Interim Management Statement
20 5월 2010 - 3:00PM
UK Regulatory
TIDMDPE
RNS Number : 2377M
DP Property Europe Limited
19 May 2010
DP PROPERTY EUROPE LIMITED
INTERIM MANAGEMENT STATEMENT
For the period 1 January 2010 to 19 May 2010
Investment objective
DP Property Europe Limited (formerly Rutley European Property Limited) ("the
Company") and its subsidiaries ("the Group") constitute a core-plus commercial
real estate fund which was established in 2005 with a primary geographical focus
on Central and Western Europe and an objective of generating for Shareholders a
geared net IRR of not less than 12% per annum on the issue price of its share
capital from both capital growth and dividend income.
In March this year, an EGM was held to agree to various changes in the Company's
Articles of Association including change of name, investment parameters, gearing
levels and its status as an evergreen property investment company. Following
these changes the stated objective of an IRR return of not less than 12% is no
longer relevant; however, it remains the objective of the company to maximise
growth and value for shareholders. The company's investment policy has also been
amended to reflect the change in status from a finite life investment vehicle to
an evergreen company by the removal of the requirement to cease investment
activity after 1 January 2010 and return capital to shareholders. For details of
the changes made at the EGM the Directors would like to draw your attention to a
Company circular dated 18 February 2010 which is available on the Company's
website.
Company Description
Rutley European Property Limited was incorporated on 17 November 2005 as a
closed ended, Guernsey registered investment company, with an independent Board
of Directors.
Portfolio profile and valuation
The Group's portfolio comprises 55 properties across continental Europe with a
value of GBP485.3 million (EUR539.3 million) as at 31 December 2009. The December
2009 valuations showed a decrease in the value of the Company's property
portfolio, in Euro terms, of approximately 7.2% over the year. The value of the
Company's property portfolio, in Euro terms, increased by 0.31% on a like for
like basis over the last six months of the year (EUR537.6 million as at 30 June
2009). The Sterling value of the property portfolio as at 31 December 2009
increased by 6.15% to GBP485.3 million over the same period (GBP457.2 million as
at 30 June 2009, on a like for like basis, excluding the Osnabruck 64 asset
which was disposed of during the year) as a result of the strengthening of the
Euro against Sterling.
Portfolio activity
The Company's portfolio continues to benefit from its defensive characteristics.
The portfolio is diversified by geography and through a broad tenant base of
approximately 650 tenants. As at 31 December 2009, the ten largest tenants
represented 33.14% of portfolio income, consisting of public sector occupiers,
German food retailers and large global corporations.
Asset management activity has underpinned rental income, vacancy and weighted
average unexpired lease terms throughout 2009, in challenging occupier markets.
During the period, the portfolio has continued to perform to expectations and
asset management activity has strengthened the portfolio income profile. During
the period, in excess of 17 lease transactions were completed in respect of
28,000 sq. m., representing approximately 7.4% of the portfolio by area. Notable
transactions were in:
* Sweden - two large leases renegotiated on six year terms to public sector
occupiers, totalling in excess of 16,400 sq. m. and achieving an uplift in
rental income;
* Netherlands - the single commercial lease to the Dutch Government was renewed
at Jan Van Nassaustraat, The Hague, extending to 3,100 sq. m. In addition, two
new leases were agreed at the Amsterdam asset, totaling in excess of 1,900 sq.
m.
* Germany - lease renegotiations with four tenants in the Nuremberg portfolio,
totaling approximately 4,000 sq. m., improving the weighted unexpired lease
terms of the assets and securing income over the medium term. In addition, two
lettings at Mosse Zentrum, Berlin, totaling 785 sq. m. have further reduced
vacancy and enhanced income.
* Poland - four leases renegotiated at Prima Court, Warsaw, totaling
approximately 1,800 sq. m. securing income for an additional 3 - 5 years and
improving the weighted unexpired lease term.
Material events and transactions
During the period, an EGM was held to agree the following changes to the
Company's Articles of Association:
(i) Updating of the Company's investment policy, including a change to
permit additional investments after 31 December 2009
(ii) to increase the gearing limit to 95% of the Company's gross assets
on a consolidated basis
(iii) removing the limit of authorised share capital of the company in
relation to no par value shares of the company
(iv) changing the Company's name
(v) extending the life of the Company beyond 31 December 2013
(vi) Redesignating the Preference Shares and the C Shares of the Company
as Ordinary Shares (none of the C shares have been issued by the Company at
present)
(vii) Cancelling the Redeemable Preference Carried Interest Shares
(viii) Replacing the existing objects clause in the Memorandum of
Incorporation of the Company with a new unrestricted objects clause, and,
(ix) Adopting new Articles of Incorporation of the Company in order, inter
alia, to take account of the foregoing proposals and recent Guernsey company law
developments.
On 14 May 2010, the Board announced it will be convening an EGM, pursuant to a
request by the majority shareholder, to put resolutions to the shareholders
including, inter alia, the removal of the independent directors and cancellation
of the Company's listings. Further details can be found in the announcement of
14 May 2010, which is on the Company's website. A circular will follow in due
course.
Net Asset Value (NAV) and Share price movements
The NAV as at 31 December 2009 was as follows:
NAV per Redeemable Preference Share: GBP0.264
Adjusted NAV excluding deferred tax assets and liabilities:
NAV per Redeemable Preference Share: GBP0.267
As at 19 May 2010, the share price was 5.00p per share. This represents a
81.06% discount to the NAV (26.4p) and an 81.27% to the adjusted NAV (26.7p)
after taking into account deferred tax assets and liabilities.
Dividends and Financing
No dividend has been declared in the period.
In light of current market conditions, the dividend policy remains under review.
As at 31 December 2009 the Group's gearing ratio was approximately 82%
(Debt/Gross Assets) which is below the maximum borrowing limit of 95%, as set
out in the revised Articles of Incorporation of the Company. The majority of the
debt is limited recourse to the SPVs holding the relevant assets which means
that, in the event that lenders decide to enforce security where the LTVs exceed
covenant levels, lenders can only seek recourse to the asset(s) and any excess
cash in the SPV holding the relevant asset(s) after costs as defined in the loan
agreements. In the case of loans to SPV's in the Netherlands and France, by
reason of a cross default clause, the lender can seek recourse to the assets of
both SPVs in the event of a covenant breach by either SPV. Excluding one SPV
where there is no LTV covenant, the weighted average LTV is now 87.93% against a
weighted average LTV covenant of 76.6%.
To date, no formal loan breaches have been declared.
Country Weighting
Portfolio weighting by country 31 December 2009
+----------------------------------------+----------------------------------------+
| Country | % |
+----------------------------------------+----------------------------------------+
| Germany | 64% |
+----------------------------------------+----------------------------------------+
| Sweden | 14% |
+----------------------------------------+----------------------------------------+
| Poland | 12% |
+----------------------------------------+----------------------------------------+
| The Netherlands | 5% |
+----------------------------------------+----------------------------------------+
| Belgium | 3% |
+----------------------------------------+----------------------------------------+
| France | 2% |
+----------------------------------------+----------------------------------------+
Ten Largest Properties
(by % of Gross Asset Value 31 December 2009)
+----------------+----------------+---------------------+------------------+----------------+
| | Country | Property | Location | % GAV |
+----------------+----------------+---------------------+------------------+----------------+
| 1 | Poland | Buma Square | Krakow | 8.81% |
+----------------+----------------+---------------------+------------------+----------------+
| 2 | Germany | Mosse Zentrum II | Berlin | 8.13% |
+----------------+----------------+---------------------+------------------+----------------+
| 3 | Sweden | Karolinen 2 | Karlstad | 7.51% |
+----------------+----------------+---------------------+------------------+----------------+
| 4 | Germany | Mosse Zentrum I | Berlin | 4.45% |
+----------------+----------------+---------------------+------------------+----------------+
| 5 | Germany | Arnulfstrasse | Munich | 3.90% |
+----------------+----------------+---------------------+------------------+----------------+
| 6 | Germany | Schildgasse 28-30 | Rheinfelden | 3.40% |
+----------------+----------------+---------------------+------------------+----------------+
| 7 | Germany |50 Kinkeler Strasse |Neunkrichen/Saar | 3.06% |
+----------------+----------------+---------------------+------------------+----------------+
| 8 | Germany | 5 Schwabenheimer | Kreuznach | 2.94% |
+----------------+----------------+---------------------+------------------+----------------+
| 9 | Belgium | Equinox Building | Wemmel | 2.61% |
+----------------+----------------+---------------------+------------------+----------------+
| 10 | Germany | Frankencampus | Nuremberg | 2.41% |
+----------------+----------------+---------------------+------------------+----------------+
This IMS has been produced solely to provide additional information to
shareholders as a body to meet the relevant requirements of the UK Listing
Authority's Disclosure and Transparency Rules. It should not be relied upon by
any other party or for any other purpose. This statement has not been audited.
This information is provided by RNS
The company news service from the London Stock Exchange
This information is provided by RNS
The company news service from the London Stock Exchange
END
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