Q4 2014 Quarterly Report for the underlying fund of P27 FPIL Glanmore Property Fund

02 March 2015

We have received the 2014 quarter 4 report from The Glanmore Property Fund Limited (“Glanmore”) for the underlying fund of P27 FPIL Glanmore Property Fund.

Glanmore have stated that the key points from the report are as follows:

    • “During the quarter the Fund’s Net Asset Value (“NAV”) per share increased by 15.97% on the previous quarter, from £2.192 to £2.542. For the calendar year the unit price increased by 35.86%.
    • The Fund sold three properties during the quarter being Queen Victoria House in Bristol, Beckton Retail Park in London and Broadway Birmingham. Total proceeds were £52.56 million, producing an uplift of £8.46 million on the previous quarter’s valuation (30 September 2014). The sales allowed the Fund to pay off in full the Galway loan and profit share. The Fund now has no borrowings which is a significant event as it brings to a close the sales programme imposed by the loan facilities.
    • The Fund now has a property portfolio of eight properties with a combined value of £36.50 million.
    • Property values increased on a like by like basis by £1.20 million. With a portfolio of only eight properties, changes in individual valuations will have a greater effect bringing more volatility in performance.
    • During the quarter no new voids occurred on the residual properties and the overall percentage of voids decreased to 24.84% of MRV, a total of £0.90 million due to sales.
    • Now the Fund is free of borrowings, the Board is currently reviewing all options available to the Fund including the dividend and redemption policies and the strategy for the property portfolio.”

Please note that the P27 FPIL Glanmore Property Fund remains suspended. As soon as we receive any further news from Glanmore regarding their review of the options available to the underlying fund, we will contact policyholders with the details.

A copy of The Glanmore Property Fund Limited 2014 4th quarter report is available on request.

Should you have any questions regarding this update, please contact International Funds & Investments.