BREI.L Regulatory News (BREI)

16 Apr 2008 15:39

ISIS Property Trust 2 Limited16 April 2008 To: Company AnnouncementsDate: 16 April 2008Company: ISIS 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 at31 March 2008 was 122.4 pence. This represents a decrease of 7.6 per cent fromthe net asset value per share as at 31 December 2007 of 132.5 pence. The net asset value is based on the external valuation of the Group's propertyportfolio prepared by DTZ Debenham Tie Leung Limited. The net asset value is calculated under International Financial ReportingStandards ("IFRS"). The net asset value includes all income to 31 March 2008 and is calculated afterproviding for the dividend for the quarter to 31 December 2007 which was paid on11 April 2008. It does not include a provision for the dividend for the quarterto 31 March 2008 which is expected to be paid in June 2008. The net asset value excluding the provision of the second interim dividend was124.2 pence. Breakdown of NAV movement Set out below is a breakdown of the change to the unaudited net asset value pershare calculated under IFRS over the period from 31 December 2007 to 31 March2008.+----------------------------------------------------+-------+-------+| | Pence| % of|| | per|opening|| | share| NAV|+----------------------------------------------------+-------+-------+|Net asset value per share as at 31 December 2007 | 132.5| |+----------------------------------------------------+-------+-------+|Unrealised decrease in valuation of property | (9.4)| (7.1)*||portfolio (including the effect of gearing) | | |+----------------------------------------------------+-------+-------+|Realised gains on sales of properties | -| -|+----------------------------------------------------+-------+-------+|Decrease in interest rate swap valuation | (0.4)| (0.3)|+----------------------------------------------------+-------+-------+|Movement in revenue reserves | (0.3)| (0.2)|+----------------------------------------------------+-------+-------+|Net asset value per share as at 31 March 2008 | 122.4| (7.6)|+----------------------------------------------------+-------+-------+ \* The ungeared decrease in the valuation of the property portfolio over thequarter to 31 March 2008 was 5.0%. +-------------------------------------------+-------+---------+---------+|Portfolio Analysis | £m| % of|% capital|| | |portfolio| value|| | | as at 31| movement|| | | March| in|| | | 2008| quarter|+-------------------------------------------+-------+---------+---------+|Offices | 59.0| 30.1| (4.7)|+-------------------------------------------+-------+---------+---------+|West End | 18.1| 9.2| (5.9)|+-------------------------------------------+-------+---------+---------+|South East | 8.9| 4.5| (6.4)|+-------------------------------------------+-------+---------+---------+|Rest of UK | 32.0| 16.4| (3.5)|+-------------------------------------------+-------+---------+---------+|Standard Retail | 59.7| 30.5| (5.0)|+-------------------------------------------+-------+---------+---------+|West End | 4.1| 2.1| 0.0|+-------------------------------------------+-------+---------+---------+|Rest of London | 3.1| 1.6| (4.5)|+-------------------------------------------+-------+---------+---------+|South East | 21.6| 11.0| (6.2)|+-------------------------------------------+-------+---------+---------+|Rest of UK | 30.9| 15.8| (5.8)|+-------------------------------------------+-------+---------+---------+|Industrial | 68.0| 34.8| (5.2)|+-------------------------------------------+-------+---------+---------+|South East | 59.2| 30.3| (4.9)|+-------------------------------------------+-------+---------+---------+|Rest of UK | 8.8| 4.5| (7.4)|+-------------------------------------------+-------+---------+---------+|Retail Warehouse | 9.1| 4.6| (5.3)|+-------------------------------------------+-------+---------+---------+|Total Property | 195.8| 100.0| (5.0)|| | | | || | | | |+-------------------------------------------+-------+---------+---------+ The property portfolio will next be valued by an external valuer during June2008 and the net asset value per share as at 30 June 2008 will be announced inJuly 2008. For further detail on the Company as at 31 March 2008 and the Manager'scommentary on the quarter, please refer to the Interim Management Statementwhich was also released today. Enquiries: The Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedTrafalgar CourtLes BanquesSt Peter PortGuernseyGY1 3QL Tel: 01481 745001Fax: 01481 745051 Ian McBrydeScott MacraeF&C Investment Business Ltd Tel: 0207 628 8000Fax: 0131 225 2375 This information is provided by RNS The company news service from the London Stock Exchange