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• Economic Lifestyle Property Inv Co

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Date: Monday 21 Jul 2008

LONDON (ShareCast) - Channel Islands-based retirement solutions provider Economic Lifestyle Property saw its net asset value per share slide at the interim stage, as the value of its investment properties took a dive.

During the half year to 30 April, the reported net asset value (NAV) per share slumped to 43.23p from 72.86p, though the company was at pains to point out that it had returned 15p per share of capital to shareholders during the period, while the value of its yet to be completed St. James Heights property could add up to an additional 11p to the NAV.

The company’s income grew from £0.15m to £0.18m but expenses ballooned to £3.82m from £1.98m a year earlier, largely as a result of £3.5m hit on the value of its investment properties.

During the reporting period the company sold a total of 11 life interests, and a further 31 units on the open market, out of a total portfolio of 99 completed units available for sale.

Since the end of the reporting period, a further 15 open market sales have completed or reached the exchange of contracts stage, while another 27 are under offer, subject to contract.

“The availability of loans to fund property purchases has reduced dramatically and those loans that are available have become considerably more expensive,” the company’s property adviser said, adding that many potential buyers are withdrawing from the market while others are chancing their arm with offers “substantially below the prevailing offer prices”.

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