Lacklustre tenancy market causes portfolio dip for Invesco Property Trust

The net asset value (NAV) of the Invesco Property Income Trust fell further into the negative in the final three months of 2012, to -17.9p compared with -16.7p per share on an unadjusted basis.

The company directors continued to assess market conditions, with the aim of making disposals when this can take place at favourable rates. No transactions took place in the final quarter of 2012.

The group expects that upkeep efforts at the Old Jewry property in London will lead to higher rents for the building, however other properties are reporting difficulties in keeping maximum occupancy in what the group describes as a "tenant-favourable market".

On an adjusted basis, the trust's NAV fell to -9.9p, from 8.9p. As of the end of last year, the company's property portfolios were valued at £72.3m.

JF