Property Portfolio Analysis
At 30 September 2011
 |
| Investment |
Value
£m |
Overall
Portfolio
% |
|
|
Equity
£m |
|
| London Office |
90.0 |
20.5 |
|
|
34.6 |
|
| Provincial Office |
7.6 |
1.8 |
|
|
2.1 |
|
| Industrial |
20.8 |
4.7 |
|
|
12.5 |
|
| In town retail |
146.0 |
33.2 |
|
|
63.6 |
|
| Out of town retail |
14.2 |
3.2 |
|
|
6.4 |
|
| Retirement village |
4.8 |
1.1 |
|
|
4.8 |
|
| Total |
283.4 |
64.5 |
|
|
124.0 |
|
|
Trading and
Development |
Book Value
£m |
Overall
Portfolio
% |
Fair Value
£m |
Surplus Fair
Value over
Book
£m |
Equity
£m |
|
| London Office |
2.4 |
0.5 |
5.3 |
2.9 |
8.3 |
|
| Provincial Office |
8.0 |
1.8 |
8.1 |
0.1 |
-2.0 |
|
| Industrial |
8.3 |
1.9 |
8.3 |
- |
8.3 |
|
| In town retail |
9.2 |
2.1 |
9.5 |
0.3 |
7.6 |
|
| Out of town retail |
3.3 |
0.8 |
3.3 |
- |
3.3 |
|
| Retirement villages |
60.4 |
13.7 |
72.9 |
12.5 |
47.0 |
|
| Change of Use |
4.3 |
1.0 |
6.4 |
2.1 |
8.6 |
|
| Mixed use |
4.3 |
1.0 |
14.9 |
10.6 |
22.5 |
|
| Poland |
56.0 |
12.7 |
61.0 |
5.0 |
32.0 |
|
Total
|
156.2 |
35.5 |
189.7 |
33.5 |
135.6 |
|
| Grand Total |
439.6 |
100.0 |
|
|
259.6 |
|
This table includes all assets included in the consolidated accounts, less our profit-share partners’ share of these assets plus our share of assets held in associated companies
Equity is defined as being the fair value of the property less borrowings.
Investment properties
The yields on of the investment portfolio as at 30 September 2011 were as follows:
|
| |
|
Initial
Yield
% |
Reversionary
Yield
% |
Yield on
letting
voids
% |
Equivalent
Yield (AiA)
% |
|
| Industrial |
|
8.2 |
9.4 |
8.8 |
8.9 |
|
| London Offices |
|
5.1 |
8.2 |
7.7 |
7.6 |
|
| South East Offices |
|
7.4 |
8.6 |
7.4 |
9.3 |
|
| Retail |
|
7.1 |
7.9 |
7.6 |
7.6 |
|
| Total |
|
6.7 |
7.9 |
7.7 |
7.8 |
|
Note: Includes our share of Clyde Shopping Centre but excludes our share of Barts.
|
