Net Asset Value(s)
19 5월 2010 - 3:01PM
UK Regulatory
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: +44 (0)20 7629 4480
Stephanie Highett/Dido Laurimore/Olivia Goodall, Financial Dynamics
Tel: +44 (0)20 7831 3113
This information is provided by RNS
The company news service from the London Stock Exchange
END
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