FINANCE: Guernsey-based fund UK Commercial Property Trust has posted a 4.6% hike in NAV to 78.1p in the three months to 30 June.
The rise was mainly driven by a 3.2% increase in the value of the fund’s UK-wide portfolio to £1.1bn.
Offices, which comprise 23.3% of its portfolio, were the strongest performers, with a 4.5% uplift, followed by 5.1% leisure holdings, which rose 3.8% in value.
Retail, which comprises close to half of its portfolio at £543.5m, rose by 3.6%, followed by industrial on 3.4%.
During the period the trust also confirmed that it has consented to a change of control of its investment manager, Ignis Investment Services, following the completion of Standard LIfe’s takeover of Ignis Asset Management.
It said: “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.”
As at 30 June 2014, the company’s gearing, measured as gross borrowings of £230m – excluding swap liabilities – as a percentage of total assets of £1.2bn, was 19.1%, the lowest in its peer group.
Net gearing was 12%. As at 30 June 2014, the company had cash resources of £97.4m of which £37m is for the forward funding commitment at Aberdeen Gateway.
bridget.o’connell@estatesgazette.com
