Industrial Multi Property Trust PLC Portfolio Update (7461D)
11 July 2016 - 4:00PM
UK Regulatory
TIDMIMPT
RNS Number : 7461D
Industrial Multi Property Trust PLC
11 July 2016
11 July 2016
INDUSTRIAL MULTI PROPERTY TRUST PLC
(the "Company" or together with its subsidiaries the
"Group")
Industrial Multi Property Trust plc is today announcing that the
Group's property portfolio was valued at 30 June 2016 by Cushman
& Wakefield (formerly DTZ Debenham Tie Leung Limited) at
GBP85.1 million. The previous valuation of the property portfolio
was GBP82.1 million as at 31 March 2016.
The valuation was undertaken in accordance with the Royal
Institution of Chartered Surveyors (RICS) Appraisal and Valuation
Standards and shows the "Market Value" assuming an asset sale of
each property. The valuation report also contains the following
comment in relation to the result of the recent Referendum to
decide whether the UK should leave or remain in the European
Union:
"Valuation Certainty following the EU Referendum. Following the
Referendum held on 23 June 2016 concerning the UK's membership of
the EU, a decision was taken to exit. We are now in a period of
uncertainty in relation to many factors that impact the property
investment and letting markets. Since the Referendum date it has
not been possible to gauge the effect of this decision by reference
to transactions in the market place. The probability of our opinion
of value exactly coinciding with the price achieved, were there to
be a sale, has reduced. We would, therefore, recommend that the
valuation is kept under regular review and that specific market
advice is obtained should you wish to effect a disposal."
The Group's property portfolio will next be valued as at 30
September 2016.
This announcement is not a preliminary statement of the
Company's financial results and the financial information contained
herein is not audited and is subject to change. The Company expects
to publish its half yearly report for the six months ended 30 June
2016 by 26 August 2016.
This announcement contains inside information.
Contact:
Jonathan Clague
Chairman, Industrial Multi Property Trust Plc
+44 (0) 1624 681250
Tom Pissarro
Fund Manager, Alpha Real Capital LLP
+44 (0) 20 7391 4714
Alastair Moreton
Financial Adviser and Broker, Stockdale Securities Ltd
+44 (0) 20 7601 6100
This information is provided by RNS
The company news service from the London Stock Exchange
END
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