F&C UK Real Est. Inv. Net Asset Value(s)

 
TIDMFCRE 
 
To:              Company Announcements 
 
Date:            17 July 2017 
 
Company:         F&C UK Real Estate Investments Limited 
 
LEI:             231801XRCB89W6XTR23 
 
Subject:           Net Asset Value 
 
Net Asset Value 
 
The unaudited net asset value per share of F&C UK Real Estate Investments 
Limited ("FCRE") as at 30 June 2017 was 100.1 pence. This represents an 
increase of 1.8 per cent from the net asset value per share as at 31 March 2017 
of 98.3 pence and a NAV total return for the quarter of 3.1 per cent. 
 
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 30 June 2017 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 30 June 2017, which is expected 
to be paid in September 2017. 
 
Share Price 
 
The share price was 106.8 pence per share at 30 June 2017, which represented a 
premium of 6.7 per cent to the NAV per share announced above. The share price 
total return for the quarter was 6.4 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 31 March 2017 to 30 June 2017. 
 
                                                                  Pence      % of 
                                                                    per   opening 
                                                                  share       NAV 
 
Net asset value per share as at 31 March 2017                      98.3 
 
Unrealised movement in valuation of property portfolio              2.1      2.1* 
(including the effect of gearing) 
 
Movement in revenue reserves                                      (0.3)     (0.3) 
 
Net asset value per share as at 30 June 2017                      100.1       1.8 
 
* The un-geared increase in the valuation of the property portfolio over the 
quarter to 30 June 2017 was 1.7%. 
 
The net gearing as at 30 June 2017 was 27.2%# 
 
# Bank debt (less net current assets) divided by fair value of investment 
properties 
 
Portfolio Analysis                             GBPm        % of  % capital 
                                                    portfolio      value 
                                                     as at 30  movement 
                                                    June 2017 in quarter 
 
Offices                                      89.5        26.7        1.0 
 
West End                                     25.9         7.7          - 
 
South East                                   33.7        10.1        0.3 
 
Rest of UK                                   29.9         8.9        2.6 
 
Retail                                       64.6        19.3      (0.1) 
 
West End                                      7.5         2.3          - 
 
Rest of London                                3.9         1.2          - 
 
South East                                   18.3         5.4        0.1 
 
Rest of UK                                   34.9        10.4      (0.2) 
 
Industrial                                  106.0        31.6        4.3 
 
South East                                  106.0        31.6        4.3 
 
Retail Warehouse                             75.2        22.4        0.5 
 
Rest of London                                8.8         2.6        1.7 
 
Rest of UK                                   66.4        19.8        0.3 
 
Total Property                              335.3       100.0        1.7 
 
Property Purchases and Sales 
 
During the quarter, the Group sold 47/49 Linthorpe Road, Middlesbrough for GBP1 
million which compared with its valuation of GBP1 million as at 31 March 2017. 
There were no other purchases or sales in the quarter. 
 
Summary Balance Sheet 
 
                                                  GBPm   Pence    % of 
                                                         per     Net 
                                                       share  Assets 
 
Property Portfolio per Valuation Report        335.3   139.3   139.2 
 
Adjustment for lease incentives                (4.5) 
                                                       (1.9)   (1.9) 
 
Fair Value of Property Portfolio               330.8   137.4   137.3 
 
Cash                                            16.6     6.9     6.9 
 
Trade and other receivables                      5.2     2.2     2.2 
 
Trade and other payables                       (6.7)   (2.8)   (2.8) 
 
Interest-bearing loans                       (105.1)  (43.6)  (43.6) 
 
Net Assets at 30 June 2017                     240.8   100.1   100.0 
 
The property portfolio will next be valued by an external valuer during 
September 2017 and the net asset value per share as at 30 September 2017 will 
be announced in October 2017. 
 
This announcement contains inside information. 
 
Enquiries: 
The Company Secretary 
Northern Trust International Fund Administration Services (Guernsey) Limited 
Trafalgar Court 
Les Banques 
St Peter Port 
Guernsey 
GY1 3QL 
Tel: [phone] 
Fax: [phone] 
 
Peter Lowe 
Scott Macrae 
F&C Investment Business Ltd 
Tel: [phone] 
Fax: [phone] 
 
 
 
 
END 
 

(END) Dow Jones Newswires

July 17, 2017 04:21 ET (08:21 GMT)