Net Asset Value(s)
October 12 2006 - 5:11AM
UK Regulatory
RNS Number:3589K
Westbury Property Fund Limited
12 October 2006
For immediate release 12 October 2006
Westbury Property Fund Limited
Q3 Net Asset Value and trading update
* Q3 revaluation surplus of #13.1m.
* NAV per share of 155p as at 30th September 2006 which is net of all costs,
performance fee provision and dividends paid and is after the effect of
issuing 43.6m new shares at 140p in August 2006.
* Completion of two balanced portfolio acquisitions in London and the North
West, at a combined purchase price of #12.35m plus a small venture portfolio
investment in Surrey.
* Demolition of buildings at Weston Point Docks in preparation for
development of new port facilities.
* Planning application submitted on joint venture development in Ware,
Hertfordshire.
* Once new bank facilities are in place, there will be circa #150m
available for investment
The Westbury Property Fund today announced that its NAV has increased to 155p
per Ordinary Share.
"The figures show good underlying capital growth for the quarter and the NAV has
increased notwithstanding the impact of the substantial share issue completed in
August," said Richard Burrell, Investment Manager to the Westbury Property Fund.
"Since raising an additional #60m of equity in August, we have continued our
programme of investment in the balanced portfolio and secured 100% control of
Weston Point Docks where we have commenced new investment in the port facility
to significantly expand future operations from the site."
Since the Interim Results which were announced on 13 July 2006, the Fund has:
* Commenced the demolition of buildings on the Weston Point site in
preparation for the first phase of development.
* Acquired the freehold interest in 90/92 Queen's Gate, London SW7 for
#8.55m. The three interlinked buildings, which total circa 21,000 sq ft, are
situated in a prime Kensington location. The buildings have a D1 educational
use and are leased to Mander Portman Woodward on a new 25 year lease with
tenant break options at years 15 and 20. The rent is reviewed on a 5 yearly
basis to the higher of D1 (educational) or B1 (offices) open market value.
The purchase reflects a net initial yield of circa 5%. The investment offers
secure, long term income with good growth prospects and is underpinned by
alternative use values.
* Acquired Units 1 & 2, Centuria Business Park, Bromborough, Wirral for
#3.8m reflecting a net initial yield of 6.4%. The property comprises two
modern, self contained industrial warehouses totalling circa 64,000 sq ft on
the Wirral International Business Park. The property is let to Geoffrey Black
Ltd for 5 years and Unilever UK Central Resources Ltd for 13 years and offers
an attractive income yield with good rental growth prospects.
* Invested #0.25m in a joint venture that has acquired a 526 acre site in
Banstead, Surrey with potential for value enhancement through planning
improvement.
* Through its joint venture interest in Endeavour Ware Limited, applied
for planning permission for 127 dwellings (76 for sale, 51 affordable) and 45
very sheltered apartments for the elderly and frail elderly at Watton Road,
Ware.
- e n d s -
For further information, please contact:
Richard Burrell / Ben Browne-Clayton Shirley Hatherton / Sarah Campbell
Berrington Fund Management LLP Lansons Communications
020 7107 3800 020 7294 3615 / 020 7566 9703
This information is provided by RNS
The company news service from the London Stock Exchange
END
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