(FCPT.L) F&C Commercial Property Trust Buy/Sell

RNS Number : 6623C
  F&C Commercial Property Trust Ld
  17 November 2009
   

F&C Commercial Property Trust Limited

Interim Management Statement

For the Three Month Period from 1 July 2009 to 30 September 2009

Investment Objective

The investment objective of the Company is to provide ordinary shareholders with an attractive level of income together with the potential for capital and income growth from investing in a diversified UK commercial property portfolio.

Performance Summary

                                 For the three month period ended 30 September 2009

 Total Return 

 Net asset value per share *                                                   3.4%
 Ordinary Share price                                                         13.1%
 Investment Property Databank
 UK Monthly Index                                                              3.3%
 FTSE All-Share Index                                                         22.4%

                                                  As at       As at 
                                           30 September      30 June
                                                   2009         2009
 Capital Values                                                       % Change

 Published net asset value per share *            77.0p        75.9p      +1.4
 Ordinary Share price                             83.5p        75.3p     +10.9
 Investment Property Databank UK Monthly
 Index                                           128.16       126.62      +1.2
 FTSE All-Share Index                           2634.79      2172.08     +21.3
 Premium/(discount) to published net
 asset value *                                     8.4%       (0.8)%
 Gearing * ¿                                      30.4%        30.7%
 Net gearing * $                                  15.0%        12.2%

Sources: F&C Investment Business Limited, Investment Property Databank ('IPD'), Datastream.

*  Calculated under International Financial Reporting Standards ('IFRS'). Net asset value total return is calculated assuming dividends are re-invested

¿  Gearing: Secured Bonds/total assets (less current liabilities)

$ Net gearing: (Secured Bonds - cash)/total assets (less current liabilities and cash)

      Review of the Third Quarter

The property market has seen a sharp turnaround with the IPD Monthly Index measuring total returns of 3.3 per cent over the quarter to 30 September 2009, of which 1.8 per cent was recorded in September alone.

Investors' sentiment towards property is far more positive: "open ended" funds are now under pressure to increase direct property allocations due to renewed fund inflows from retail investors and institutions have re-entered the market. Investors are favouring well-located assets with long secure income streams but the definition of prime is broadening due to a lack of stock, and some investors are now becoming more open to risk, looking to purchase properties on shorter leases, but only where the fundamentals of location and building quality are supportive. Capitalisation rates for all sectors have moved in at the prime end, with retail warehouses having seen the largest correction, whilst across most sub-sectors secondary yields are now stabilising. Towards the end of the period, the market started to experience competitive, aggressive bidding for the available good quality stock, with a notable increase in the strength and depth of under-bidders. Numerous properties have also been withdrawn from the market by vendors, as any pressure to sell has reversed. There have been a number of capital-raisings to take advantage of market conditions, however, investment activity remains subdued with £6.3 billion transacted in the third quarter of 2009, primarily due to lack of available stock, but transaction levels are increasing and are up from the £4 billion quarterly lows of early 2009. In the indirect sector (unlisted securities) there is now evidence of secondary trading in certain funds and of the discounts to net asset values beginning to tighten in pricing.

There are, however, reasons to be cautious. The secondary market is still relatively weak and the economic recession has hit occupier demand, rents and income streams across all sub-sectors. The lack of bank finance in the market will continue to affect activity levels from debt-backed purchasers as new bank lending to property is expected to remain constrained, whilst indebted investors may find banks less tolerant to income covenant breaches. Any tightening of monetary policy would have negative consequences for property.

The IPD UK Monthly Index recorded a capital increase of 1.2 per cent over the period. In comparison the Company's direct property portfolio increased in value by an ungeared 1.8 per cent (accounting for capital expenditure and purchase costs). The direct portfolio produced a total return of 3.6 per cent compared with the 3.3 per cent total return from the IPD Monthly Index.

The focus of activity for the Company over the period has been the acquisition of direct property. As previously announced, in July the Company completed its first purchase since its launch in March 2005: Site E4, Daventry International Rail Freight Terminal ('DIRFT') Logistics Park for £17.25 million representing a net initial yield of 9.05 per cent. Since the end of the period the Company has completed acquisitions in the industrial/logistics sector with the purchase of three separate distribution warehouses at Hams Hall National Distribution Centre, Birmingham at, in the aggregate, a total purchase price of £34.85 million and a net initial yield of 9.0 per cent.  

These acquisitions are in accordance with the Company's strategy to increase its weighting to the industrial and logistics sector which, as a result, has increased to approximately 13 per cent.

During the period the Company continued to let vacant accommodation. In Central London the second floor (1,909 sq ft) of 6/8 James Street, London W1 was let to Target Corporation at a rent of £75,405 per annum (£39.00 psf) for a term of 10 years with a break at year five. The refurbished second floor of Charles House, 5-11 Regent Street, London SW1 (4,692 sq ft) was let to Lunson Mitchenall at a commencing rent of £185,334 per annum (£39.50 psf) for a term of 10 years with a break at year six. In both lettings rent-frees and incentives commensurate with the market were granted to the tenants. At St. Christopher's Place Estate, London W1 the letting of two shops to Kookai and Adili (trading as Ascension) contracted at a combined rent of £130,000 per annum on flexible leases for terms of five years. Unit 8 at Newbury Retail Park has been the subject of asset management initiatives to split the 10,000 sq ft unit and to secure a change of use. Planning consent was granted for these initiatives and a letting contracted to Peacocks (7,825 sq ft) at a rent of £195,625 per annum (£25 psf) for a 10 year term. Heads of terms are agreed with the remaining unit (1,800 sq ft) with a well-known multiple retailer and it is expected that this letting will contract shortly.

At 30 September 2009 the void rate (excluding properties held or in the process of development) in the portfolio was 2.5 per cent, having improved from 4.0 per cent as at 30 June 2009 as a result of the key initiatives detailed above. At the end of the quarter the Company's largest void exposure was at 82 King Street, Manchester where there are currently three vacant floors. This property is currently the subject of a refurbishment of the entrance hall and common areas and, as a result of these enhancements, the property will be re-launched to the market. The Company's void rate remains significantly below the IPD average of 12 per cent (source IPD Monthly Index September 2009). The portfolio saw no significant tenant defaults over the period.  

Dividends

Monthly interim dividends for the year ending 31 December 2009, each of 0.5 pence per share, were paid on 31 July, 28 August and 25 September 2009. 

Group Reconstruction

On 5 June 2009, a prospectus and an offer document were sent to shareholders containing details of proposals to introduce a new listed holding company, now called F&C Commercial Property Trust Limited (previously called New FCPT Limited), which was incorporated for the purpose of making an offer to acquire all of the Company's issued shares. The offer became unconditional on 3 July 2009 and, on 7 July 2009, the shares of the new holding company were admitted to listing on the Official List of the UKLA and to trading on the main market of the London Stock Exchange. 

Also on 7 July 2009, the listing of the shares of the old holding company, now called FCPT Holdings Limited, on the Official Lists of the UKLA and the Channel Islands Stock Exchange, and the trading in its shares on the London Stock Exchange and the Channel Islands Stock Exchange, were suspended. The listings were cancelled on 4 August 2009. 

Under the offer, shareholders were offered one new share in the new listed holding company for each share in the old listed company. The effect of the transaction was that, during the period under review, the company now called F&C Commercial Property Trust Limited became the new holding company of the Group with the same Board of Directors.  

On 9 November 2009 the Board announced that, pursuant to the statutory compulsory acquisition procedure under Guernsey law, F&C Commercial Property Trust Limited had acquired 100 per cent of the issued share capital of FCPT Holdings Limited, and that the offer was therefore closed and was no longer capable of acceptance.  

This Interim Management Statement has been prepared incorporating comparative figures relating to FCPT Holdings Limited as at 30 June 2009.

      Board Composition and EGM

At an extraordinary general meeting of the Company held on 29 October 2009, a special resolution to approve a change to the Company's articles of incorporation to enable UK resident directors to be appointed as Chairman was approved. 

Consequently, John Stephen was appointed as Chairman of the Company with effect from 31 October 2009. The Company's previous Chairman, Peter Niven, stepped down as Chairman on 31 October 2009 and will continue as a Director. 

Also on 31 October 2009, two independent non-executive Directors, Jonathan Hooley and Chris Russell, were appointed, and Donald Adamson retired as a Director of the Company. 

Top Ten Holdings 

                                                                    30/09/2009
                                                       Percentage of portfolio

 Property                            Sector
 London W1, St Christopher's Place   Retail                               16.1
 Estate
 Newbury, Newbury Retail Park        Retail Warehouse                      8.4
 Solihull, Sears Retail Park         Retail Warehouse                      7.0
 London SW1, Cassini House, St       Offices                               6.9
 James's Street
 London SW19, Wimbledon Broadway     Retail                                6.7
 London SW1, 84 Eccleston Square     Offices                               5.9
 Uxbridge, 3 The Square, Stockley    Offices                               5.0
 Park
 Rochdale, Dane Street               Retail Warehouse                      4.7
 London SW1, Charles House, 5-11     Offices                               4.1
 Regent Street
 Glasgow, Alhambra House,            Offices                               3.9
 Wellington Street

 Total                                                                    68.7

Geographical Analysis 

                                        30/09/2009                  30/06/2009
                           Percentage of portfolio    Percentage of portfolio 
                                                    
 Location                                           
 London - West End                            39.3                        40.0
 South East                                   30.3                        31.7
 North West                                    8.1                         8.4
 Midlands                                      9.7                         7.0
 Scotland                                      7.0                         7.1
 Eastern                                       2.6                         2.7
 Yorkshire and Humberside                      1.4                         1.5
 Rest of London                                1.0                         1.0
 Indirect                                      0.6                         0.6
                                                    
 Total                                       100.0                       100.0

      Sector Analysis 

                                 30/09/2009                  30/06/2009
                   Percentage of portfolio     Percentage of portfolio 
                                             
 Sector                                      
 Offices                               44.2                        45.4
 Retail                                27.8                        28.6
 Retail Warehouse                      20.0                        20.4
 Industrial                             8.0                         5.6
                                             
 Total                                100.0                       100.0

Except as disclosed above, the Board is not aware of any significant events or transactions which have occurred since 30 September 2009 and the date of publication of this statement which would have a material impact on the financial position of the Company. 

Quarterly and Key Information

This statement and further information regarding the Company, including movements in the share price since the end of the period and the Group's most recent annual and interim reports, can be found at the Company's website www.fccpt.co.uk.

Enquiries:

Richard Kirby

F&C REIT Asset Management LLP

Tel: 0207 499 2244

This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
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RNS Number : 4326C F&C Commercial Property Trust Ld 12 November 2009

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the
underlying issuer of existing shares F&C Commercial
to which voting rights are attached: Property Trust
Limited

2 Reason for the notification (please tick the appropriate box or boxes): An acquisition or disposal of voting rights An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights
Share exchange offer and increase in issued share capital of Issuer X

Other (please specify):

3. Full name of person(s)
subject to the notification Resolution Limited

obligation:

4. Full name of shareholder(s) The full list of
(if different from 3.): shareholders is set out
in response to Question
9 below.

5. Date of the transaction and date on which the threshold is 10 November 2009 crossed or reached:

6. Date on which issuer
notified: 12 November 2009

7. Threshold(s) that is/are
crossed or reached: 51%

8. Notified details: A: Voting rights attached to shares

Class/type of Situation previous Resulting situation after the triggering transaction
shares to the triggering
transaction

if possible using the ISIN CODE
Number Number Number Number of voting % of voting
of of of shares rights rights
Shares Voting
Rights
Direct Direct Indirect Direct Indirect
GG00B4ZPCJ100 342,300,000 342,300,000 342,300,000 342,300,000 50.3%

Ordinary 1p each

B: Qualifying Financial Instruments Resulting situation after the triggering transaction

Type of financial Expiration Exercise/ Number of voting % of voting
instrument date Conversion rights that may be rights
Period acquired if the
instrument is
exercised/
converted.

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction

Type of financial Exercise Expiration Exercise/ Number of voting % of voting rights
instrument price date Conversion rights instrument
period refers to
Nominal Delta

Total (A+B+C)

Number of voting rights Percentage of voting rights
342,300,000 50.3%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: Friends Provident Life and Pensions Limited 38.18% (direct)

Friends Provident Life Assurance Limited 11.52% (direct)

London Capital Holdings Limited 0.04% (direct)

St Christophers' Place Limited 0.56% (direct)

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will cease to hold:

12. Date on which proxy holder will cease to hold voting rights:

13. Additional information: Notification using the total voting rights
figure of 680,537,003

14. Contact name:

15. Contact telephone number:

This information is provided by RNS The company news service from the London Stock Exchange

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RNS Number : 2056C F&C Commercial Property Trust Ld 09 November 2009

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

For immediate release

9 November 2009

RECOMMENDED SHARE FOR SHARE EXCHANGE OFFER

by

F&C COMMERCIAL PROPERTY TRUST LIMITED

to acquire the entire issued share capital of

FCPT HOLDINGS LIMITED

Compulsory acquisition of shares in FCPT Holdings Limited and closure of Offer

On 5 June 2009, the board of directors of FCPT Holdings Limited ("Old FCPT") announced proposals (the "Proposals") to establish F&C Commercial Property Trust Limited (formerly known as New FCPT Limited) ("F&CCPT") as the new holding company of Old FCPT, to be implemented by way of a recommended share for share exchange offer (the "Offer"). A document setting out the background to and the full terms of the Offer (the "Offer Document") was published on 5 June 2009 and posted to the holders (the "Old FCPT Shareholders") of ordinary shares of Old FCPT (the "Old FCPT Shares") shortly thereafter together with a prospectus relating to F&CCPT (the "Prospectus"). The Offer was declared unconditional in all respects on 3 July 2009.

On 6 October 2009, having received valid acceptances in respect of or otherwise acquired more than 90 per cent. in value of the Old FCPT Shares affected by the Offer, F&CCPT posted compulsory acquisition notices to Old FCPT Shareholders who had not validly accepted the Offer. The notices intimated F&CCPT's intention to apply the procedure set out in sections 337 and 338 of The Companies (Guernsey) Law, 2008 (the "Law") to acquire compulsorily all of the Old FCPT Shares which F&CCPT did not already hold, or had not already acquired or contracted to acquire or in respect of which it had not already received valid acceptances, on the terms of the Offer.

The board of F&CCPT is pleased to announce that as at today's date, and pursuant to the compulsory acquisition procedure under sections 337 and 338 of the Law, F&CCPT has now acquired 100 per cent. of the issued share capital of Old FCPT. Therefore, the Offer is now closed and is no longer capable of acceptance.

The board announces that F&CCPT has allotted and issued, in connection with the recommended share for share exchange offer, conditional only on admission to listing on the UKLA's Official List and to trading on the London Stock Exchange a further 9,667,956 Ordinary Shares in the capital of F&CCPT. It is expected that the new shares will be admitted to listing and to trading at 8.00 a.m. on 10 November 2009. F&CCPT has 680,537,003 Ordinary Shares in issue.

Capitalised terms used but not defined in this announcement shall have the meanings given to them in the Offer Document.

Enquiries:

Douglas Armstrong, Dickson Minto W.S. Tel: +44(0) 20 7628 4455

Nigel Russell/Graeme Caton/Graham Reaves, G&N Collective Funds Services Limited Tel: +44(0) 131 226 4411

Richard Kirby, F&C REIT Asset Management Tel: +44(0)20 7499 2244

Mike Woodward, F&C Investment Business Limited Tel: +44(0) 131 718 1097

The Company Secretary, Northern Trust International Fund Administration Services (Guernsey) Limited Tel: +44(0) 1481 745 001

This announcement does not constitute a prospectus or an equivalent document and it is not intended to and does not constitute, or form any part of, an offer or invitation to sell or purchase or subscribe for any securities or a solicitation of an offer to buy or subscribe for any securities or the solicitation of any vote or approval in any jurisdiction, pursuant to the Offer or otherwise. The Offer was made by means of the Offer Document and, in respect of certificated Old FCPT Shares, the Form of Acceptance which contained the full terms and conditions of the Offer.

The directors of F&CCPT accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the directors of F&CCPT (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.

Dickson Minto W.S., which is authorised and regulated in the United Kingdom by the Financial Services Authority, is the sponsor and solicitor to Old FCPT and to F&CCPT. Dickson Minto W.S. is acting exclusively for Old FCPT and F&CCPT and for no-one else in relation to the Offer and the listing of the F&CCPT Shares and will not be responsible to any other person for providing the protections afforded to clients of Dickson Minto W.S., nor for advising any other person in relation to the Offer, the listing of the F&CCPT Shares or any other matter referred to in this announcement or in the Offer Document or in the Prospectus.

The Offer was not made, directly or indirectly, in or into, or by the use of the mails of, or by any means or instrumentality (including, without limitation, facsimile transmission, telex and telephone) of interstate or foreign commerce of, or of any facility of a national securities exchange of, the United States, Canada, Australia, Japan or any other Restricted Jurisdiction and, subject to certain exemptions, the Offer was not capable of acceptance by any such use, means, instrumentality or facility or from within the United States, Canada, Australia, Japan or any other Restricted Jurisdiction. Accordingly, this announcement is not being, and must not be, directly or indirectly, mailed or otherwise forwarded, transmitted, distributed or sent in, into or from the United States, Canada, Australia, Japan or any other Restricted Jurisdiction.

This information is provided by RNS The company news service from the London Stock Exchange

CASFSUFDUSUSELF

RNS Number : 0687C F&C Commercial Property Trust Ld 05 November 2009

TO: RNS
FROM: F&C Commercial Property Trust Limited
DATE: 5 November 2009

Dividend Declaration

F&C Commercial Property Trust Limited today announces a monthly dividend payment in respect of the financial year ending 31 December 2009, of 0.5 pence per share as detailed in the schedule below:

Ex-Dividend Date - 11 November 2009
Record Date - 13 November 2009
Pay Date - 27 November 2009

All enquiries:

The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited Trafalgar Court

Les Banques

St Peter Port Guernsey

GY1 3QL

Tel: 01481 745324

Fax: 01481 745051

This information is provided by RNS The company news service from the London Stock Exchange

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