ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for discussion Register to chat with like-minded investors on our interactive forums.

FCRE F&C UK Real Estate Investment

93.40
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
F&C UK Real Estate Investment LSE:FCRE London Ordinary Share GB00B012T521 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 93.40 93.60 94.60 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

F&C UK Real Estate Investments Ltd - Net Asset Value(s)

17/07/2017 9:21am

PR Newswire (US)


F&C UK Real Estate (LSE:FCRE)
Historical Stock Chart


From Mar 2019 to Mar 2024

Click Here for more F&C UK Real Estate  Charts.
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 per share % of opening NAV
Net asset value per share as at 31 March 2017 98.3
Unrealised movement in valuation of property portfolio (including the effect of gearing)  2.1 2.1*
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 £m % of portfolio as at 30 June 2017 % capital value movement  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 £1 million which compared with its valuation of £1 million as at 31 March 2017. There were no other purchases or sales in the quarter.

Summary Balance Sheet

£m Pence per share % of Net 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: 01481 745001
Fax: 01481 745051

Peter Lowe
Scott Macrae
F&C Investment Business Ltd
Tel: 0207 628 8000
Fax: 0131 225 2375
 

Copyright y 17 PR Newswire

1 Year F&C UK Real Estate Chart

1 Year F&C UK Real Estate  Chart

1 Month F&C UK Real Estate Chart

1 Month F&C UK Real Estate  Chart

Your Recent History

Delayed Upgrade Clock