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14 Jul 2009 10:24
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IRP Property Investments Limited
14 July 2009
Subject: Net Asset ValueΒ (Revised announcement)
Please find below a revised announcement that replaces the announcementΒ reference number: 5527VΒ made earlier today. Please note the transposition error in the first paragraph of the announcement, in that the percentage increase is 3.1 per cent as detailed in the table.
Net asset value
The unaudited net asset value per share of IRPΒ PropertyΒ InvestmentsΒ Limited as atΒ 30Β JuneΒ 2009Β wasΒ 72.9Β pence. This represents anΒ increaseΒ ofΒ 3.1Β per cent from the net asset value per share as atΒ 31Β MarchΒ 2009Β ofΒ 70.7Β 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 30Β JuneΒ 2009Β 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 30Β JuneΒ 2009Β whichΒ is expected to be paid inΒ SeptemberΒ 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 31Β MarchΒ 2009Β toΒ 30Β JuneΒ 2009.
|
Pence per share |
% of opening NAV |
|
|
Net asset value per share as atΒ 31Β MarchΒ 2009 |
70.7 |
|
|
Unrealised decrease in valuation of property portfolio (including the effect of gearing) |
(0.3) |
(0.4)* |
|
IncreaseΒ in interest rate swap valuation |
2.6 |
3.7 |
|
Movement in revenue reserves |
(0.1) |
(0.2) |
|
Net asset value per share as atΒ 30Β JuneΒ 2009 |
72.9 |
3.1 |
*Β TheΒ ungeared decrease in the valuation of the property portfolio over theΒ quarter toΒ 30Β JuneΒ 2009Β wasΒ 0.3%.
The net gearing as atΒ 30Β JuneΒ 2009Β was 34.3%.#
# Bank debt (lessΒ net current assets) divided byΒ fair value ofΒ investment properties
|
Portfolio Analysis |
Β£m |
% of portfolio as atΒ 30Β JuneΒ 2009 |
% capital value movement in quarter |
|
Offices |
29.6 |
22.2 |
(3.0) |
|
South East |
6.7 |
5.0 |
(1.0) |
|
Rest ofΒ UK |
22.9 |
17.2 |
(3.6) |
|
Retail |
46.4 |
35.0 |
0.4 |
|
West End |
3.0 |
2.3 |
(0.0) |
|
Rest ofΒ London |
2.4 |
1.8 |
(0.0) |
|
South East |
20.0 |
15.0 |
(0.0) |
|
Rest ofΒ UK |
21.0 |
15.9 |
0.9 |
|
Industrial |
51.0 |
38.4 |
0.7 |
|
South East |
44.6 |
33.6 |
0.8 |
|
Rest ofΒ UK |
6.4 |
4.8 |
(0.0) |
|
Retail Warehouse |
5.8 |
4.4 |
(0.0) |
|
Total Property |
132.8 |
100.0 |
(0.3) |
The property portfolio will next be valued by an external valuer duringΒ SeptemberΒ 2009Β and the net asset value per share as atΒ 30Β SeptemberΒ 2009Β will be announcedΒ inΒ OctoberΒ 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
END
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