UK Commercial Property Trust net asset value up

UK COMMERCIAL Property Trust, the largest UK-focused trust of its kind, has announced that its net asset value (NAV) per share has risen to 77p, an increase of 4.6 per cent on the previous year, and 0.5 per cent from September 2010.

In its full-year results to December 2010, the Trust also said that the value of its property portfolio had grown by 7.9 per cent – up from £710.5m to £898.8m on a like-for-like basis.

Chairman Chris Hill said that the company’s cash position and unused debt facilities meant they would be able to continue to seek out potential targets.

“Having performed well throughout 2010 and taken advantage of market conditions to make a number of high quality acquisitions, UKCPT is well-placed for the future,” he said.

In June last year, the Trust merged with rival F&C, creating the sixth largest UK property firm, worth an estimated £1.6m.

The company’s net rental income increased 23.4 per cent to £60.2m, from £48.8m in 2009, with office properties reporting the best performance, followed by retail.