25th Apr 2007 07:01
Invista Foundation Property Tst Ltd25 April 2007 25 April 2007 Invista Foundation Property Trust Limited (the "Company") ANNOUNCEMENT OF NAV AND INTERIM DIVIDEND Invista Foundation Property Trust Limited is pleased to announce a Net AssetValue of 141.42 pence per share as at 31 March 2007 and an interim dividend of1.6875 pence per share in respect of the period 1 January 2007 to 31 March 2007.The dividend payment will be made on 18 May 2007 to shareholders on theregister on 4 May 2007. The ex-dividend date will be on 2 May 2007. The Company's NAV of 141.42 pence per share reflects an uplift of 4.45 pence pershare, or 3.25% over the quarter, and 21.84 pence per share or 18.26% over thetwelve months to March. This results in a total NAV return for shareholdersover the twelve months to March 2007 of approximately 24.6%. The reported NAVtakes account of a performance fee accrual to Invista Real Estate InvestmentManagement, the Investment Manager. The quarterly NAV uplift followed an increase in the value of the underlyingproperty portfolio held over the quarter of £21.7 million or 3.23%. Thiscompares with the capital growth produced by the IPD Monthly Index of 1% for thesame period. As at 31 March 2007 the Company and its subsidiaries own propertyassets valued at £709.5 milion. Key highlights during the quarter include: • The Company's Central London office investments continue to performstrongly, contributing £14.1 million of the £21.7 million capital value growthfrom assets held over the quarter. The biggest contributor was Minerva House,London SE1 which increased in value by £4 million or 7.5% to £57.4 million. • The Company completed the acquisition of a retail warehouse investmentin Salisbury for £15.02 million. Terms have been agreed to let a vacant unit20% ahead of the purchase rental assumption on a subject to planning basis. Theproperty was valued at £15.75 million as at March 2007 • The Company has secured planning consent at the industrial complex inHinckley for a retail warehouse development of 100,000 sq ft together with20,000 of trade counter and warehousing use. The property increased in valuefrom £9 million to £11 million over the quarter, an uplift of 22% • The Company continues to generate profits through selling small retailproperty where asset management initiatives have been completed. During thequarter the Company exchanged and subsequently completed the disposal of a unitshop in Lancaster for £1.85 million, 20% ahead of the December valuation Commenting on the announcement, Duncan Owen, Chief Executive, Invista RealEstate Investment Management, said: "The NAV growth this quarter has been driven by our Central London offices andthe result of asset management activity across the whole portfolio. We arestarting to realise the anticipated rental growth in London and the ongoingasset management initiative at Minerva House will potentially result in asignificant increase in rent. "We are delighted to have secured a retail warehouse planning consent atHinckley which has already had a significant impact on the valuation and we areconsidering development with pre-lets. We await the decision on planning atUxbridge where we have applied to comprehensively refurbish and extend ouroffice holding when the principle lease expires this September. The newbuildings will extend to over 70,000 sq ft relative to the current area of39,000 sq ft. "We have continued to generate good profits from opportunistic sales,particularly in the retail sector, where we have disposed of a number of smallerassets and we will implement further opportunistic sales during 2007. Theslowdown in capital growth across the property market as a whole during 2007will present both challenges but also opportunities for this Company. Weanticipate that the Company's London offices will continue to outperform during2007 but in addition the Company has a number of strategic asset managementinitiatives which have the potential to add significant value, even in a slowinginvestment market." -ENDS- For further information: Duncan Owen (Invista Real Estate Investment Management) 020 7153 9345 Sara Radford (RBSI Fund Services (Guernsey) Limited) 01481 743000 Stephanie Highett / Dido Laurimore (Financial Dynamics) 020 7831 3113 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Schroder Real