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21 Oct 2011 07:00
To: Company Announcements
Date: 21 October 2011
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 2011 was 79.7 pence. This represents a decrease of 3.7 per cent from the net asset value per share as at 30 June 2011 of 82.8 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 2011 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 2011 which is expected to be paid in December 2011.
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 2011 to 30 September 2011.
Pence per share | % of opening NAV | |
Net asset value per share as at 30 June 2011 | 82.8 | |
Unrealised movement in valuation of property portfolio (including the effect of gearing) | - | - * |
Movement in interest rate swap valuation | (2.5) | (3.0) |
Movement in revenue reserves | (0.6) | (0.7) |
Net asset value per share as at 30 September 2011 | 79.7 | (3.7) |
* The un-geared movement in the valuation of the property portfolio over the quarter to 30 September 2011 was 0.0%.
The net gearing as at 30 September 2011 was 37.4%#
# Bank debt (less net current assets) divided by fair value of investment properties
Portfolio Analysis | £m | % of portfolio as at 30 September 2011 | % capital value movement in quarter |
Offices | 28.5 | 17.6 | (0.1) |
South East | 6.4 | 3.9 | (1.1) |
Rest of UK | 22.1 | 13.7 | 0.2 |
Retail | 50.5 | 31.3 | 0.6 |
West End | 4.1 | 2.5 | 5.0 |
Rest of London | 2.9 | 1.8 | - |
South East | 24.8 | 15.4 | 0.1 |
Rest of UK | 18.7 | 11.6 | 0.3 |
Industrial | 59.4 | 36.7 | (0.2) |
South East | 52.6 | 32.5 | 0.1 |
Rest of UK | 6.8 | 4.2 | (2.5) |
Retail Warehouse Rest of UK |
23.2 |
14.4 |
(0.1)
|
Total Property | 161.6 | 100.0 | - |
The property portfolio will next be valued by an external valuer during December 2011 and the net asset value per share as at 31 December 2011 will be announced in January 2012.
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
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