Register Log-in Investor Type

Taliesin reports 27% increase in NAV for 2016

Taliesin Property Fund reports that it s adjusted NAV per share rose 27.5% in 2016 to end the year at EUR37.53 (31 December 2015 EUR29.44, reflecting the EUR2 per share return of capital to shareholders during the period). On an EPRA basis, NAV per share was EUR36.87 at the end of 2016 (31 December 2015 EUR29.10).

The property portfolio is now valued at EUR318 million, an increase of 16.6% after adjusting for property disposals and capital expenditure. That works out at a per square metre (“psqm”) valuation of EUR2,700 (31 December 2015 EUR2,240).

Taliesin’s first privatisation project, Warschauer Strasse, has been sold completely at average prices of EUR3,750 psqm and its second privatisation project, Kavalierstrasse, sold four units in the period. An additional six units have been either sold or contracted to sell in 2017 bringing average sales prices to EUR4,000 psqm.

Taliesin successfully refinanced maturing senior loans in 2016 at lower interest rates and higher principal amounts and expects more of the same in 2017. Its loan-to-value at year-end stood at 42.2% (2015 year-end 45.9%).

Nigel le Quesne, chairman, said : “Also of note in 2016 were the sales prices achieved for Taliesin’s apartment privatisations and the ongoing preparation of the rest of the Group’s portfolio to be eventually privatised. Given the recent restrictions put in place by the Berlin authorities on privatising apartments in certain areas of the city, I believe the fact that we have pre-approvals in place for so many of our properties to be tremendously value enhancing. Looking at the valuation methodology applied by JLL when assessing our portfolio, the potential uplift through privatisation is currently only partially recognised. I believe that this potential will continue to provide significant support for the value of the Taliesin portfolio.”

TPF : Taliesin reports 27% increase in NAV for 2016

Leave a Reply

Your email address will not be published. Required fields are marked *

Please review our cookie, privacy & data protection and terms and conditions policies and, if you accept, please select your place of residence and whether you are a private or professional investor.

You live in…

You are a…