Fourth Interim Dividend for 2023

UK Commercial Property REIT Limited

(an authorised closed-ended investment company incorporated in

Guernsey with registration number 45387)

 

LEI Number: LEI number: 213800JN4FQ1A9G8EU25

(The “Company” or “UKCM”)

 

19 April 2024

 

FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2023

 

UK Commercial Property REIT Limited (FTSE 250, LSE: UKCM) which owns a £1.25 billion diversified portfolio of high-quality income-producing UK commercial property and is managed and advised by abrdn, announces its final results for the year ended 31 December 2023.

 

Productive portfolio management and weighting to structurally supported sectors driving earnings growth

  • 6.3% growth in annual EPRA EPS to 3.35p1 (FY 2022 3.15p).
  • Total dividend paid in 2023 increased 4.6% to 3.40p and 99% covered (FY2022: 3.25p).
  • Annual NAV total return of 3.0%.  Audited NAV per share 78.7p (FY2022: 79.7p).
  • Strong track record of high occupancy maintained at 96% at year-end.

 

Asset management generating earnings growth

  • Continued momentum in rental reversion opportunities and expected Autumn 2024 earnings boost from delivery of Hyatt, Leeds development.
  • Strategic asset management focus contributing to strong earnings growth by adding net £4.9 million p.a. (excluding lease incentives adjustments) in rent across 2023 and maintaining low void rate at 4%; this demonstrates the appeal of UKCM’s portfolio to occupiers and the ability to capture reversionary rents.

 

Values stable with continued outperformance from diversified portfolio

  • Portfolio valuation remained broadly stable, with a marginal 0.89% drop over the year, net of capital expenditure, to £1.25 billion.  The Company’s portfolio continues to compare favourably to the MSCI Balanced Portfolio Quarterly Property Index’s 6.4% fall and has outperformed the MSCI benchmark2 over 1, 3, 5 and 10 years.

 

Investing in future earnings growth

  • Capital expenditure of £30 million in the year as the Company continues to invest in driving future earnings growth, with the majority used to progress UKCM’s Hyatt hotel development in Leeds which is expected to generate a 7.25% yield on cost when it completes later this year.

 

Disciplined Capital Allocated

  • Strengthened balance sheet via strategic disposals focussed on lower yielding assets and reducing RCF draw. Alive to reinvestment opportunities.
  • Balance sheet provides flexibility with total group LTV at 17.2%3 (FY2022: 20.0%) at a blended drawn cost of 3.56%.

 

1 Excludes Cineworld non cash adjustment announced in Q2 2023 results.

2 Benchmark: MSCI UK Balanced Portfolios benchmark to 31 December 2023

3 Calculated under AIC guidance, as gross borrowings less cash divided by portfolio value.

 

 

For further information please contact:

Will Fulton / Jamie Horton / Peter Taylor, abrdn

Via FTI consulting

 

Richard Sunderland / Emily Smart / Andrew Davis, FTI Consulting

Tel: 020 3727 1000

UKCM@fticonsulting.com

 

The Company's Annual Report and Accounts for the year ended 31 December 2023 will shortly be available to view on the Company's corporate website at https://www.ukcpreit.com/en-gb/literature/.  The Documents have also been submitted to the National Storage Mechanism and are available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism. 

 

PERFORMANCE SUMMARY

 

CAPITAL VALUES AND GEARING

31 December 2023

31 December 2022

% Change

Total assets less current liabilities (excl Bank loan) £’000

1,259,579

1,327,405

-5.1%

IFRS Net asset value (£’000)

1,023,247

1,035,719

-1.2%

Net asset value per share (p)

78.7

79.7

-1.3%

Ordinary Share Price (p)

62.0

58.4

6.2%

Discount to net asset value (%)

(21.2)

(26.7)

n/a

Gearing (%)*: 

17.2

20.0

n/a

 

 

 

 

 

1 year

% return

3 year

% return

5 year

% return

TOTAL RETURN

 

 

 

NAV †

3.0

2.5

1.7

Share Price †

13.1

6.6

(4.7)

UKCM Direct Portfolio

3.9

9.3

12.0

MSCI Balanced Portfolios Quarterly Property Index

(1.9)

3.7

4.3

FTSE Real Estate Investment Trusts Index

11.6

(1.1)

8.3

FTSE All-Share Index

7.9

28.1

37.7

 

 

 

 

 

31 December 2023

31 December 2022

 

EARNINGS AND DIVIDENDS

 

 

 

Net profit / (loss) for the year £’000

31,708

(222,329)

 

Adjusted EPRA Earnings per share (p)

3.35

3.15

 

IFRS Earnings per share (p)

2.44

(17.11)

 

Dividends declared per ordinary share (p)

3.40

3.25

 

Dividend Yield (%)#

5.5

5.6

 

MSCI Benchmark Yield (%)

5.1

4.8

 

FTSE Real Estate Investment Trusts Index Yield (%)

4.5

4.6

 

FTSE All-Share Index Yield (%)

4.0

3.6

 

 

 

 

 

ONGOING CHARGES AND VACANCY RATE

 

 

 

As a % of average net assets including direct property costs

1.5

1.2

 

As a % of average net assets excluding direct property costs

0.9

0.8

 

Vacancy rate (%)

4.0

2.0

 

 

* Calculated, under AIC guidance, as gross borrowings less cash divided by portfolio value.

 

† Assumes re-investment of dividends excluding transaction costs.

 

# Based on dividend paid in 2023 of 3.40p and the share price at 31 December 2023.

Sources: abrdn, MSCI

 

CHAIR’S STATEMENT

 

Dear Shareholder,

 

I am pleased to present the UKCM Annual Report for the year to December 2023.

 

The Board can report that the UK market has recovered a little of the poise that was lost in the steep decline in commercial property values experienced in the second half of 2022. The MSCI UK Quarterly property index recorded a –1.0% total return for the year; a marked improvement from the –9.1% of 2022.

 

To set the scene for this muted performance, the Bank of England (BoE) aggressively raised interest rates through the first half of 2023 before settling at 5.25% in their August 2023 meeting, (and where they remain at the time of writing). The UK’s Consumer Price Index (CPI), measuring inflation, declined over the calendar year from a peak of 10.4% in February 2023 to 4.0% by December 2023.

 

In such a context, with interest rates rising as inflation was falling, the Government’s 10-year Gilt has been relatively volatile. Starting from a yield as low as 1.13% at the beginning of January 2022, it peaked at around 4.5% in September that year, and then declined to around 3.0% by February 2023. The later months of the year have seen gilt yields rise back and surpass that September 2022 peak, hitting 4.75% in August 2023. At the time of writing, the 10-year Gilt has fallen back to a yield of around 4.3%, but the generally increasing rate environment of 2023 has made it a difficult backdrop for values to move ahead strongly, especially as GDP growth has remained lacklustre.

 

The improvement in property returns recorded in 2023 (whilst still overall negative) was led by the industrial and living sectors, both of which posted positive total returns for the year, counterbalancing the office sector which continued its decline as thematic headwinds remained. The lack of uniformity across the sectors has been notable and offered opportunities for diversified portfolio managers to orientate toward those sectors which would prospectively perform well.

 

The industrial market rebounded from a bruising second half of 2022, posting a positive annual total return of 4.1% by the end of the year according to the MSCI Quarterly Index. Yields stabilised so that capital value growth levelled out on an annual basis at the All Industrial level at –0.4%. London and the Southeast posted

total returns of 3.2% and 4.0% respectively, and all regions posted positive capital value changes on an annual basis. Market rental growth has decelerated from the positive growth seen in 2022 as levels of supply and demand became more balanced.

 

The retail sector posted an annual total return of –0.1% to December 2023 according to the MSCI Quarterly Index. The sector enjoyed something of a year of two halves, with a relatively robust total return of 2.2% in the first half but reducing again in the second half as the cost-of-living pressures cemented themselves in consumer psychology. Consequential consumer spending habits and structural changes in the market continue to influence performance. Typically, value-conscious consumers have propelled discount retailers to the forefront of UK retail sales and much of the recovery was influenced by strong performance within the high-yielding shopping centres and resilient retail warehousing sub-sectors, with the latter posting consistent month-on-month rental growth over the year.

 

The office sector continued to underperform, delivering an annual total return of –10.2% to December 2023 according to the MSCI Quarterly Index. Weakening capital values led this decline, with the deterioration accelerating over 2023 as the Bank of England raised interest rates. An uneven performance

across the sector was experienced as London West End offices were substantially stronger at –2.4% total annual return than the –13.9% and –15.4% for the City of London and wider Southeast respectively. Market rental value growth was also uneven with Midtown and West End offices leading the pack with an annual 4.8% and 4.4% respectively, compared to 2.4% for the year for all offices.

 

The alternatives sector, or ‘Other’ as categorised by MSCI, saw an annual total return of –0.3% over 2023. Notable within these returns were a resilient living sector, benefitting from a supply demand imbalance. Purpose Built Student Accommodation (PBSA) delivered strong total returns of 2.7%, with a return of 1.4% delivered solely in Q4. Elsewhere, the hotel market reversed its recent fortunes in the face of sustained cost of living pressures and delivered above All Property total returns at 0.8% to December 2023.

 

2024 has started with a renewed confidence and whilst ‘caution’ is the watchword, the market is displaying the hallmarks of producing a positive annual return for the year which would be welcomed by many. The Real Estate Investment Trust market is seen by some as a leading indicator of the direct market, and share prices have moved ahead in recent months, triggered by clear anticipation of an improving macroeconomic

picture and the consequent potential for corporate transaction activity. The direct property market is expected to follow later in the year and should continue to improve into 2025 if lower interest rates result from inflation stabilising. At the time of writing, oil and commodity prices are rising which suggests the path to lower interest rates and uninterrupted economic growth might not be straightforward.

 

In such a diverse out turn across sectors, assets and regions, the Company’s managers have done well to record a relatively strong positive total return, meaningfully exceeding the MSCI Benchmark index for the year.

 

Portfolio and Corporate Performance

Earnings Growth – the Company delivered a net £4.9 million p.a. increase in rental income from active asset management (excluding lease incentive adjustments) and three development completions (243,000 sq ft) during the year.

 

Interest costs have been managed carefully and the company has shown considerable balance sheet discipline.  For example, during the year, the Company sold an industrial asset in Wembley at 3.49% initial yield and paid down its revolving credit facility (RCF) which had an interest cost of approx. 7.2% hence significantly enhancing net earnings on this sum.

 

Dividend cover on adjusted EPRA earnings for 2023 was 99% with an expectation of this improving later in 2024 as asset management initiatives come through.

 

Year

Adjusted EPRA EPS

2021

2.65 pence per share

2022

3.15 pence per share

2023

3.35* pence per share

 

*Excluding non-cash Cineworld adjustment announced in Q2 2023 results

 

NAV Stability – Valuations stabilised following the aggressive market repricing in the final quarter of 2022, recording a -1.2% net asset value movement in 2023. Taking into account the positive earnings for the year, the Company’s NAV total return was 3% for the year.

 

The Board continued to authorise capital expenditure throughout the year to invest in assets that would drive future earnings growth. The majority of capital was utilised to progress the Company’s Hyatt hotel development in Leeds which is expected to generate a 7.25% yield on cost when it completes later this year, and which should contribute to enhanced earnings for the company overall.

 

 

Pence per share

Opening Net Asset Value 31 December 2022

79.7

Gross Valuation movement

1.3

Capital Expenditure

(2.3)

Net revenue

3.4

Quarterly dividends paid

(3.4)

Closing Net Asset Value 31 December 2023

78.7

 

Disciplined Balance Sheet Management – Mindful of the uncertain macroeconomic and geopolitical environment at the current time, the Company continues to maintain a prudent approach to debt to allow it to maintain a robust balance sheet. Gearing remains low relative to UKCM’s peer group at 17.2% (2022:20.0%) across its three debt facilities, as calculated using AIC methodology.

 

All debt covenants are well covered and there is an additional £330 million of unencumbered property which provides further significant headroom and flexibility with respect to the Company’s covenant package.

 

UKCM consequently had financial resources of £91 million available at the end of the year, after allowing for future capital commitments and the February 2024 dividend. The bulk of these resources relate to the Company’s reduced RCF which is currently a relatively expensive form of debt and so only likely to be deployed if a compelling and accretive opportunity arises.

 

Blended Group Loan to Value

17.2%*

Blended period to maturity

4.7 years

Weighted cost of drawn debt

3.56%

Drawn debt at fixed rate

84%

 

*Calculated under AIC guidance

 

As mentioned, the combination of balance sheet and asset management has led to a property performance of 3.9% total return from UKCM’s high quality portfolio, which represents a strong 1-year outperformance of 5.8%. against the MSCI benchmark. UKCM’s Board and Manager are pleased to report long-term outperformance of the property portfolio against the MSCI Benchmark over all the traditional time periods of 1, 3,5 and 10 years as shown below. 

 

 

UKCM

Benchmark

1 Year

3.9%

-1.9%

3 Years (% p.a.)

3.0%

1.2%

5 Years (% p.a.)

2.3%

0.9%

10 Years (% p.a.)

6.0%

5.4%

Since Inception (% p.a.)

4.7%

3.9%

 

Source :- MSCI

 

Portfolio Activity

Further details on all investment transactions and significant lettings during 2023 are outlined in the Annual Report and Accounts which is available to view on the Company's corporate website at https://www.ukcpreit.com/en-gb/literature/

 

Post the December 2023 year end, at the end of January 2024, the Company completed the sale of its Craven House offices in London’s West End for £22 million at December 2023 valuation, representing a 4.6% net initial yield.  The Company believes that the benefits of recycling sale proceeds to reduce floating rate debt costing 7.2% at this time outweighed the planning risk and capital expenditure that would have been required to generate future rental growth from the asset.

 

Furthermore, at the end of February 2024, the Company completed the sale of its Temple Quay office in Bristol for £14.5 million, in line with the year end December 2023 valuation. Although well located in Bristol, the property was close to the end of its economic life with a short lease remaining. The Investment Manager worked on many options but concluded that the property would require a significant injection of capital to rejuvenate the asset, which, together with planning risk and a redevelopment period would have resulted in an extended period of no income.

 

Dividends

The Company paid four interim dividends totalling 3.40 pence per share during the period. This represents an 4.6% increase in ordinary distributions over the year, a level which was 99% covered. Positive initiatives in hand within the portfolio are anticipated to give the Board an opportunity to keep this dividend level under review in 2024.

 

Environmental, Social and Governance (“ESG”)

The Board fully appreciates the importance of embedding ESG within our ways of working, and ESG considerations underpin every Board discussion and decision. Whilst taking ESG seriously is of critical importance to the world in general, the Board believes that it also plays a critical role in both protecting and creating future value for the company’s portfolio, and that the Board’s focus on ESG at the company and asset level will lead to enhanced income for shareholders.

 

Real estate has a very large role to play in our environment, and the Company has previously announced two significant Net Zero Carbon targets following a bottom-up asset-level review across the entire portfolio. By 2030, we aim to achieve Net Zero Carbon for landlord operational emissions and extend this to all emissions by 2040. These targets are in advance of the UK Government’s target of 2050. Further details on all targets are outlined in the ESG Report.

 

I would like to thank my fellow Board members and the Investment Manager for their considerable commitment to the company over the reporting year, and it has been gratifying to see the share price improve markedly to the benefit of shareholders over this time.

 

Recommended all-share combination

On 21 March 2024, the Company announced they had reached agreement on the terms of a recommended all-share combination with Tritax Big Box REIT plc (“BBOX”) pursuant to which BBOX will acquire the entire issued and to be issued ordinary share capital of the Company (the "Combination").

 

The Combination is conditional on, among other things, the approval of the Company's shareholders at a Court Meeting and a General Meeting to be held on 2 May 2024.

 

For full details of the Combination, please refer to the scheme document published by the Company on 9 April 2024, available through the Company's website at ukcpreit.com/en-gb/merger

 

Peter Pereira Gray

Chair

19 April 2024

DIRECTORS’ RESPONSIBILITY STATEMENT

 

The Directors are responsible for preparing the Annual Report and the Group Consolidated Financial Statements in accordance with applicable Guernsey law and those International Financial Reporting Standards (“IFRS”) as adopted by the European Union. They are also responsible for ensuring that the Annual Report includes information required by the Rules of the FCA.

 

In preparing those Group Consolidated Financial Statements the Directors are required to:

 

  • Select suitable accounting policies in accordance with IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors and then apply them consistently;
  • Make judgement and estimates that are reasonable and prudent;
  • Present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;
  • Provide additional disclosures when compliance with the specific requirements in IFRS as adopted by the European Union is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the Group’s financial position and financial performance;
  • State that the Group has complied with IFRS as adopted by the European Union, subject to any material departures disclosed and explained in the Group Consolidated Financial Statements; and
  • Prepare the Group Consolidated Financial Statements on a going concern basis unless it is inappropriate to presume that the Group will continue in business.

 

The Directors confirm that they have complied with the above requirements in preparing the Group Consolidated Financial Statements.

 

The Directors are responsible for keeping proper accounting records that are sufficient to show and explain, the Group’s transactions and disclose with reasonable accuracy at any time, the financial position of the Group and enable them to ensure that the Group Consolidated Financial Statements comply with The Companies (Guernsey) Law 2008.

 

The Directors are responsible for ensuring that the Group complies with the provisions of the Listing Rules and the Disclosure Rules and Transparency Rules of the FCA which, with regard to corporate governance, require the Group to disclose how it has applied the principles, and complied with the provisions, of the AIC Code on Corporate Governance applicable to the Group.

 

The maintenance and integrity of the Company’s website is the responsibility of the Directors through its Investment Manager; the work carried out by the auditors does not involve considerations of these matters and, accordingly, the auditors accept no responsibility for any change that may have occurred to the Consolidated Financial Statements since they were initially presented on the website. Legislation in Guernsey governing the preparation and dissemination of the consolidated financial statements may differ from legislation in other jurisdictions.

 

 

On behalf of the Board

Peter Pereira Gray

Director

19 April 2024

 

 

 

 

 

CONSOLIDATED STATEMENT OF

COMPREHENSIVE INCOME

 

For the year ended 31 December 2023

 

 

 

Year ended

31 December 2023

£’000

Year ended

31 December 2022

£’000

INCOME

 

 

 

Rental income

 

66,602

66,930

Service charge income

 

6,229

6,451

Loss on investment properties

 

(8,451)

(263,090)

Loss on liquidation of subsidiaries

 

-

(117)

Total income / (expense)

 

64,380

(189,826)

 

EXPENDITURE

 

 

 

Investment management fee

 

(6,738)

(8,617)

Direct property expenses

 

(6,911)

(6,266)

Service charge expenses

 

(6,229)

(6,451)

Other expenses

 

(2,832)

(2,299)

Total expenditure

 

(22,710)

(23,633)

Operating profit / (loss) before finance costs

 

41,670

(213,459)

 

FINANCE COSTS

 

 

 

 

 

 

Finance costs

 

(11,189)

(9,181)

Interest income

 

1,227

311

Net finance costs

 

(9,962)

(8,870)

Operating profit / (loss) after finance costs

 

31,708

(222,329)

 

Net profit / (loss) from ordinary activities before taxation

 

 

31,708

 

(222,329)

Taxation on profit/(loss) on ordinary activities

 

-

-

Net profit / (loss) for the year

 

31,708

(222,329)

 

 

 

 

Total comprehensive income / (deficit) for the year

 

31,708

(222,329)

 

 

 

 

Basic and diluted earnings per share

 

2.44p

(17.11)p

 

Adjusted EPRA earnings per share

 

3.35p

3.15p

 

The accompanying notes are an integral part of this statement, these are available to view on the Company's corporate website at https://www.ukcpreit.com/en-gb/literature/

 

All of the profit and total comprehensive income for the year is attributable to the owners of the Company. All items in the above statement derive from continuing operations.

 

 

 

CONSOLIDATED BALANCE SHEET

 

As at 31 December 2023

 

 

Year ended

Year ended

 

 

 

31 December 2023

£’000

31 December 2022

£’000

NON-CURRENT ASSETS

 

 

 

Investment properties

 

1,179,527

1,275,610

 

 

1,179,527

1,275,610

 

CURRENT ASSETS

 

 

 

Investment properties held for sale

 

44,068

-

Trade and other receivables

 

42,125

52,648

Cash and cash equivalents

 

22,115

30,861

 

 

108,308

83,509

Total assets

 

1,287,835

1,359,119

 

CURRENT LIABILITIES

 

 

 

Trade and other payables

 

(28,256)

(31,714)

 

 

(28,256)

(31,714)

 

NON-CURRENT LIABILITIES

 

 

 

Bank loans

 

(236,332)

(291,686)

 

 

 

 

Total liabilities

 

(264,588)

(323,400)

Net assets

 

1,023,247

1,035,719

 

REPRESENTED BY

 

 

 

Share capital

 

539,872

539,872

Special distributable reserve

 

538,451

542,472

Capital reserve

 

(55,076)

(46,625)

Revenue reserve

 

-

-

Equity shareholders’ funds

 

1,023,247

1,035,719

Net asset value per share

 

78.7p

79.7p

 

The accompanying notes are an integral part of this statement, these are available to view on the Company's corporate website at https://www.ukcpreit.com/en-gb/literature/

 

The accounts were approved and authorised for issue by the Board of Directors on 19 April 2024 and signed on its behalf by:

 

Peter Pereira Gray

Director

 

 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2023
 

 

 

 

Share Capital

Special

Distributable

Reserve

 

Capital Reserve

 

Revenue Reserve

Equity

shareholders’

funds

 

£’000

£’000

£’000

£’000

£’000

 

At 1 January 2023

 

539,872

542,472

(46,625)

-

1,035,719

Total comprehensive income

 

-

-

-

31,708

31,708

Dividends paid

 

-

-

-

(44,180)

(44,180)

Transfer in respect of loss on investment property

 

 

-

-

(8,451)

8,451

-

Transfer from special distributable reserve

 

-

(4,021)

-

4,021

-

As 31 December 2023

539,872

538,451

(55,076)

-

1,023,247

 

For the year ended 31 December 2022

 

 

 

 

Share Capital

Special

Distributable

Reserve

 

Capital Reserve

 

Revenue Reserve

Equity

shareholders’

funds

 

£’000

£’000

£’000

£’000

£’000

 

At 1 January 2022

 

 

539,872

 

568,891

 

216,465

 

-

 

1,325,228

Total comprehensive deficit

 

-

-

-

(222,329)

(222,329)

Dividends paid

 

-

-

-

(67,180)

(67,180)

Transfer in respect of loss on Investment property

 

 

-

 

-

(263,090)

263,090

  

-

Transfer from special distributable reserve

-

(26,419)

-

26,419

-

As 31 December 2022

539,872

542,472

(46,625)

-

1,035,719

 

The accompanying notes are an integral part of this statement, these are available to view on the Company's corporate website at https://www.ukcpreit.com/en-gb/literature/

CONSOLIDATED CASH FLOW STATEMENT

 

For the year ended 31 December 2023

 

 

Year ended

Year ended

 

 

 

31 December 2023

£’000

31 December 2022

£’000

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

Net profit/(loss) for the year before taxation

 

31,708

(222,329)

Adjustments for:

 

 

 

Loss on investment properties

 

8,451

263,090

Loss on liquidation of subsidiaries

 

-

116

Movement in lease incentives

 

(4,451)

(2,360)

Movement in provision for bad debts

 

1,876

256

Decrease in operating trade and other receivables

 

13,098

219

(Decrease) / Increase in operating trade and other payables

 

(3,458)

4,016

Net Finance costs

 

9,962

8,870

Net cash inflow from operating activities

 

57,186

51,878

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

Purchase of investment properties

 

(225)

(8,304)

Sale of investment properties

 

73,664

25,609

Capital expenditure

 

(29,707)

(48,517)

Net cash inflow/(outflow) from operating activities

 

43,732

(31,212)

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

Facility fee charges from bank financing

 

(828)

(727)

Dividends paid

 

(44,180)

(67,180)

Bank loan repaid

 

(68,000)

(10,000)

Bank loan drawdown

 

12,500

53,000

Bank loan interest paid

 

(9,609)

(7,166)

Loan facility set up costs

 

(744)

(164)

Interest income

 

1,227

311

Net cash outflow from financing activities

 

(109,664)

(31,926)

 

 

 

 

Net decrease in cash and cash equivalents

 

(8,746)

(11,260)

 

 

 

 

Opening cash and cash equivalents

 

30,861

42,121

 

 

 

 

Closing cash and cash equivalents

 

22,115

30,861

 

REPRESENTED BY

 

 

 

Cash at bank

 

16,066

21,321

Money market funds

 

6,049

9,540

 

 

22,115

30,861

 

 

The accompanying notes are an integral part of this statement, these are available to view on the Company's corporate website at https://www.ukcpreit.com/en-gb/literature/

 

 

 

All enquiries to:

The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL


Tel: 01481 745001
Fax: 01481 745051

 

Will Fulton / Jamie Horton / Peter Taylor, abrdn

Via FTI consulting

 

Richard Sunderland / Emily Smart / Andrew Davis, FTI Consulting

Tel: 020 3727 1000

UKCM@fticonsulting.com




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