Net Asset Value(s)

 

TIDMKEIF 
 
RNS Number : 1481M 
Kenmore Euro Industrial Fund Ltd 
19 May 2010 
 

              Kenmore European Industrial Fund ("Company"/ "Fund') 
 
          Announcement of Net Asset Value per share as at 31 March 2010 
 
The Directors of the Company are pleased to announce that the Net Asset Value 
('NAV') at 31 March 2010, adjusted to add back deferred tax, was 80.9 pence per 
share.  This represents an increase of 1.3% over the equivalent NAV at 31 
December 2009. 
 
The table below sets out the movement in the adjusted NAV in the quarter: 
+-------------------------------------------+--------------+ 
|                                           |    Pence per | 
|                                           |        share | 
+-------------------------------------------+--------------+ 
| Adjusted NAV at 31 December 2009          |        79.8p | 
+-------------------------------------------+--------------+ 
| Movement in portfolio valuations          |       (0.2)p | 
+-------------------------------------------+--------------+ 
| Retained profits for the period           |         1.8p | 
+-------------------------------------------+--------------+ 
| Movement from mark to market of           |       (0.1)p | 
| derivatives                               |              | 
+-------------------------------------------+--------------+ 
| Foreign exchange movements                |       (0.3)p | 
+-------------------------------------------+--------------+ 
| Movement on deferred tax compensated for  |       (0.1)p | 
| at acquisition                            |              | 
+-------------------------------------------+--------------+ 
| Adjusted NAV at 31 March 2010             |        80.9p | 
+-------------------------------------------+--------------+ 
 
After deducting all deferred tax, whether recognised on the balance sheet or 
not, NAV at 31 March 2010 was 54.4 pence per share (53.7 pence at 31 December 
2010). 
 
The value of the portfolio as at 31 March 2010 (excluding the impact of 
acquisitions, disposals and exchange rate movements) increased by 0.15% from 
GBP296,485,000 (EUR332,182,000) to GBP296,941,000 (EUR332,693,000). Occupancy as at 
31 March 2010 increased marginally to 86.97%. Total new leases signed during the 
period represented 3.99% of the Fund's gross income (19,930 sqm of total area) 
and total tenants vacating represented 6.76% of the Fund's gross income (34,295 
sqm).  Tenants retained represented 4.45% of the Fund's gross income (21,887 
sqm).  The current portfolio yield is 7.40%, which has increased by 0.37% in the 
quarter. 
 
As previously announced, during the period the Company sold one asset Belgium 
for GBP3,859,000 (EUR4,350,000).  This brings the total number of assets held in 
the Fund's portfolio as at 31 March 2010 to 73. 
 
Giles Weaver, Chairman, commented "During the period to 31 March 2010, the Fund 
has realised GBP3.9 million from its active disposal programme, with further 
sales in April of GBP4.3m. These sales have released surplus equity which will 
provide the Fund with additional flexibility during the forthcoming refinancing 
discussions. 
 
"The ongoing leasing performance within the portfolio secured new and retained 
leases during the period equating to 7.67% of the Fund's gross income.  Over the 
quarter, the current portfolio yield has increased to 7.40% with occupancy 
increasing to 86.97%." 
 
Further information can be found on the Company's website www.kenmoreeifund.com, 
or by contacting: 
 
Rob Brook, Tamar Financial Services Limited 
Tel: [phone] 
 
Stephanie Highett/Dido Laurimore/Olivia Goodall, Financial Dynamics 
Tel: [phone] 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 NAVGGUCWAUPUGAR