27th Apr 2006 18:01
Insight Foundation Property Tst Ltd27 April 2006 Insight Foundation Property Trust Limited 27 April 2006 Announcement of NAV and seventh interim dividend Insight Foundation Property Trust Limited is pleased to announce a Net AssetValue of 119.6 pence per share as at 31 March 2006 and an interim dividendpayment of 1.6875 pence per share in respect of the period 1 January 2006 to 31March 2006. The dividend payment will be made on 26 May 2006 to shareholders on the registeron 12 May 2006. The ex-dividend date will be 10 May 2006. The Company's NAV of 119.6 pence per share reflects an uplift of 5.59 pence pershare, or 4.9% over the quarter. The NAV over the 12 months to 31 March 2006 hasincreased by 14.3 pence per share or 13.6 % resulting in a NAV total return toinvestors of approximately 20.3%. The quarterly NAV uplift followed an increase in the capital value of theproperties held over the quarter of £24 million or 4.8%. £11.3 million of thisuplift came from the first three London office acquisitions following the Cshare issue in July 2005. The Company's investment in MidCity Place hasincreased from the acquisition price of £9.8 million to £17.6 million followinga tenant lease restructuring. Minerva House and National Magazine House now havea combined value of over £97 million as compared to their combined acquisitionprices of £87.18 million. The Company's total investment in London offices since the C share issue isapproximately £165 million, exceeding the objectives set by the Board at thetime of the issue. The preliminary estimate of results to 31 March 2006 indicates that aperformance fee is payable to the Manager, Insight Investment in the region of£5 million and this will be payable following completion of the Company's yearend audit. A provision for this sum has been made in arriving at the publishedNAV figure above. Enquiries: - Duncan Owen(Insight Investment Management) 020 7321 1677 Paul Smith / 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