UK Commercial Property portfolio down 8.33%

25th Aug 2009 13:45

UK Commercial Property Trust said the underlying value of its portfolio fell by 8.33% in the six month ended June compared with an industry average of minus 13.2%.The portfolio valuation as at 30 June was £544.99m. Net asset value per share fell to 64.47p at 30 June from 66.63p at 31 March.Net losses from ordinary activities before taxation narrowed to £28.34m from £31.56m. Rental income fell slightly to £22.89m compared with £23.18m last time.'The six months was another challenging period for the UK economy and the commercial property market in particular, with the problems experienced in late 2008 running on into 2009, albeit at slightly less dramatic levels,' said the group.'In this market, characterised by falling capital values, it is encouraging to note the company's continued strong performance against its benchmark though some fall in capital values was unavoidable,' it added.