16th Jul 2007 07:00
ING UK Real Estate Income Trust Ltd16 July 2007 ING UK Real Estate Income Trust Limited - 30 June 2007 Net Asset Value 16th July 2007 The unaudited Net Asset Value ('NAV') per share of ING UK Real Estate IncomeTrust Limited as at 30 June 2007 was 133 pence. This NAV figure incorporates theexternal portfolio valuation as at 30 June 2007. It includes current year incomeand is calculated after the deduction of dividends paid prior to 30 June 2007,but does not include provision for the next quarterly dividend which is expectedto be paid in August 2007. The Company's NAV of 133 pence per share reflects an uplift of 4 pence pershare, or 3.1% over the quarter. The NAV over the 12 months to 30 June 2007 hasincreased by 16 pence per share or 13.7%. The NAV attributable to Ordinary Shares is calculated under InternationalFinancial Reporting Standards ('IFRS') and includes an adjustment in respect ofthe marked to market value of the interest rate swaps. The unaudited NAV is calculated as follows: +------------------------------+-----------------+-----------------+-----------------+| | 30 June 2007 | 31 March 2007 |31 December 2006 || | | | || | £m | £m | £m |+------------------------------+-----------------+-----------------+-----------------+|Investment properties at | 715.5 | 711.1 | 702.2 ||market value | | | |+------------------------------+-----------------+-----------------+-----------------+|Current assets | 39.1 | 39.1 | 45.3 |+------------------------------+-----------------+-----------------+-----------------+|Current liabilities | (18.4) | (20.3) | (24.4) |+------------------------------+-----------------+-----------------+-----------------+|Borrowings | (312.3) | (313.5) | (313.5) |+------------------------------+-----------------+-----------------+-----------------+| | 423.9 | 416.4 | 409.6 |+------------------------------+-----------------+-----------------+-----------------+|Market value of interest rate | 18.4 | 11.6 | 8.7 ||swaps | | | |+------------------------------+-----------------+-----------------+-----------------+|Net Asset Value | 442.3 | 428.0 | 418.3 |+------------------------------+-----------------+-----------------+-----------------+ The property portfolio will next be valued by an external valuer duringSeptember 2007 and the NAV per share as at 30 September 2007 will be issued inOctober 2007. Key highlights during the Quarter include:- O The underlying capital growth in the Property Portfolio has beenstrongest in Central London and South East offices, underlining our strategy toincrease our holdings in these sectors and in areas where we have undertakenactive asset management initiatives. O The largest capital increases came from Angel Gate Village, London, EC1where the letting campaign is complete and the property is now fully incomeproducing. At Boundary House, Jewry Street, London, EC3 a mutual break clausehas been actioned, enabling the Company to take advantage of the opportunity toenhance the rental income at the property and at Citylink House and TolleyHouse, Croydon, where a lease to Royal Bank of Scotland has been regeared, nowexpiring in 2021. O The Company made no acquisitions during the period but disposed of asmall industrial investment in Trafford Park, Manchester for £5.765m. Post theperiod end the Company has disposed of an office investment, Wren House,Chelmsford for £3.85m continuing the process of selling smaller and loweryielding assets or those that have limited active management potential. Commenting on the announcement, Michael Morris, Fund Manager, said: "Our NAV Growth this quarter has been principally driven by office holdings inCentral London and the South East and where active management initiatives havebeen implemented. "The Company's fixed cost debt across the portfolio, combined with our programmeof asset management and stock selection will help us to continue to driveperformance." For further information: All Enquiries ING Real Estate Investment Management (UK) Limited Selina Sasse, 020 7767 5756, [email protected] Helen Stott, 020 7767 5648 [email protected] Financial Dynamics Dido Laurimore/Stephanie Highett, 020 7831 3113 The Company Secretary Northern Trust International Fund Administration Services (Guernsey) Limited Trafalgar Court Les Banques St Peter Port Guernsey GY1 3QL Tel: 01481 745439 Fax: 01481 745085 END This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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