5th Feb 2009 07:00
South African Property Opportunities plc
Update on property portfolio
The Board of South African Property Opportunities plc (the "Group") is pleased to announce the results of the recent independent property valuations carried out by CB Richard Ellis in connection with its interim results.
The open market valuation of the Group's property portfolio as at 31 December 2008, which on average have been held by the Group for 13.5 months, is R790.5 million (being £57.5 million at the prevailing exchange rate as at 31 December 2008 of 13.70445). This represents an uplift of R217.3 million (37.9%) over management's estimate of the R573.2 million base costs and post acquisition capitalised expenditure of the portfolio and an increase of R103.2 million (15.0%) over the open market valuation of R687.3 million as at 30 June 2008. This open market valuation is used in the calculation of the EPRA NAV as set out in the table below.
Based on this valuation the following table summarises management's estimate of the Net Asset Value of the Group as at 31 December 2008 compared with the audited Net Asset Value as at 30 June 2008:
|
Management's estimate 31 December 2008 |
Audited 30 June 2008 |
Change |
|
|
IFRS NAV (£ million) |
67.8 |
58.4 |
+16.1% |
|
IFRS NAV (pence per share) |
108.8 |
93.8 |
+16.1% |
|
Fair value adjustment (£ million) |
15.6 |
9.8 |
+59.2% |
|
EPRA NAV (£ million) |
83.4 |
68.2 |
+22.3% |
|
EPRA NAV (pence per share) |
133.9 |
109.5 |
+22.3% |
|
Deferred tax adjustment (£ million)* |
4.4 |
2.7 |
+63.0% |
|
EPRA Triple Net NAV (£ million) |
79.0 |
65.5 |
+20.6% |
|
Triple Net NAV (pence per share) |
126.8 |
105.1 |
+20.6% |
Shares in issue: 62,292,810
*Assumed corporation tax rate of 28%
As previously announced the Group's brokers continue to consult with shareholders regarding the future of the Group, and the Group's interim results for the six months ending 31 December 2008 are due to be published on 16 February 2009.
- ENDS -
For further information please contact:
South African Property Opportunities plcRichard Tice, Director +44 7785 900 300
Matrix Corporate Capital LLPPaul Fincham+44 20 3206 7175
Bell PottingerDan de Belder+44 20 7861 3232
Related Shares:
South African Property Opportunities