Net Asset Value(s)

To:        Company Announcements
Date:      28 April 2015
Company:   F&C Commercial Property Trust Limited

Subject:   Net Asset Value


Net Asset Value

The unaudited net asset value (`NAV') per share of the Group as at 31 March
2015 was 124.7 pence. This represents an increase of 2.1 per cent from the
audited NAV per share as at 31 December 2014 of 122.1 pence and a NAV total
return for the quarter of 3.3 per cent.

The NAV has been calculated under International Financial Reporting Standards
(`IFRS'). It is based on the external valuation of the Group's direct property
portfolio prepared by CBRE Limited.

The NAV includes all income to 31 March 2015 and is calculated after deduction
of all dividends paid prior to that date. As at 31 March 2015 no adjustments
were required to the NAV in respect of dividends for which the share price had
gone ex-dividend.

Share Price

The share price was 136.5 pence per share at 31 March 2015, which represented a
premium of 9.5 per cent to the NAV per share announced above. The share price
total return for the quarter was 1.1 per cent.

Analysis of Movement in NAV

The following table provides an analysis of the movement in the unaudited NAV
per share for the period from 31 December 2014 to 31 March 2015 (including the
effect of gearing):

                                                      £m     Pence        % of
                                                               per     opening
                                                             share     NAV per
                                                                         share
                                                                              
NAV as at 31 December 2014                         976.0     122.1            
                                                                              
Unrealised increase in valuation of property        23.1       2.9         2.3
portfolio *                                                                   
                                                                              
Movement in fair value of interest rate swap         0.1       0.0         0.0
                                                                              
Other net revenue                                    9.5       1.2         1.0
                                                                              
Dividends paid                                    (12.0)     (1.5)       (1.2)
                                                                              
NAV as at 31 March 2015                            996.7     124.7         2.1

* The ungeared increase in the valuation of the property portfolio over the
quarter to 31 March 2015 was 1.9%, after allowing for capital expenditure.

The net gearing at 31 March 2015 was 18.3%.#

# Net gearing: (Borrowings - cash) ÷ total assets (less current liabilities,
excluding borrowings, and cash).


Portfolio Analysis - Sector Breakdown

                                          Market  % of portfolio  % unrealised
                                           Value           as at      movement
                                              £m   31 March 2015    in quarter
                                                                              
Offices                                    468.5            37.9           1.0
                                                                              
West End                                   181.5            14.7           1.9
                                                                              
South East                                  92.6             7.5           0.1
                                                                              
Rest of UK                                 180.6            14.6           0.6
                                                                              
City                                        13.8             1.1           1.0
                                                                              
Retail                                     336.2            27.1           3.1
                                                                              
South East                                 318.3            25.7           2.4
                                                                              
Rest of UK                                  17.9             1.4          17.6
                                                                              
Industrial                                 175.7            14.2           2.2
                                                                              
South East                                  17.8             1.4           4.3
                                                                              
Rest of UK                                 157.9            12.8           2.0
                                                                              
Retail Warehouse                           225.2            18.2           1.1
                                                                              
Other                                       32.2             2.6           6.3
                                                                              
Total Property Portfolio                 1,237.8           100.0           1.9


Portfolio Analysis - Geographic Breakdown

                                          Market  % of portfolio  % unrealised
                                           Value           as at      movement
                                              £m   31 March 2015    in quarter
                                                                              
West End                                   436.6            35.3           2.4
                                                                              
South East                                 299.4            24.2           2.0
                                                                              
Scotland                                   194.5            15.7           1.8
                                                                              
Midlands                                   144.5            11.7           1.5
                                                                              
North West                                 129.1            10.4           0.9
                                                                              
Eastern                                     19.9             1.6           0.7
                                                                              
Rest of London                              13.8             1.1           1.0
                                                                              
Total Property Portfolio                 1,237.8           100.0           1.9


Top Ten Investments

                                                                        Sector
                                                                              
Properties valued in excess of £200 million                                   
                                                                              
London W1, St Christopher's Place Estate *                              Retail
                        
                                                      
Properties valued between £70 million and £100 million                        
                                                                              
Newbury, Newbury Retail Park                                  Retail Warehouse
                                                                              
London SW1, Cassini House, St James's Street                            Office

                                                                              
Properties valued between £50 million and £70 million                         
                                                                              
Solihull, Sears Retail Park                                   Retail Warehouse
                                                                              
London SW19, Wimbledon Broadway                                         Retail
                                                                              
London W1, 25 Great Pulteney Street                                     Office

                                                                              
Properties valued between £40 million and £50 million                         
                                                                              
Uxbridge, 3 The Square, Stockley Park                                   Office
                                                                              
Aberdeen, Unit 2 Prime Four Business Park, Kingswells                   Office
                                                                              
Rochdale, Dane Street                                         Retail Warehouse
                                                                              
Aberdeen, Unit 1 Prime Four Business Park, Kingswells                   Office

*Mixed use property of retail, office and residential space.


Property Purchases and Sales

There were no property transactions during the quarter.


Summary Balance Sheet

                                                           £m   Pence    % of
                                                                  per     Net
                                                                share  Assets
                                                                             
Property Portfolio per Valuation Report               1,237.8   154.8   124.2
                                                                             
Adjustment for lease incentives                        (16.9)   (2.1)   (1.7)
                                                                             
Fair Value of Property Portfolio                      1,220.9   152.7   122.5
                                                                             
Current Debtors                                          21.1     2.7     2.1
                                                                             
Cash                                                     86.4    10.8     8.7
                                                                             
Current Liabilities                                    (22.2)   (2.8)   (2.2)
                                                                             
Total Assets (less current liabilities)               1,306.2   163.4   131.1
                                                                             
Interest-bearing loans                                (307.2)  (38.4)  (30.8)
                                                                             
Interest rate swap                                      (2.3)   (0.3)   (0.3)
                                                                             
Net Assets at 31 March 2015                             996.7   124.7   100.0

Borrowings

The Group's borrowings consist of a £260 million loan with a term to 31
December 2024 and a fixed interest rate of 3.32 per cent per annum. The Group
also has a £50 million bank loan with a term to 28 June 2017 on which the
interest rate has been fixed, through an interest rate swap of the same
notional value and duration, at 4.88 per cent per annum.

The Group's weighted cost of debt is therefore 3.57 per cent per annum.

Key Information

This statement and further information regarding the Company, including
movements in the share price since the end of the period and the Group's most
recent annual and interim reports, can be found at the Company's website 
www.fccpt.co.uk.

The next quarterly valuation of the property portfolio will be conducted by
CBRE Limited during June 2015 and it is expected that the unaudited NAV per
share as at 30 June 2015 will be announced in July 2015.

Enquiries:

Richard Kirby
F&C REIT Property Asset Management plc
Tel: [phone]

Graeme Caton
Winterflood Securities Limited
Tel: [phone]