.Β It does not include a provision for the dividend for the quarter toΒ 30 June 2008Β whichΒ is expected to be paid inΒ SeptemberΒ 2008.Β
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 fromΒ 31 MarchΒ 2008Β toΒ 30 June 2008.
|
Pence per share |
% of opening NAV |
|
|
Net asset value per share as atΒ 31 March 2008 |
122.4 |
|
|
Unrealised decrease in valuation of property portfolio (including the effect of gearing) |
(4.0) |
(3.3)* |
|
IncreaseΒ in interest rate swap valuation |
2.9 |
2.4 |
|
Movement in revenue reserves |
(0.3) |
(0.2) |
|
Net asset value per share as atΒ 30 June 2008 |
121.0 |
(1.1) |
*Β TheΒ ungeared decrease in the valuation of the property portfolio over theΒ quarter toΒ 30 June 2008Β was 2.2%.
|
Portfolio Analysis |
Β£m |
% of portfolio as atΒ 30 June 2008 |
% capital value movement in quarter |
|
Offices |
58.6 |
30.6 |
(0.7) |
|
West End |
17.8 |
9.3 |
(1.4) |
|
South East |
8.8 |
4.6 |
(1.7) |
|
Rest ofΒ UK |
32.0 |
16.7 |
- |
|
StandardΒ Retail |
58.6 |
30.6 |
(1.7) |
|
West End |
3.9 |
2.0 |
(3.7) |
|
Rest ofΒ London |
3.0 |
1.6 |
(3.9) |
|
South East |
25.8 |
13.5 |
(0.6) |
|
Rest ofΒ UK |
25.9 |
13.5 |
(2.3) |
|
Industrial |
65.5 |
34.2 |
(3.7) |
|
South East |
57.0 |
29.8 |
(3.8) |
|
Rest ofΒ UK |
8.5 |
4.4 |
(3.5) |
|
Retail Warehouse |
8.8 |
4.6 |
(4.2) |
|
Total Property |
191.5 |
100.0 |
(2.2) |
The property portfolio will next be valued by an external valuer duringΒ SeptemberΒ 2008Β and the net asset value per share as atΒ 30 SeptemberΒ 2008Β will be announcedΒ inΒ OctoberΒ 2008.
Enquiries:
The Company SecretaryΒ
Northern Trust International Fund Administration Services (Guernsey) Limited
Trafalgar Court
Les Banques
StΒ PeterΒ 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
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