F&C UK Real Est. Inv. Net Asset Value(s)
October 19 2015 - 1:00AM
UK Regulatory
TIDMFCRE
To: Company Announcements
Date: 19 October 2015
Company: F&C UK Real Estate Investments Limited
Subject: Net Asset Value
Net asset value
The unaudited net asset value per share of F&C UK Real Estate Investments
Limited ("FCRE") as at 30 September 2015 was 98.2 pence. This represents an
increase of 1.2 per cent from the net asset value per share as at 30 June 2015
of 97.0 pence.
The net asset value is based on the external valuation of the Group's property
portfolio prepared by Cushman & Wakefield (formerly DTZ Debenham Tie Leung
Limited).
The net asset value is calculated under International Financial Reporting
Standards ("IFRS").
The net asset value includes all income to 30 September 2015 and is calculated
after deduction of all dividends paid prior to that date. It does not include
a provision for the dividend for the quarter to 30 September 2015 which is
expected to be paid in December 2015.
Share Price
The share price was 100.0 pence per share at 30 September 2015, which
represented a premium of 1.8 per cent to the NAV per share announced above. The
share price total return for the quarter was 1.7 per cent.
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 from 30 June 2015 to 30 September
2015.
Pence % of
per opening
share NAV
Net asset value per share as at 30 June 2015 97.0
Unrealised movement in valuation of property portfolio 1.1 1.1*
(including the effect of gearing)
Realised gains on the sale of a property 0.1 0.1
Movement in interest rate swap valuation 0.4 0.4
Movement in revenue reserves (0.4) (0.4)
Net asset value per share as at 30 September 2015 98.2 1.2
* The un-geared increase in the valuation of the property portfolio over the
quarter to 30 September 2015 was 0.9%.
The net gearing as at 30 September 2015 was 28.2%#
# Bank debt (less net current assets, excluding swap liability) divided by fair
value of investment properties
Portfolio Analysis GBPm % of % capital
portfolio as value
at 30 movement
September in quarter
2015
Offices 97.0 28.7 (0.1)
West End 25.6 7.6 3.4
South East 36.3 10.7 (1.4)
Rest of UK 35.1 10.4 (1.2)
Retail 69.7 20.6 0.6
West End 6.4 1.9 6.6
Rest of London 6.9 2.0 -
South East 18.2 5.4 1.9
Rest of UK 38.2 11.3 (0.9)
Industrial 92.9 27.4 2.9
South East 91.8 27.1 3.0
Rest of UK 1.1 0.3 -
Retail Warehouse 78.8 23.3 -
Rest of London 8.5 2.5 -
Rest of UK 70.3 20.8 -
Total Property 338.4 100.0 0.9
Property Purchases and Sales
In August 2015, IRP Holdings Limited, a subsidiary of FCRE, sold 7/11 Bridge
Street, Guildford for GBP2,125,000 which compared with its valuation of GBP
2,000,000 as at 30 June 2015. There were no other purchases or sales in the
quarter.
Summary Balance Sheet
GBPm Pence % of Net
per Assets
share
Property Portfolio per Valuation Report 338.4 142.6 145.2
Adjustment for lease incentives (5.7) (2.4) (2.4)
Fair Value of Property Portfolio 332.7 140.2 142.8
Cash 4.9 2.1 2.1
Trade and other receivables 10.8 4.5 4.6
Trade and other payables (6.7) (2.8) (2.9)
Interest-bearing loan (103.0) (43.4) (44.2)
Interest rate swap (5.7) (2.4) (2.4)
Net Assets at 30 September 2015 233.0 98.2 100.0
The property portfolio will next be valued by an external valuer during
December 2015 and the net asset value per share as at 31 December 2015 will be
announced in January 2016.
Enquiries:
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
Trafalgar Court
Les Banques
St Peter 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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