31년 2024월 XNUMX일 기준 미감사 포트폴리오 평가
지상 임대료 소득 기금 plc
31년 2024월 XNUMX일 기준 미감사 포트폴리오 평가
Ground Rents Income Fund plc (the 'Company') announces the unaudited independent valuation of the underlying portfolio as at 31 March 2024 of £81.5 million, prepared by Savills Advisory Services Limited ('Savills'). This reflects a like-for-like reduction (net of disposals) of £26.5 million or -24.6% compared with the last reported independent valuation as at 31 March 2023 of £110.9 million, and a like-for-like reduction (net of disposals) of £21.3 million or -20.7% compared with the previously unannounced independent valuation as at 30 September 2023 of £106.1 million. 97% of the portfolio valuation is subject to the industry-wide Material Valuation Uncertainty Clause because of uncertainty relating to both leasehold reform and building safety reform.
The valuation reduction follows the November 2023 UK Government consultation regarding restricting the level of ground rent which leaseholders in England and Wales pay for existing residential leases, including the Government's stated intention not to pay compensation to freeholders. This consultation represented a significant shift in the Government's approach to leasehold reform and has led to a pause in market activity and negatively impacted values. Since the Government consultation was announced in November 2023, and as previously announced to shareholders, the Company has worked with industry peers and advisors to prepare a comprehensive response, which was submitted in line with the consultation timetable on 17 January 2024. The potential outcome of legislative change following the Government consultation remains uncertain, and the Company will continue to keep shareholders advised of material developments.
The Savills valuation as at 31 March 2024 of assets charged to the Company's lender, Santander, is £42.5 million, which compares with the independent bank valuation used for the recently completed loan refinancing of £53.6 million, a difference of -£11.1 million or -20.7%. The bank valuation was also subject to the Material Valuation Uncertainty Clause, with the difference reflecting the challenge of valuing in a market impacted by negative sentiment relating to proposed leasehold reform, and the resultant lack of comparable evidence. The loan to value of the Santander facility, adopting the Savills valuation, is 45.8% (36.4% based on the bank's independent valuation when the refinancing was completed in March 2024), which compares with a loan to value covenant ratio of 50%. The group loan to value, net of cash, based on the Savills valuation of the whole portfolio is 17.9%.
The recent refinancing with Santander included adding new assets to the security pool and all proceeds from any future sales will be used to repay the loan facility. The new loan facility also requires amortisation of £62,500 per quarter from January 2025. The Company aims to progress further disposals, however there can be no guarantee that disposals will take place, given the market uncertainty relating to leasehold reform.
Further detail on the unaudited independent valuation as at 31 March 2024 will be included within the forthcoming audited year end results to 30 September 2023, due to be released before the end of June.
본 발표에는 2018년 유럽 연합(탈퇴)법에 따라 영국 법률의 일부를 구성하는 영국 버전의 시장 남용 규정("MAR") 목적에 따른 내부 정보가 포함되어 있습니다. 수정된 대로. 이 발표가 발표되면 내부 정보는 이제 MAR 목적에 따라 공개 도메인에 있는 것으로 간주됩니다.
자세한 내용은 :
슈로더 부동산 투자 관리 제한 Nick Montgomery / Chris Leek / Matthew Riley | + 020 7658 6000 |
| |
가수 자본 시장 (Broker) 제임스 맥스웰 / 알레이나 웡 | + 020 7496 3000 |
Appleby Securities(Channel Islands) Limited(후원) 마이클 데이비스 | + 01534 888 777 |
FTI 컨설팅 Richard Gotla / Dido Laurimore / Oliver Parsons | + 020 3727 1000 |
편집자 주 :
Ground Rents Income Fund plc is a closed-ended real estate investment trust, listed on The International Stock Exchange ('TISE') and traded on the SETSqx platform of the London Stock Exchange.
Schroder Real Estate Investment Management Limited (the 'Manager') was appointed as the Company's Alternative Investment Fund Manager in May 2019 to support the Company's Board with the headwinds related to building safety reform and leasehold reform.
During the first half of 2023 the Board and Manager carried out an extensive shareholder consultation on proposals to change the Continuation Vote mechanism included in the Articles dating from 2012, as well as proposed changes to the Investment Policy. These proposals received strong support from shareholders and resulted in a new Continuation Resolution and Investment Policy. The new Investment Policy adopts a strategy of realising the Company's assets in a controlled, orderly and timely manner for shareholders, whilst continuing to deliver best-in-class residential asset management including fairness, transparency, and affordability for leaseholders.
On 9 November 2023, the Government published a consultation on restricting the level of ground rent which leaseholders in England and Wales pay for existing leases. The consultation represents a significant shift in the Government's approach to leasehold reform and could have a materially adverse impact on the value of the Company's underlying portfolio. The Company submitted a comprehensive response to the consultation on 17 January 2024 and has kept shareholders informed of this consultation, including through regulatory announcements made on 20 November 2023 and 16 February 2024, which can be found at: www.groundrentsincomefund.com
The potential outcome and timing of further legislative change following the Government consultation remains highly uncertain, and the Company will notify shareholders when there is further clarity.
Due to ongoing work relating to leasehold and building safety reform, the Company has delayed the release of its year-end audited accounts from early 2024 to during the quarter ending 30 June 2024. This extension has been approved by Companies House and TISE. The Company expects to hold a separate Extraordinary General Meeting in advance of 30 June 2024, at which the Accounts will be presented to shareholders and shareholder resolutions relating to the Accounts will be proposed.
Please see the Company's website for more information:
www.groundrentsincomefund.com
RNS는 귀하의 IP 주소를 사용하여 약관 준수 여부를 확인하고, 귀하가 이 커뮤니케이션에 포함된 정보를 사용하는 방식을 분석하고, 그러한 분석을 익명으로 다른 사람과 상용 서비스의 일부로 공유할 수 있습니다. RNS와 런던 증권 거래소가 귀하가 제공한 개인 데이터를 사용하는 방법에 대한 자세한 내용은 개인 정보 보호 정책을 참조하십시오.