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19 Jan 2009 07:00
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To: Company Announcements
Date: 19Β JanuaryΒ 2009Β
Company: IRPΒ PropertyΒ InvestmentsΒ Limited
Subject: Net Asset Value
Net asset value
The unaudited net asset value per share of IRPΒ PropertyΒ InvestmentsΒ Limited as atΒ 31Β DecemberΒ 2008Β wasΒ 80.3Β pence. This represents aΒ decreaseΒ ofΒ 26.1Β per cent from the net asset value per share as atΒ 30Β SeptemberΒ 2008Β of 108.7Β 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 31Β DecemberΒ 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 31Β DecemberΒ 2008Β whichΒ is expected to be paid inΒ MarchΒ 2009.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 30Β SeptemberΒ 2008Β toΒ 31Β DecemberΒ 2008.
|
Pence per share |
% of opening NAV |
|
|
Net asset value per share as atΒ 30Β SeptemberΒ 2008 |
108.7 |
|
|
Unrealised decrease in valuation of property portfolio (including the effect of gearing) |
(21.3) |
(19.6)* |
|
DecreaseΒ in interest rate swap valuation |
(6.9) |
(6.3) |
|
Movement in revenue reserves |
(0.2) |
(0.2) |
|
Net asset value per share as atΒ 31Β DecemberΒ 2008 |
80.3 |
(26.1) |
*Β TheΒ ungeared decrease in the valuation of the property portfolio over theΒ quarter toΒ 31Β December 2008Β wasΒ 13.1%.
The net gearing as atΒ 31 December 2008Β was 38.1%.
|
Portfolio Analysis |
Β£m |
% of portfolio as atΒ 31Β DecemberΒ 2008 |
% capital value movement in quarter |
|
Offices |
47.1 |
29.8 |
(13.2) |
|
West End |
14.5 |
9.1 |
(15.0) |
|
South East |
7.5 |
4.8 |
(13.3) |
|
Rest ofΒ UK |
25.1 |
15.9 |
(12.0) |
|
Retail |
49.3 |
31.2 |
(11.6) |
|
West End |
3.3 |
2.1 |
(14.4) |
|
Rest ofΒ London |
2.5 |
1.6 |
(11.9) |
|
South East |
21.3 |
13.5 |
(12.5) |
|
Rest ofΒ UK |
22.2 |
14.0 |
(10.3) |
|
Industrial |
54.9 |
34.8 |
(13.3) |
|
South East |
47.9 |
30.4 |
(13.3) |
|
Rest ofΒ UK |
7.0 |
4.4 |
(13.3) |
|
Retail Warehouse |
6.6 |
4.2 |
(18.8) |
|
Total Property |
157.9 |
100.0 |
(13.0) |
The property portfolio will next be valued by an external valuer duringΒ MarchΒ 2009Β and the net asset value per share as atΒ 31Β MarchΒ 2009Β will be announcedΒ inΒ AprilΒ 2009.
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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