26th Jul 2006 07:01
Insight Foundation Property Tst Ltd26 July 2006 26 July 2006 Insight Foundation Property Trust Limited (the "Company") ANNOUNCEMENT OF NAV AND INTERIM DIVIDEND Insight Foundation Property Trust Limited is pleased to announce a Net AssetValue of 127.8 pence per share as at 30 June 2006 and an interim dividend of1.6875 pence per share in respect of the period 1 April to 30 June 2006. Thetotal valuation uplift and the NAV total return represents the strongest quarterthe Company has had since inception and is underpinned by the strong performancebeing delivered by the Company's London office portfolio and asset managementsuccess. The dividend payment will be made on 25 August 2006 to shareholders on theregister on 4 August 2006. The ex-dividend date will be 2 August 2006. The Company's NAV of 127.8 pence per share reflects an uplift of 8.2 pence pershare, or 6.9% over the quarter. The Company's un-geared property total returnof 6.8% compares to the equivalent like for like figure of 5.1% for the IPDMonthly Index. The quarterly NAV uplift followed an increase in the capital value of theproperties held over the quarter of £27 million or 5%. Key highlights for the quarter included: • The Company acquired Tokenhouse Yard (EC2) for £20.8 million. Following a recent letting, resulting in the building now being 100% let, the asset has been re-valued at the quarter end at £23 million. • A 54% increase in value of the Company's stake in Plantation Place from £20.5 million to £31.6 million. • Released £8.1 million of equity through a re-finance of the debt on MidCity Place, resulting in a total uplift of over the quarter of £3.3 million from £17.6 million to £20.9 million. Commenting on the announcement, Duncan Owen, Insight Investment Management,said: "The growth in NAV this quarter has been underpinned by the strong performancegenerated by our London portfolio and asset management success. At the time ofthe C share issue we outlined our belief that the Company's prospects would beenhanced by increasing its weightings of Central London office assets throughthe acquisition of good quality properties, which offered asset managementopportunities. We are delighted to have achieved this on behalf ofshareholders. Since the quarter end we have completed the acquisition of a21.6% stake in Portman Square House, London W1, adding to the diverse spread ofhigh quality offices in the core central London markets. We continue to lookfor opportunities to enhance value." -ENDS- For further information: Duncan Owen (Insight Investment Management)020 7321 1677 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