Value & Index Prop - Quarterly Update to 30 June 2022
04/07/2022 11:29
For best results when printing this announcement, please click on link below: http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220704:nRSD2150Ra&default-theme=true RNS Number : 2150R Value and Indexed Prop Inc Tst PLC 04 July 2022 Value and Indexed Property Income Trust PLC (VIP) Quarterly Update to 30 June 2022 VIP has now completed the transition to a direct property investment trust approved by Shareholders on 7 January 2021. Since then, 18 properties with long, index-linked leases have been bought for £87 million and 6 properties sold for £11 million. VIP has just exchanged contracts for the purchase of an indexed M&S Simply Food store in East Anglia for £11 million and is now fully invested. UK direct property comprises 94% of the portfolio, with 6% in one property equity. VIP's balance sheet has also been transformed since 7 January 2021, with interest rates cut and debt maturities lengthened. The fixed interest rate payable on borrowings, which now total £50 million, has been cut from 6.7% to 3.8%, and the average debt maturity extended from 4.6 years to 8.8 years. Since 31 March 2022, the Company has repaid early its 9⅜% 2026 Debenture at a cost of £26.2 million and borrowed a further £13 million from an existing lender at a net fixed rate of 4.2% until March 2033. The current Loan to Value Ratio is 29% (the Company's normal range is 25% - 50%) with further fixed rate borrowing under negotiation. The Annual General Meeting of the Company will be held on Friday, 8 July 2022 at 12.30pm at the offices of Shepherd & Wedderburn LLP, 1 Exchange Crescent, Conference Square, Edinburgh EH3 8UL. Enquiries: Louise Cleary (louise.cleary@olimproperty.co.uk (mailto:louise.cleary@olimproperty.co.uk) ) Matthew Oakeshott (matthew.oakeshott@olimproperty.co.uk (mailto:matthew.oakeshott@olimproperty.co.uk) ) or OLIM Property Limited 020 7846 3252 4 July 2022 This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com (mailto:rns@lseg.com) or visit www.rns.com (http://www.rns.com/) . RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy) . END MSCRIMMTMTTMBFT