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

 
TIDMFCRE 
 
To:                   Company Announcements 
Date:                19 October 2015 
Company:        F&C UK Real Estate Investments Limited 
 
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 September 2015 was 98.2 pence. This represents an 
increase of 1.2 per cent from the net asset value per share as at 30 June 2015 
of 97.0 pence. 
 
The net asset value is based on the external valuation of the Group's property 
portfolio prepared by Cushman & Wakefield (formerly DTZ Debenham Tie Leung 
Limited). 
 
The net asset value is calculated under International Financial Reporting 
Standards ("IFRS"). 
 
The net asset value includes all income to 30 September 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 30 September 2015 which is 
expected to be paid in December 2015. 
 
Share Price 
 
The share price was 100.0 pence per share at 30 September 2015, which 
represented a premium of 1.8 per cent to the NAV per share announced above. The 
share price total return for the quarter was 1.7 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 June 2015 to 30 September 
2015. 
 
                                                           Pence     % of 
                                                             per  opening 
                                                           share      NAV 
 
Net asset value per share as at 30 June 2015                97.0 
 
Unrealised movement in valuation of property portfolio       1.1     1.1* 
(including the effect of gearing) 
 
Realised gains on the sale of a property                     0.1      0.1 
 
Movement in interest rate swap valuation                     0.4      0.4 
 
Movement in revenue reserves                               (0.4)    (0.4) 
 
Net asset value per share as at 30 September 2015           98.2      1.2 
 
* The un-geared increase in the valuation of the property portfolio over the 
quarter to 30 September 2015 was 0.9%. 
 
The net gearing as at 30 September 2015 was 28.2%# 
 
# Bank debt (less net current assets, excluding swap liability) divided by fair 
value of investment properties 
 
 
 
 
 
Portfolio Analysis                              GBPm         % of  % capital 
                                                   portfolio as      value 
                                                          at 30  movement 
                                                      September in quarter 
                                                           2015 
 
Offices                                       97.0         28.7      (0.1) 
 
West End                                      25.6          7.6        3.4 
 
South East                                    36.3         10.7      (1.4) 
 
Rest of UK                                    35.1         10.4      (1.2) 
 
Retail                                        69.7         20.6        0.6 
 
West End                                       6.4          1.9        6.6 
 
Rest of London                                 6.9          2.0          - 
 
South East                                    18.2          5.4        1.9 
 
Rest of UK                                    38.2         11.3      (0.9) 
 
Industrial                                    92.9         27.4        2.9 
 
South East                                    91.8         27.1        3.0 
 
Rest of UK                                     1.1          0.3          - 
 
Retail Warehouse                              78.8         23.3          - 
 
Rest of London                                 8.5          2.5          - 
 
Rest of UK                                    70.3         20.8          - 
 
Total Property                               338.4        100.0        0.9 
 
Property Purchases and Sales 
 
In August 2015, IRP Holdings Limited, a subsidiary of FCRE, sold 7/11 Bridge 
Street, Guildford for GBP2,125,000 which compared with its valuation of GBP 
2,000,000 as at 30 June 2015. There were no other purchases or sales in the 
quarter. 
 
Summary Balance Sheet 
 
                                                     GBPm    Pence % of Net 
                                                             per   Assets 
                                                           share 
 
Property Portfolio per Valuation Report           338.4    142.6    145.2 
 
Adjustment for lease incentives                   (5.7)    (2.4)    (2.4) 
 
Fair Value of Property Portfolio                  332.7    140.2    142.8 
 
Cash                                                4.9      2.1      2.1 
 
Trade and other receivables                        10.8      4.5      4.6 
 
Trade and other payables                          (6.7)    (2.8)    (2.9) 
 
Interest-bearing loan                           (103.0)   (43.4)   (44.2) 
 
Interest rate swap                                (5.7)    (2.4)    (2.4) 
 
Net Assets at 30 September 2015                   233.0     98.2    100.0 
 
The property portfolio will next be valued by an external valuer during 
December 2015 and the net asset value per share as at 31 December 2015 will be 
announced in January 2016. 
 
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] 
 
Ian McBryde 
Scott Macrae 
F&C Investment Business Ltd 
Tel: [phone] 
Fax: [phone] 
 
 
 
END 
 

(END) Dow Jones Newswires

October 19, 2015 02:00 ET (06:00 GMT)