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15 Jan 2010 16:48
CLOSE HIGH INCOME PROPERTIES PLC (the "Company")
ANNOUNCEMENT OF NAV
The board of Close High Income Properties PLC advises that as at close of business on 31 December 2009, the unaudited net asset value per Ordinary Share of 1 penny each of the Company was 29.06 pence (30 November 2009: 28.73 pence). This represents an increase of 1.15 per cent. The "D" Ordinary Shares are no longer listed following the conversion into Ordinary Shares on 30 December 2009 and the admission of the resulting 9,369,128 new Ordinary Shares to the Official List on 5 January 2010.
The property portfolio was valued at 31 December 2009 by DTZ Debenham Tie Leung Limited. On a like for like basis there has been an average increase in valuation from 30 September 2009 of 2.40% across the Company's property portfolio. This represents an increase in valuation of £2.59 million to a total valuation for the property portfolio of £110.27 million (30 September 2009: £107.68 million).
During the month the market value of the first interest rate swap liability entered into by the Company decreased by £0.33 million to a liability of £2.97 million (30 November 2009: liability of £3.30 million). The market value of the second interest rate swap liability entered into by the Company increased by £0.03 million to a liability of £0.16 million (30 November 2009: liability of £0.13 million). The market value of the third interest rate swap liability entered into by the Company increased by £0.10 million to a liability of £0.35 million (30 November 2009: £0.25 million). The total decrease in the Company's interest rate swap liabilities during the month represented an increase in net asset value of £0.20 million to a total liability of £3.48 million (30 November 2009: total liability of £3.68 million).
Whilst the total market valuation of the interest rate swaps is currently in deficit, their value will run to zero over the term of the contracts. The swaps continue to provide a fixed rate of interest to the Company. It is not the intention of the Company to dispose of the swaps and realise the deficit as the Company continues to benefit from fixed rate funding.
There were no property sales completed during December 2009.
The net asset value is calculated under International Financial Reporting Standards ("IFRS").
The property portfolio will next be valued by an external valuer at 31 March 2010 and the net asset value per share as at 31 January 2010 will be announced in February 2010.
For further information contact:
Peter Roscrow or Steven Oliver
Close Investments Limited
020 7426 4000
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