20th Aug 2015 06:44
LONDON (Alliance News) - UK Commercial Property Trust Ltd on Thursday said its net asset value per share in the first half was driven higher by capital growth in its property portfolio, though its total return in the period missed its benchmark.
The FTSE 250-listed UK-focused commercial property investor said its net asset value per share at the end of June was 85.4 pence, up from 83.0 pence at the end of December on the back of 2.4% capital growth in its property portfolio, which is now valued at GBP1.24 billion.
The trust's net asset value total return in the half, however, was 5.2%, missing the 6.2% rise in its MSCI Balanced Monthly & Quarterly Funds benchmark index, though this was ahead of the 3.0% return from the FTSE All-Share.
"During the first half, UKCPT continued to deliver positive shareholder returns, albeit at a steadier pace than in 2014. The portfolio generated positive income and capital returns of 2.5% and 2.4% and the investment manager took advantage of the strong market to sell a number of assets which had limited future return prospect," said Christopher Hill, the chairman of the trust.
By Sam Unsted; [email protected]; @SamUAtAlliance
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