RTY Rutley (See LSE:DPE)

 

TIDMRTY 
 
RNS Number : 3412G 
Rutley European Property Limited 
29 January 2010 
 

To:        RNS 
From:    Rutley European Property Limited ("the Company") 
Date:29 January 2010 
Subject:    Property Valuations 
 
 
The 31 December 2009 valuations show an increase in value of the Company's 
property portfolio in Euro terms of 0.31% on a like for like basis over the half 
year. The Sterling value of the property portfolio as at 31 December 2009 has 
increased by 6.15% to GBP485.3 million (GBP457.2 million as at 30 June 2009, on 
a like for like basis excluding the Osnabruck 64 asset) as a result of the 
strengthening of the Euro against Sterling over the period. 
 
The Company's top ten property investments, including all holdings with a value 
greater than 5% of its gross assets, as at 31 December 2009, are: 
 
 
+--------+-----------+------------------+-------------+--------+ 
|        | Country   | Property         | Location    | % GAV  | 
+--------+-----------+------------------+-------------+--------+ 
|   1    | Sweden    | Karolinen 2      | Karlstad    | 9.65%  | 
+--------+-----------+------------------+-------------+--------+ 
|   2    | Poland    | Buma Square      | Krakow      | 9.02%  | 
+--------+-----------+------------------+-------------+--------+ 
|   3    | Germany   | Mosse Zentrum II | Berlin      | 7.06%  | 
+--------+-----------+------------------+-------------+--------+ 
|   4    | Germany   | Mosse Zentrum I  | Berlin      | 4.10%  | 
+--------+-----------+------------------+-------------+--------+ 
|   5    | Germany   | Arnulfstrasse    | Munich      | 3.69%  | 
+--------+-----------+------------------+-------------+--------+ 
|   6    | Germany   | Schildgasse      | Rheinfelden | 3.56%  | 
|        |           | 28-30            |             |        | 
+--------+-----------+------------------+-------------+--------+ 
|   7    | Germany   | 50 Kinkeler      | Neunkirchen | 3.36%  | 
|        |           | Strasse          | / Saar      |        | 
+--------+-----------+------------------+-------------+--------+ 
|   8    | Germany   | 5 Schwabenheimer | Kreuznach   | 3.22%  | 
+--------+-----------+------------------+-------------+--------+ 
|   9    | Sweden    | Bryggaren 12     | Karlstad    | 2.53%  | 
+--------+-----------+------------------+-------------+--------+ 
|  10    | Germany   | Frankencampus    | Nuremberg   | 2.51%  | 
+--------+-----------+------------------+-------------+--------+ 
 
The second half of 2009 saw an increase in the volume of investment transactions 
throughout western and central European markets, with investors exploiting 
mispriced core assets in major European centres. A shortage of willing sellers 
has resulted in some instances, to modest yield compression. However, occupier 
markets remain weak and any meaningful recovery in values will be constrained by 
the availability of debt finance. 
 
Against this backdrop, the portfolio has stabilised in terms of value and the 
Manager anticipates gains in value later in the year, as a result of lettings 
and asset management activities and an anticipated stabilisation of values in 
core plus investment product as investor confidence returns. 
 
 
All Enquiries: 
 
 
The Company Secretary 
Northern Trust International Fund Administration Services (Guernsey) Limited 
Trafalgar Court 
Les Banques 
St Peter Port 
Guernsey 
GY1 3QL 
 
 
Tel: 01481 745604 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 PFUBGGDBCBDBGGC 
 

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