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4 Jul 2022 11:29
Value and Indexed Property Income Trust PLC (VIP)
Quarterly Update to 30 June 2022
VIP has now completed the transition to a direct property investment trust approved by Shareholders on 7 January 2021. Since then, 18 properties with long, index-linked leases have been bought for £87 million and 6 properties sold for £11 million. VIP has just exchanged contracts for the purchase of an indexed M&S Simply Food store in East Anglia for £11 million and is now fully invested. UK direct property comprises 94% of the portfolio, with 6% in one property equity.
VIP's balance sheet has also been transformed since 7 January 2021, with interest rates cut and debt maturities lengthened. The fixed interest rate payable on borrowings, which now total £50 million, has been cut from 6.7% to 3.8%, and the average debt maturity extended from 4.6 years to 8.8 years. Since 31 March 2022, the Company has repaid early its 9⅜% 2026 Debenture at a cost of £26.2 million and borrowed a further £13 million from an existing lender at a net fixed rate of 4.2% until March 2033. The current Loan to Value Ratio is 29% (the Company's normal range is 25% - 50%) with further fixed rate borrowing under negotiation.
The Annual General Meeting of the Company will be held on Friday, 8 July 2022 at 12.30pm at the offices of Shepherd & Wedderburn LLP, 1 Exchange Crescent, Conference Square, Edinburgh EH3 8UL.
Enquiries: Louise Cleary (louise.cleary@olimproperty.co.uk)
Matthew Oakeshott (matthew.oakeshott@olimproperty.co.uk) or
OLIM Property Limited 020 7846 3252
4 July 2022
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