To:
Company Announcements
Date:
23 April 2018
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 31
March 2018 was 106.8 pence.
This represents an increase of 1.8 per cent from the net asset
value per share as at 31 December
2017 of 104.9 pence and a NAV
total return for the quarter of 3.0 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 31 March 2018 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 31 March 2018, which is expected to be paid in
June 2018.
Share Price
The share price was 100.0 pence
per share at 31 March 2018, which
represented a discount of 6.4 per cent to the NAV per share
announced above. The share price total return for the quarter was
-2.0 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 December 2017 to 31 March 2018.
|
Pence per share |
% of opening NAV |
| Net asset value per share as at
31 December 2017 |
104.9 |
|
| Unrealised movement in valuation of
property portfolio (including the effect of gearing) |
1.9 |
1.8* |
| Net asset value per share as at
31 March 2018 |
106.8 |
1.8 |
* The un-geared increase in the valuation of the property
portfolio over the quarter to 31 March
2018 was 1.3%.
The net gearing as at 31 March
2018 was 27.7% #
# Bank debt (less net current assets) divided by fair value of
investment properties
| Portfolio Analysis |
£m |
% of portfolio as at 31
March 2018 |
% capital value
movement in quarter |
| Offices |
92.6 |
26.1 |
0.2 |
| West End |
28.2 |
8.0 |
- |
| South East |
33.8 |
9.5 |
0.1 |
| Rest of UK |
30.6 |
8.6 |
0.6 |
| Retail |
61.5 |
17.3 |
(0.3) |
| West End |
8.4 |
2.4 |
- |
| Rest of London |
3.8 |
1.1 |
(1.9) |
| South East |
18.3 |
5.1 |
0.1 |
| Rest of UK |
31.0 |
8.7 |
(0.5) |
| Industrial |
126.9 |
35.7 |
3.5 |
| South East |
126.9 |
35.7 |
3.5 |
| Retail Warehouse |
74.3 |
20.9 |
0.5 |
| Rest of London |
9.1 |
2.6 |
- |
| Rest of UK |
65.2 |
18.3 |
0.5 |
| Total Property |
355.3 |
100.0 |
1.3 |
Property Purchases and Sales
There were no purchases or sales in the quarter.
Summary Balance Sheet
|
£m |
Pence per
share |
% of Net
Assets |
| Property Portfolio per Valuation
Report |
355.3 |
147.6 |
138.2 |
| Adjustment for lease incentives |
(4.3) |
(1.8) |
(1.7) |
| Fair Value of Property
Portfolio |
351.0 |
145.8 |
136.5 |
| Cash |
9.4 |
3.9 |
3.6 |
| Trade and other receivables |
5.1 |
2.1 |
2.0 |
| Trade and other payables |
(6.2) |
(2.6) |
(2.4) |
| Interest-bearing loans |
(102.2) |
(42.4) |
(39.7) |
| Net Assets at 31
March 2018 |
257.1 |
106.8 |
100.0 |
The property portfolio will next be valued by an external valuer
during June 2018 and the net asset
value per share as at 30 June 2018
will be announced in July 2018.
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