24 Jul 2014 10:00
To: Company Announcements
Date: 24 July 2014
Company: F&C UK Real Estate Investments Limited
Subject: Net Asset Value
Net asset value
The unaudited net asset value per share of F&C UK Real Estate Investments Limited ("FCRE") as at 30 June 2014 was 83.4 pence. This represents an increase of 4.4 per cent from the net asset value per share as at 31 March 2014 of 79.9 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 June 2014 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 June 2014 which is expected to be paid in September 2014.
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 March 2014 to 30 June 2014.
Pence per share | % of opening NAV | |
Net asset value per share as at 31 March 2014 | 79.9 | |
Premium on share issues | 0.2 | 0.3 |
Unrealised movement in valuation of property portfolio (including the effect of gearing) | 2.9 | 3.6* |
Realised gains on sale of properties | 0.1 | 0.1 |
Movement in interest rate swap valuation | 0.6 | 0.8 |
Movement in revenue reserves | (0.3) | (0.4) |
Net asset value per share as at 30 June 2014 | 83.4 | 4.4 |
* The un-geared increase in the valuation of the property portfolio over the quarter to 30 June 2014 was 2.1%.
The net gearing as at 30 June 2014 was 31.7%#
# Bank debt (less net current assets, excluding swap liability) divided by fair value of investment properties
Portfolio Analysis | £m | % of portfolio as at 30 June 2014 | % capital value movement in quarter |
Offices | 79.7 | 26.5 | 2.7 |
West End | 22.0 | 7.3 | 2.8 |
South East | 27.3 | 9.1 | 6.6 |
Rest of UK | 30.4 | 10.1 | (0.5) |
Retail | 71.8 | 23.9 | (0.4) |
West End | 5.2 | 1.7 | 7.2 |
Rest of London | 6.2 | 2.1 | 10.5 |
South East | 21.3 | 7.1 | 0.7 |
Rest of UK | 39.1 | 13.0 | (3.3) |
Industrial | 77.2 | 25.7 | 4.9 |
South East | 76.1 | 25.3 | 4.9 |
Rest of UK | 1.1 | 0.4 | - |
Retail Warehouse | 71.9 | 23.9 | 0.9 |
Rest of London | 7.4 | 2.5 | - |
Rest of UK | 64.5 | 21.4 | 1.0 |
Total Property | 300.6 | 100.0 | 2.1 |
The property portfolio will next be valued by an external valuer during September 2014 and the net asset value per share as at 30 September 2014 will be announced in October 2014.
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