UK Commercial Property Trust sees NAV fall

23rd Aug 2011 09:28

UK Commercial Property Trust (UKCPT) saw a slight decline in its net asset value per share in the first half of 2011 to 76.9p, from 77p in the previous six months.However its half year results also show its property portfolio increased in value by 1.4% to £1.014bn delivering a total net asset value return of 3.3%.UKCPT has also secured a new £150m borrowing facility which it claims will allow it to act quickly in the property market if acquisitions become available.In the last six months it lists purchases of the St George's Retail Park in Leicester for £49.9m and the Rotunda leisure complex in Kingston, south west London, for £50.7m. Commenting on the results, Chris Hill, chairman of UKCPT, said:  "Our property portfolio continued to perform well throughout the period.  We were also pleased to have made two significant acquisitions. These two prime properties add over £6 million of annualised revenue and also present us with further opportunities to enhance returns through asset management, typifying the type of acquisitions we are currently seeking."Shares in UK Property Trust were up just over half a percent in early trading.BS