F&C UK Real Est. Inv. Net Asset Value(s)
July 17 2017 - 4:21AM
UK Regulatory
TIDMFCRE
To: Company Announcements
Date: 17 July 2017
Company: F&C UK Real Estate Investments Limited
LEI: 231801XRCB89W6XTR23
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 June 2017 was 100.1 pence. This represents an
increase of 1.8 per cent from the net asset value per share as at 31 March 2017
of 98.3 pence and a NAV total return for the quarter of 3.1 per cent.
The net asset value is based on the external valuation of the Group's property
portfolio prepared by Cushman & Wakefield.
The net asset value is calculated under International Financial Reporting
Standards ("IFRS").
The net asset value includes all income to 30 June 2017 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 June 2017, which is expected
to be paid in September 2017.
Share Price
The share price was 106.8 pence per share at 30 June 2017, which represented a
premium of 6.7 per cent to the NAV per share announced above. The share price
total return for the quarter was 6.4 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 31 March 2017 to 30 June 2017.
Pence % of
per opening
share NAV
Net asset value per share as at 31 March 2017 98.3
Unrealised movement in valuation of property portfolio 2.1 2.1*
(including the effect of gearing)
Movement in revenue reserves (0.3) (0.3)
Net asset value per share as at 30 June 2017 100.1 1.8
* The un-geared increase in the valuation of the property portfolio over the
quarter to 30 June 2017 was 1.7%.
The net gearing as at 30 June 2017 was 27.2%#
# Bank debt (less net current assets) divided by fair value of investment
properties
Portfolio Analysis GBPm % of % capital
portfolio value
as at 30 movement
June 2017 in quarter
Offices 89.5 26.7 1.0
West End 25.9 7.7 -
South East 33.7 10.1 0.3
Rest of UK 29.9 8.9 2.6
Retail 64.6 19.3 (0.1)
West End 7.5 2.3 -
Rest of London 3.9 1.2 -
South East 18.3 5.4 0.1
Rest of UK 34.9 10.4 (0.2)
Industrial 106.0 31.6 4.3
South East 106.0 31.6 4.3
Retail Warehouse 75.2 22.4 0.5
Rest of London 8.8 2.6 1.7
Rest of UK 66.4 19.8 0.3
Total Property 335.3 100.0 1.7
Property Purchases and Sales
During the quarter, the Group sold 47/49 Linthorpe Road, Middlesbrough for GBP1
million which compared with its valuation of GBP1 million as at 31 March 2017.
There were no other purchases or sales in the quarter.
Summary Balance Sheet
GBPm Pence % of
per Net
share Assets
Property Portfolio per Valuation Report 335.3 139.3 139.2
Adjustment for lease incentives (4.5)
(1.9) (1.9)
Fair Value of Property Portfolio 330.8 137.4 137.3
Cash 16.6 6.9 6.9
Trade and other receivables 5.2 2.2 2.2
Trade and other payables (6.7) (2.8) (2.8)
Interest-bearing loans (105.1) (43.6) (43.6)
Net Assets at 30 June 2017 240.8 100.1 100.0
The property portfolio will next be valued by an external valuer during
September 2017 and the net asset value per share as at 30 September 2017 will
be announced in October 2017.
This announcement contains inside information.
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
Peter Lowe
Scott Macrae
F&C Investment Business Ltd
Tel: 0207 628 8000
Fax: 0131 225 2375
END
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