5th Apr 2016 09:02
LONDON (Alliance News) - F&C Commercial Property Trust Ltd on Tuesday said its performance in 2015 was driven by capital growth in its portfolio.
Its net asset value total return for the year was 15.9% and the share price total return was 2.8%, the trust said.
The total return from the trust's portfolio of investments was 14.3%, compared with a total return of 13.3% from the Investment Property Databank Quarterly Universe.
The share price at the year-end was 134.4p, representing a discount of 0.6% to the NAV per share of 135.2p. NAV per share increased from 122.1p at the start of the year.
The increase in NAV was mainly the result of an unrealised improvement in the valuation of the trust's direct property portfolio.
"The strongest returns were experienced in the logistics and industrial sector in the South East with the logistics 'big box' properties performing particularly well," Chairman Chris Russell said in a statement.
Russell said there is a "general consensus" that returns will now revert to being more driven by income, following three years of strong capital performance.
"Rental growth is expected to be positive at the all-property level, particularly on prime
assets, but rates of growth are expected to moderate over the next few years," the chairman said.
Shares in the trust were down 0.3% at 129.60p on Tuesday morning.
By Samuel Agini; [email protected]; @samuelagini
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