25th Jan 2016 07:00
F&C UK REAL ESTATE INVESTMENTS LTD - Net Asset Value(s)F&C UK REAL ESTATE INVESTMENTS LTD - Net Asset Value(s)
PR Newswire
London, January 22
To: Company AnnouncementsDate: 25 January 2016Company: F&C UK Real Estate Investments LimitedSubject: Net Asset Value
Net asset value
The unaudited net asset value per share of F&C UK Real Estate Investments Limited (“FCRE”) as at 31 December 2015 was 99.9 pence. This represents an increase of 1.7 per cent from the net asset value per share as at 30 September 2015 of 98.2 pence.
The net asset value is based on the external valuation of the Group's property portfolio prepared by Cushman & Wakefield.
The net asset value is calculated under International Financial Reporting Standards ("IFRS").
The net asset value includes all income to 31 December 2015 and is calculated after deduction of all dividends paid prior to that date. It does not include a provision for the dividend for the quarter to 31 December 2015 which is expected to be paid in March 2016.
Share Price
The share price was 101.75 pence per share at 31 December 2015, which represented a premium of 1.9 per cent to the NAV per share announced above. The share price total return for the quarter was 3.0 per cent.
Breakdown of NAV movement
Set out below is a breakdown of the change to the unaudited net asset value per share calculated under IFRS over the period from 30 September 2015 to 31 December 2015.
| Pence per share | % of opening NAV | |
| Net asset value per share as at 30 September 2015 | 98.2 | |
| Unrealised movement in valuation of property portfolio (including the effect of gearing) | 1.5 | 1.5* |
| Movement in interest rate swap valuation | 0.2 | 0.2 |
| Net asset value per share as at 31 December 2015 | 99.9 | 1.7 |
* The un-geared increase in the valuation of the property portfolio over the quarter to 31 December 2015 was 1.1%.
The net gearing as at 31 December 2015 was 29.1%#
# Bank debt (less net current assets) divided by fair value of investment properties
| Portfolio Analysis | £m | % of portfolio as at 31 December 2015 | % capital value movement in quarter |
| Offices | 97.3 | 28.4 | 0.3 |
| West End | 25.9 | 7.5 | 1.1 |
| South East | 36.1 | 10.6 | (0.3) |
| Rest of UK | 35.3 | 10.3 | 0.5 |
| Retail | 70.2 | 20.5 | 0.6 |
| West End | 7.0 | 2.1 | 8.5 |
| Rest of London | 6.9 | 2.0 | - |
| South East | 18.3 | 5.3 | - |
| Rest of UK | 38.0 | 11.1 | (0.3) |
| Industrial | 95.7 | 28.0 | 3.0 |
| South East | 94.6 | 27.7 | 3.0 |
| Rest of UK | 1.1 | 0.3 | - |
| Retail Warehouse | 78.9 | 23.1 | 0.1 |
| Rest of London | 8.5 | 2.5 | - |
| Rest of UK | 70.4 | 20.6 | 0.1 |
| Total Property | 342.1 | 100.0 | 1.1 |
Property Purchases and Sales
There were no purchases or sales in the quarter.
Summary Balance Sheet
| £m | Pence per share | % of Net Assets | |
| Property Portfolio per Valuation Report | 342.1 | 143.3 | 143.4 |
| Adjustment for lease incentives | (5.8) | (2.4) | (2.4) |
| Fair Value of Property Portfolio | 336.3 | 140.9 | 141.0 |
| Cash | 10.8 | 4.5 | 4.5 |
| Trade and other receivables | 7.1 | 3.0 | 3.0 |
| Trade and other payables | (7.2) | (3.0) | (3.0) |
| Interest-bearing loan | (108.5) | (45.5) | (45.5) |
| Net Assets at 31 December 2015 | 238.5 | 99.9 | 100.0 |
The property portfolio will next be valued by an external valuer during March 2016 and the net asset value per share as at 31 March 2016 will be announced in April 2016.Enquiries:The Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedTrafalgar CourtLes BanquesSt Peter PortGuernseyGY1 3QLTel: 01481 745001Fax: 01481 745051Ian McBrydeScott MacraeF&C Investment Business LtdTel: 0207 628 8000Fax: 0131 225 2375
Related Shares:
BREI.L