UK Commercial Property Reit Limited

Net Asset Value • Jul 16, 2014

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RNS Number : 4070M

UK Commercial Property Trust Ltd

16 July 2014

16 July 2014

UK Commercial Property Trust Limited ("the Company")

Net Asset Value at 30 June 2014

UK Commercial Property Trust Limited (LSE: UKCM), the largest Guernsey based, UK focused, commercial property trust, announces its unaudited quarterly Net Asset Value ("NAV") as at 30 June 2014.

Net Asset Value ("NAV")

The unaudited NAV per share as at 30 June 2014 was 78.1 pence*, representing an increase of 4.6% from the unaudited NAV per share as at 31 March 2013 of 74.7 pence. The portfolio increased by 3.7% in the quarter. This compares to an IPD balanced monthly index funds capital movement of 3.5% over the same period.

Analysis of Movement in NAV

The following tables provide an analysis of the movement in the unaudited NAV per share for the period from 1 April 2014 to 30 June 2014 and a sector analysis as at 30 June 2014: 

UK Commercial Property Trust Limited	Per  Share (p)	Attributable Assets (£m)
Net assets as at 1 April 2014	74.7	894.6
Issue of 40,755,022 treasury shares	0.1	31.8
Unrealised increase in valuation of property portfolio	3.2	39.8
Capital expenditure during the period	(0.1)	(1.1)
Income earned for the period	1.4	17.4
Expenses for the period	(0.4)	(5.6)
Dividend paid on 30 May 2014	(0.9)	(11.0)
Interest rate swaps mark to market revaluation	0.1	1.5
Net assets as at 30 June 2014	78.1	967.4

Sector Analysis

	Portfolio Value as at 30 Jun 2014 (£m)	Exposure as at 30 Jun	Capital Value Shift	Capital Value Shift (£m)
2014 (%)	(%)
				1,078.4
Retail	543.5	48.4	3.6	18.6
High St - South East		10.1	3.2	3.5
High St - Rest of UK		2.3	0.0	0.0
Shopping Centres		11.6	2.2	2.9
Retail Warehouse		24.4	4.7	12.2
Offices	261.4	23.3	4.5	11.3
West End		11.4	5.7	7.0
South East		1.9	7.1	1.4
Rest of UK		10.0	2.6	2.9
Industrial	251.5	22.4	3.4	8.2
South East		15.2	3.8	6.3
Rest of UK		7.2	2.5	1.9
Leisure/Other	57.1	5.1	3.8	2.1
Aberdeen Gateway development	8.9	0.8		3.8^
External valuation at 30 Jun 2014	1,122.4	100.0	3.7	1,122.4

^This represents the capitalised costs paid out in relation to the forward funding commitment at Aberdeen Gateway

*The NAV per share is calculated under International Financial Reporting Standards ("IFRS") and is unaudited. It is based on the external valuation of the Company's direct property portfolio prepared by CBRE Limited. It includes all current period income and is calculated after the deduction of all dividends paid prior to 30 June 2014. It does not include provision for any unpaid dividends relating to periods prior to 30 June 2014, i.e. the proposed dividend for the period to 30 June 2014.

The NAV per share at 30 June 2014 is based on 1,238,103,880 shares of 25p each, being the total number of shares in issue at that time (excluding 691,120 shares held in Treasury).

The EPRA NAV (excluding swap liabilities) is 78.6p (March 2014 - 75.3p).

Gearing & Cash

As at 30 June 2014, the Company's gearing, measured as gross borrowings of £230 million (excluding swap liabilities) as a percentage of total assets of £1.2 billion, was 19.1%, the lowest in the Company's peer group. Net gearing (borrowings excl swaps) less cash divided by total assets less current liabilities and cash) was 12.0%. As at 30 June 2014, the Company had cash resources of £97.4 million of which £37 million is for the forward funding commitment at Aberdeen Gateway.

Investment Manager

On 2 July 2014, the Board confirmed that it had consented to a change of control of its investment manager, Ignis Investment Services Limited, resulting from the completion of the acquisition of Ignis Asset Management Limited by Standard Life Investments (Holdings) Ltd. The Board has received assurances regarding the retention of the team involved in the management and administration of the Company which will provide continuity for the successful management of the Company going forward.

Further information will be given in the interim results of the Company for the six months to 30 June 2014 which will be announced on 20 August 2014.

Enquiries

Robert Boag / Graeme McDonald, Ignis Investment Services Limited

Tel: 0141 222 8000

Edward Gibson-Watt / Oliver Kenyon, J.P. Morgan Cazenove

Tel: 020 7742 4000

Stephanie Highett/Richard Sunderland, FTI Consulting

Tel: 020 7831 3113

The above information is unaudited and has been calculated by Ignis Investment Services Limited.

This information is provided by RNS

The company news service from the London Stock Exchange

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