Treveria, the German retail focused real estate investment company, has announced that its property assets were EUR2,017m at 31 December 2008, reflecting a decline in valuation of 12.3 PARA_BREAK_SENTINEL_9f8e7d6c Treveria, the German retail focused real estate investment company, has announced that its property assets were EUR2,017m at 31 December 2008, reflecting a decline in valuation of 12.3 per cent from the previous year. Adjusted profit before tax, which excludes revaluation movement, surrender premiums, profits on sales of properties, fair value movements on interest rate hedging and accelerated finance costs on the sale of properties, was EUR23.4m, down from EUR38.5m in 2007. Gross rental income for the year rose to EUR155.1m (2007: EUR130.0m), while net rental income for the year was EUR122.8m (2007: EUR109.9m). Treveria's adjusted NAV per share was 68.4c, down 39 per cent compared to the 31 December 2007 NAV per share of 112.9c. As at the year end, the gross loan to value ratio was 86.2 per cent (2007: 76.7 per cent) and the net LTV ratio was 78.9 per cent (2007: 69.1 per cent) against 'cash trap' LTV ratios of between 77 per cent and 85 per cent and 'hard breach' LTV ratios between 77 per cent and 95 per cent. In 2008 Treveria completed EUR76.2m of property disposals at a 5.6 per cent premium, after disposal costs, to the 31 December 2007 valuation. 294 new leases and lease renewals were negotiated with a total annual rent of EUR7.4m compared to historic rental levels of EUR6.8m. The company has also announced that Ian Henderson (pictured) will step down as chairman of the company and will be replaced by fellow board director Nicholas Cournoyer. Henderson says: 'Twelve months is a long time at the moment and in the current difficult markets, the priorities for a group such as Treveria have changed to ensure survival. The benefits of a diversified portfolio concentrating on retail centres and 'High Street' shops frequented by everyday shoppers are clear and we will continue to work hard to protect our income streams through the months ahead, whilst bearing in mind that, as ever, protection of the company's cash is an over-riding priority.
'As a result of the significant changes and achievements over the last 12 months and in recognition that the group's requirements and ownership have moved on, I am stepping down as chairman with immediate effect. I will leave the company in the hands of Nicholas Cournoyer who will fill the seat I am vacating. I would like to take this opportunity to thank our very loyal and talented management team and all our staff for their diligent work through a difficult period and to wish them all every success in the future.'
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