Invista Foundation Property Trust (IFPT) said its net asset value fell to £379mln (EUR 480mln) in the first quarter of 2008 from £412mln at end-December 2007 following a decline in UK commercial property capital values. On a per-share basis, NAV fell 7.9% to 108 pence in the first quarter, contributing to a 24% decline in its NAV per share in the 12 months ending 31 March 2008.

Invista Foundation Property Trust (IFPT) said its net asset value fell to £379mln (EUR 480mln) in the first quarter of 2008 from £412mln at end-December 2007 following a decline in UK commercial property capital values. On a per-share basis, NAV fell 7.9% to 108 pence in the first quarter, contributing to a 24% decline in its NAV per share in the 12 months ending 31 March 2008.

Invista Foundation Property Trust also said it was paying out an interim dividend of 1.6875 pence per share. When dividends are included, the company noted its total NAV return was -19.9% in the 12 months through 31 March. Despite its recent negative NAV performance, however, the company noted that it had racked up a per annum NAV return of 9% from inception in July 2004 through March 2008. Invista Foundation Property Trust said its property portfolio, which comprises 71 assets, had been valued at £594.3mln at end-March.

The company reiterated it was considering the disposal of properties where asset management plans had been successfully implemented or where there were concerns about future performance. 'Good progress is being made on asset management initiatives across the portfolio with a number of rent reviews and new lettings completed above the independent valuation assumption,' the company said in a statement.