Value and Indexed Prop Inc Tst PLC Half Yearly Property Portfolio Valuation (1784I)
April 13 2022 - 2:00AM
UK Regulatory
TIDMVIN
RNS Number : 1784I
Value and Indexed Prop Inc Tst PLC
13 April 2022
13 APRIL 2022
VALUE AND INDEXED PROPERTY INCOME TRUST PLC
31 MARCH 2022 - HALF YEARLY PROPERTY PORTFOLIO VALUATION
Value and Indexed Property Income Trust PLC ("VIP" or "the
Company"), the long, strong, indexed property income specialists,
announces an increase in its direct commercial property portfolio
to GBP155.478m as at 31 March 2022, up from GBP110.05m at Savills'
previous independent half-yearly valuation at 30 September 2021.
The increase was driven both by net acquisitions and valuation
uplift. VIP is now almost fully invested after its transition to a
predominantly Property Trust.
-- VIP's property portfolio has delivered a total return of 8.8%
over the past six months and 20.2% over the past year. This growth
was driven by a valuation uplift of 8.5% on the properties held
over the 6 months (leisure 16.1%, industrials 12.4%, supermarkets
8.1%, other 7.1%, hotels 5.4%, pubs 4.1% and roadside 2.0%). These
properties showed a total return of 11.0%, against a return of 8.8%
on the whole portfolio reflecting substantial purchase costs on new
acquisitions.
-- The asset split is now 83.3% property, 14.5% UK equities and 2.2% cash.
-- The portfolio's Weighted Average Unexpired Lease Term is 12.8
years and 95.8% of the rental income is indexed or fixed. The
portfolio running yield is 5.4% (from 5.7% as at end-December
2021). The portfolio remains well-spread with a focus on
industrials (33%) and supermarkets (27%) and no offices.
-- One property was purchased over the last quarter; a
Sainsbury's supermarket located in Garstang, Lancashire on a lease
to June 2035, for GBP10.62m (including costs) reflecting a Net
Initial Yield of 4.5% with five yearly RPI linked rent increases
(1.5% minimum and 4% maximum). Three properties were sold during
the quarter; two Co-op stores and a Buzz Bingo, for GBP5.588m in
total, 18.9% ahead of their combined September 2021 valuations. One
of these sales completed and two exchanged in March 2022, and all
transactions are reflected in the 31 March 2022 reported
valuation.
-- The three largest holdings in VIP's property-backed equity
portfolio at 31 March 2022 were BMO Real Estate Investments, Urban
Logistics REIT and Tritax Big Box REIT.
The property portfolio aims to deliver long term above average
real returns (benchmark MSCI Quarterly Property Index) from a well
spread portfolio mainly of commercial properties.
The Company is in advanced negotiations to raise further
long-term fixed rate debt.
END
Enquiries:
OLIM Property Limited, Investment Manager
Tel: 020 7846 3252
Matthew.oakeshott@olimproperty.co.uk
Louise.cleary@olimproperty.co.uk
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END
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