19th Jan 2012 11:43
19 January 2012
Japan Residential Investment Company Limited ("the Company")
Investment Property Valuations
Japan Residential Investment Company Limited (AIM: JRIC) is a closed-ended Guernsey registered company established to make and hold investments in residential property in Japan. The Company, its subsidiaries and entities in which it has a beneficial interest are referred to collectively as "the Fund".
The Fund portfolio was externally valued at ¥31,077 million (£255 million) as at 30 November 2011, representing an incremental increase of ¥25 million (£205,000) or 0.1% over values on the same date one year prior. This represents the first YoY increase in portfolio value since autumn 2008 on a like-for-like basis. Portfolio value gained ¥5 million (£41,000) for the six months ending November 2011. Portfolio value is down 20% from purchase price on a like-for-like basis. The unleveraged net yield of the portfolio (appraised net operating income over value) as at 30 November 2011 was 5.9%.
Portfolio valuation trend by region for year ending November (Percentage):
2009 | 2010 | 2011 | |
Tokyo | -10.4 | -5.9 | +0.8 |
Osaka | -10.6 | -7.0 | -0.1 |
Nagoya | -9.1 | -7.4 | -1.5 |
Other | -9.3 | -8.4 | -0.3 |
Total | -10.1 | -6.8 | 0.1 |
Note: Sterling values are based on the exchange rate of ¥121.888/£1 as at 30 November 2011.
Enquiries:
Praxis Fund Services Limited Fund Administrator | Shona Darling | +44 (0)1481 737600
|
Smith & Williamson Corporate Finance Limited Nominated Adviser | Azhic Basirov David Jones
| +44 (0)20 7131 4000
|
Fairfax I.S. PLC Joint Broker | John Korwin-Szymanowski Gillian McCarthy | +44 (0)20 7460 4376
|
Westhouse Securities Limited Joint Broker | Alastair Moreton Hannah Young | +44 (0)20 7601 6100
|
K.K. Halifax Asset Management Investment Adviser | Alec Menikoff
| +81 (0)3 5563 8771 |
Related Shares:
JRIC.L