16th Oct 2006 07:00
ING UK Real Estate Income Trust Ltd16 October 2006 ING UK Real Estate Income Trust Limited 30 September 2006 Net Asset Value The unaudited Net Asset Value ('NAV') per share of ING UK Real Estate IncomeTrust Limited as at 30 September 2006 was 123 pence. This NAV figureincorporates the external portfolio valuation as at 30 September 2006. Itincludes current year income and is calculated after the deduction of dividendspaid prior to 30 September 2006, but does not include provision for the nextquarterly dividend which is expected to be paid in November 2006. The Company's NAV of 123 pence per share reflects an uplift of 6 pence pershare, or 4.85% over the quarter. The NAV over the 9 months to 30 September 2006has increased by 18 pence per share or 17%. 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 swap. The unaudited NAV is calculated as follows: 30 September 2006 30 June 2006 31 March 2006 £m £m £mInvestment properties atmarket value 586.3 553.8 519.8Current assets 30.9 17.8 42.8Current liabilities (21.9) (19.7) (27.2)Borrowings (225.0) (200.0) (200.0) 370.3 351.9 335.4Market value of interestrate swap 5.1 6.2 -Net Asset Value 375.4 358.1 335.4 Since the Company flotation, nearly 12 months ago, the share price has risen bycirca 23%. The Company has continued to make good progress in the three monthsto 30 September 2006, recording a 4.85% rise in NAV to GBP 375.4 million (or 123pence per share). The manager continues to actively manage the portfolio tounlock the latent value, evaluating both acquisitions that meet the incomereturn objectives and selective disposals where capital can be effectivelyrecycled into assets offering more upside potential. The property portfolio is weighted to the office sector in the South East whichthe manager believes will outperform the market over the next two years.Accordingly the Company is well placed to gain from the growth in this sector. As reported to shareholders on 9 October, the disposal of the Scorpio InnsPortfolio has been completed since the period under review at a price ahead ofits 30 September 2006 valuation, this uplift is not included in this NAV. The property portfolio will next be valued by an external valuer during December2006 and the NAV per share as at 31 December 2006 will be issued in January2007. All Enquiries: The Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LtdTrafalgar CourtLes BanquesSt Peter PortGuernseyGY1 3QL Tel: 01481 745439Fax: 01481 745085 END This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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