AL INVESTMENT from 1 Jan 2006 - 31 Oct 2006 Volume Deal Count £40,439M 1,525

The Property Investors Bulletin

N O V E M B E R 2 0 0 6 E D I T I O N

TOTAL INVESTMENT FROM 1 Jan 2006 - 31 Oct 2006 Volume Deal Count £40,439m 1,525

TRANSACTION NOTES Total Value of UK Investment Transactions (Year to Date October 2006) Property Data recorded 131 investment transactions during October 2006 with a total value of £3.94bn. 50,000 44,078 45,000 Office investment has been the dominant 40,439 sector during 2006. Office deals represent 40,000 46% of the value of this year's total sales, opposed to 36% for 2005. Central London 35,000 31,803 appears on track to break last year's record figure of £16bn. The value of City 30,000 investment has already exceeded 2005's 25,000 23,097 22,110 figure of £6.4bn, and is on course to reach close to £10bn for the year. The West End 20,000 appears somewhat constrained by supply,

which has caused average transaction m £ Volume Transaction 15,000 yields to fall from 5.2% in 2005 to 4.3% in 10,000 2006. 5,000 Outside of London the country's major cities have also seen increased turnover in the 0 office sector. For example Bristol sales for 2002 2003 2004 2005 2006 the year-to-date are £390m (2005: £212m) and Manchester £448m (2006: £361m). Year to Date (Jan - Oct)

The next edition of the bulletin will be published on Tuesday 5th December. Office Retail Industrial Leisure Other Total

Y-T-D I N V E S T O R A C T I V I T Y 1 Jan 2006 - 31 Oct 2006 INSTITUTIONS PROPERTY CO'S PRIVATE OVERSEAS OTHER BUY £m 10,607 11,277 4,293 10,989 3,273 SELL £m 6,722 14,477 3,077 9,579 6,585 NET £m 3,885 -3,200 1,216 1,410 -3,312

Y-T-D S E C T O R A C T I V I T Y 1 Jan 2006 - 31 Oct 2006 OFFICE RETAIL INDUSTRIAL LEISURE OTHER 2006 £m 18,530 9,233 3,643 4,363 4,669 2005 £m 16,901 13,742 3,568 3,573 6,294 DIFFERENCE £m 1,629 -4,509 75 790 -1,625

The Property Investors Bulletin - November 2006 Edition Page 1 The Property Investors Bulletin

Contents October 2006 Investment Deals By Sector 3 - 6 Investment transactions listed by key sectors.

Geographical Listing of UK Investment Transactions 7 - 13 Investment deals listed by town and address including acting agent(s) and full deal comment.

Buyers & Sellers during October 2006 14 - 18 Active property investors during the previous month listed by investor and town.

Three Month Yield Index 19 - 21 Listing by sector of net initial yields recorded during the last three months

Active Property Investors 22-23 Company information on the UK's most active property investors including new investors to the market, acquisitions/disposals and current requirements.

Investment Transaction Statistics 24 - 26 Transaction volumes, investment flows, average yields and investor analysis for all significant property types, major markets and investor types.

Property Data

Established in 1991, Property Data is a leading publisher of commercial property directories and databases. Publications cover the investment, development and retail property markets and titles are available in a number of formats including book, CD and Internet. Property Data is a member of the Directory Publishers Association.

Property Data has been tracking the investment transactions market since 1991. Our primary sources of information have been the property press, general press releases, company and fund reports. In 2001 PD began compiling direct deal submissions from surveying firms active within the investment market. This means that we are now recording transactions that had not been previously released into the public domain, and thus provides Property Data with a unique source of investment research.

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This report is intended for general information and is based upon material in our possession or supplied to us, which we believe to be reliable. Whilst every effort has been made to ensure its accuracy and completeness we cannot offer any warranty that factual errors may not have ocurred. Property Data take no responsibility for any damage or loss suffered by reason of their inaccuracy or incorrectness of this report. All investment figures are subject to rounding and to future revisions.

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Page 2 The Property Investors Bulletin - November 2006 Edition October 2006 Investment Transactions by Sector

West End TOWN ADDRESS PRICE YIELDPURCHASER NOTES LONDON SW150 Pall Mall £ 49.5m 4.6%Legal & General Property 3,159m² LONDON SW1333 Vauxhall Bridge Road £ 13m -Heron International Abford House: 13,000m² - 50% interest LONDON W173 Baker Street £ 3.75m -Private investor 469m² R:£190,000 T:Tenon LL:5 RR:04/2006 LONDON W146 Berkeley Square £ 1.75m - Berkeley Square Estates LONDON W150 Jermyn Street £ 11.75m 3.15%Henderson CLOF 2,497m² - 1,308m² retail + 1,188m² office - Leasehold LONDON W14-8 Maple Street £ 12.1m 4.45%Arlington Property Invest 1,700m² T:National Patient Safety Agency LEX:2014 LONDON W17 & 8-9 Stratton Street £ 18.3m -WELPUT 1,440m² T:various LL:Short leases - Redevelopment Total value of recorded deals: £110m

City / City Fringe TOWN ADDRESS PRICE YIELDPURCHASER NOTES LONDON E1Braham Street, Beagle Ho £ 44.6m 6.75%Kenmore Group 8,268m² R:£3,185,000 LONDON EC230 Crown Place £ 57m -Greycoat CLOD Fund Development site LONDON EC2Cutlers Gardens Estate £ 410m 4.7%Rockpoint Capital 55,740m² R:£22m T:Aon, Prudential-Bache, Hammonds LONDON EC227-35 Poultry £ 72m -Vladimir Chernukhin 14,957m² - Grade II listed T:HSBC R:£1m LEX:2007 LONDON EC31 America Square £ 117m 6%Catalyst Capital (JV) 18,580m² - head leasehold interest LONDON EC410 Furnival Street £ 58.8m -Schroder Properties Ltd Chancery Exchange: 7,525m² LONDON SE14 & 5 Paris Gardens £ 17.5m 5.6%Threadneedle Property T:Sungard LL:13.75 Total value of recorded deals: £777m

Mid-Town TOWN ADDRESS PRICE YIELDPURCHASER NOTES LONDON WC2Buckingham Street £ 33.9m -Conygar Investment Co Plc 5,017m² - 8 buildings T:various(20) (1,672m² vacant) LONDON WC299/103 Long Acre £ 17.5m 3.7% Unknown Total value of recorded deals: £51m

Outer / Greater London TOWN ADDRESS PRICE YIELDPURCHASER NOTES HARROW72-74 St Ann's Road £ 2.8m 4.74%Stanton Properties T:JD Sports (on assignment from Halfords) LEX:09/2012 LONDON E16Hartman Street £ 12.58m -Robson Associates T:Travelodge (London City Airport) LONDON N150 Cross Street £ 0.595m 5.71% Private client LONDON SW790/92 Queens Gate £ 8.55m 5% Invista REIM LONDON W3West Five Centre, Acton £ 49.5m 4.4%ING Lionbrook Property T:B&Q, Staples LONDON W4Merlin House/Belmont Ho £ 4.9m - Standard Life LONDON W532-38 Uxbridge Road £ 20m -Frogmore RE Partners Westel House : 6,979m² S&L:Thames Valley University NEW MALDENApex Tower, High Street £ 24m -Palmer Active Value Fund (JV) 10,219m² T:AMS Total value of recorded deals: £123m

Regional Offices TOWN ADDRESS PRICE YIELDPURCHASER NOTES ALFRETONThe Village, Mansfield Rd £ 0.9m 6.28%Helmsley Group Plc 378m² R:£60,000 T:Yell Ltd LL:10 TBO:5 BARNSLEYSpringfield House £ 3.5m 6.78% Institutional Investor BASILDONSigma House - -Propinvest Holdings Ltd 15,050m² BIRMINGHAM58-62 Hagley Road £ 9.525m 5.46%LaSalle Investment Man Lyndon House: 6,317m² BIRMINGHAM5 St Phillips Place £ 49m 4.25%New Star PUT 6,252m² R:£2.25m T:Dept of Communities & Local Gov BOSTONBoston West Business Park £ 2m -Private clients R:£124,000 T:Capio Healthcare Medical Centre BRIDGEND6 Old Field Road £ 0.54m -Gwyn Williams Ltd 294m²T:Illium Claims Services Ltd BRISTOLBrotherswood Court £ 13.425m 6.81%Morley Fund Management 5,658m² R:£967,145 T:various CPS:245 BRISTOLParklands, Hambrook Lane £ 5m -Ashfield Land Ltd 2,508m² R:£265,000 T:Crest Nicholson plc LEX:03/2016 BRISTOLTower Wharf £ 30m -Urbina Ltd (JV) 6,503m² T:Various (2,787m² vacant) CARDIFFOcean Bldg, Bute Crescent £ 0.522m 6.34%Private purchaser 160m² R:£35,000 T:NCMA LEX:06/2015 CHESTERFIELDBarlborough Links £ 4.2m 6.17%Private Irish clients 2,878m² R:£274,443 T:Lynx Technology Ltd LEX:05/2027 COLCHESTERCollwyn House, Sheepen Pl £ 0.2m -Wrenbridge Land 1,914m² T:vacant - redevelopment planned COVENTRY5 Warwick Row £ 1.055m 7.92%Dawnay Day Properties The Reform Club: 1,240m² EASTLEIGHTollgate Business Park £ 0.55m 6.28%Mr & Mrs Mancey 255m² T:Barclays Mercantile CPS:9 LEX:06/2015 FAREHAMSolent Business Park £ 26.718m 7.86%Greenhills Real Estate Buildings 1000, 1100 & 1200: 13,953m² GLASGOWBuchanan Gate, Stepps £ 4.981m 5.6%MJG Developments LL:15 GLASGOW68-80 Gordon Street £ 20m 5%Resolution Asset Man Grosvenor building: 5,574m² T:various

The Property Investors Bulletin - November 2006 Edition Page 3 October 2006 Investment Transactions by Sector

Regional Offices TOWN ADDRESS PRICE YIELDPURCHASER NOTES GLASGOWHamilton Intl Tech Park £ 2.55m -Kenmore Group 5,606m² GLASGOW25 Tyndrum Street £ 12.75m 5.25%Presbyterian Mutual Citypoint 2: 3,902m² HOVECity Park £ 69.2m 5.15%Irish Life Assurance Plc 18,580m² R:£3.769m LEEDSRawdon House, Green Lane £ 4m 6.5%Lightstone Properties Plc 3,159m² LEICESTERForest Business Park £ 1.6m 6.5%Mutley Properties 805m² R:£110,235 CPS:47 LINCOLN991 Doddington Road £ 8.5m 5.8%Legal & General Property 3,809m² T:Simons LEX:10/2021 LIVINGSTONKirkton Campus £ 8.26m -Invista REIM Mixed Use Office / Development Portfolio MAIDSTONEMaidstone Business Estate £ 4.285m -Pension Fund 1,684m² R:£321,844 T:Various (4) CPS:73 LL:25 MANCHESTERGrand Island, Castlefield £ 26.5m -Ask Investment Fund 10,684m² T:British Telecom LEX:2007 Redevelopment MANCHESTER23 New Mount Street £ 6.075m 6.54%Capital Hatton Limited 3,066m² NEWCASTLE-UPON-TYNENewcastle Business Park £ 3.295m 6.16%Stanton Properties 1,588m² R:£199,750 T:Northumbria Ambulance NHS LEX:2016 OXFORD £ 9m -Palmer Active Value Fund Phased office refurbishment PETERBOROUGHLynch Wood Park £ 65m -Mapeley Ltd Pearl Centre: 31,958m² R:£4.13m T:Diligenta LL:12(RPI) READINGKilnbrook House £ 1.5m 6.93%Stourbridge Properties 584m² R:£110,000 T:Travis Perkins LEX:2013 REIGATEOmnibus Building £ 27m 5.35%Morley Fund Management 5,969m² SLOUGHWaterside Court, Langley £ 5.8m 6.5%Private client 1,904m² T:HSBC, Chubb ST HELIER, JERSEY26 Esplanade £ 27.1m 5.9%CIREF Ltd (JV) 5,481m² - Forward funding STAINESCaptains/ Watermans House £ 5.25m 5.4%McKay Securities Plc 1,017m² R:£301,670 T:Rayovac Europe LEX:2015 STOCKPORTSterry House, Bredbury £ 1.15m - Big Jay Development SUNDERLANDRoseline Ho, Wylam Wharf £ 0.685m 7.11%Private investor 765m² SWANSEASwansea Enterprise Park £ 16.5m -Morley Fund Management 11,705m² - 2 separate transactions UDDINGSTONTannochside Park £ 3.3m -AWG Property Ltd (JV) 2,787m² LL:15 WATFORDCroxley Business Park £ 6.1m 7.5%Zurich Assurance Croxley Gateway: 2,537m² - 2 year rental guarantee WEYBRIDGE39-43 Monument Hill £ 1.81m 7%Artesian Property Part Lancashire House: 650m² WOLVERHAMPTON31 Waterloo Road - -Bond Wolfe Plc Norwich Union House: 3,967m² R:£397,000 Total value of recorded deals: £489m

Unit Shops TOWN ADDRESS PRICE YIELDPURCHASER NOTES BEACONSFIELD6 Station Parade £ 0.488m 3.7%Private investor 126m² BIRMINGHAMTemple & Essex House £ 23.55m 4.1%Private Irish investor 2,681m² - part of the Caxtongate development BIRMINGHAM25 Union Street £ 6.33m - Private Irish CHELTENHAMGloucester Road £ 3.81m 5.96%AXA UK Pensions Trustees 1,898m² R:£240,000 T:Amethyst Motor Company EVESHAM20-22 High Street £ 0.86m 4.95%Merchant Investors Prop 22m² R:£45,000 LL:15 RR:5 yearly upward only FORDINGBRIDGE12-16 High Street £ 0.215m -Wentworth Estates Ltd R:£11,000 T:Coral Bookmakers, hairdressing salon HARROW72-74 St Ann's Road £ 2.8m 4.74%Stanton Properties T:JD Sports (on assignment from Halfords) LEX:09/2012 LONDON N150 Cross Street £ 0.595m 5.71% Private client LONDON WC299/103 Long Acre £ 17.5m 3.7% Unknown MANCHESTERKendals, Deansgate £ 77m 4.15%Private Israeli investor R:£3.3m NEWCASTLE-UPON-TYNE54-58 Northumberland St £ 31.4m 4.25%NFU Mutual Insurance 3,883m² T:JD Sports, HMV NOTTINGHAM662 Mansfield Road £ 0.18m 6.2%Unknown 69m² R:£11,500 T:Nottingham Hospice Ltd LEX:2008 PORTFOLIOSpencer Portfolio £ 67m 4.75%Flodrive Holdings 24 prime high street retails S&L:Barclays READING86, 87, 87a Broad Street £ 8.1m 4.13% Royal Liver Assurance SWANSEA47-50 Woodfield Street £ 2.2m -Ellandi Property Ltd 3,126m² R:£170,000 T:Wilkinsons LL:20 - Funding TRURO24 Victoria Square £ 1.05m 5.12%Unknown R:£56,800 RR:06/2007 T:Adams Childrenswear Ltd Total value of recorded deals: £243m

Shopping Centre TOWN ADDRESS PRICE YIELDPURCHASER NOTES CAMBERLEYAtrium Shopping Centre £ 130m -Standard Life 22,946m² - Forward funding HINCKLEYBritannia Shopping Centre £ 18.7m 5%CBRE Investors 7,246m² T:Wilkinsons, Boots, New Look, Argos IPSWICHButtermarket Centre £ 50.5m 5.35%UBS Wealth Management 25,083m² CPS:430 KEIGHLEYAiredale Centre - -Propinvest Holdings Ltd 18,580m² MILTON KEYNESThe Centre:MK £ 200m -Capital Shopping Centres 120,770m² - 28% stake TRUROLemon Quay £ 54m 4.5%Private Irish investor 13,006m² T:Marks & Spencer (8,546.8m²), Debenhams WAKEFIELDTrinity Walk £ 215m -CIREF Ltd (JV) 60,385m² - Forward funding Total value of recorded deals: £668m

Page 4 The Property Investors Bulletin - November 2006 Edition October 2006 Investment Transactions by Sector

Retail Warehouse TOWN ADDRESS PRICE YIELDPURCHASER NOTES ABERDEEN2 Balnagask Road £ 6.08m 4.5%Joint Properties, The 1,989m² R:£279,070 LONDON W3West Five Centre, Acton £ 49.5m 4.4%ING Lionbrook Property T:B&Q, Staples READINGForbury Park £ 39m 4.7%Triton Property Fund 8,864m² ROTHERHAMGreat Eastern Way £ 48.48m -Triton Property Fund 15,886m² STOURBRIDGE30/39 Stourbridge Road £ 4.3m 4.5%Institutional investor T:B&Q SWANSEAMorfa Shopping Park £ 105m 4%The Junction LP 24,619m² mixed Open A1/Bulky Goods Total value of recorded deals: £252m

Industrial TOWN ADDRESS PRICE YIELDPURCHASER NOTES ALFRETONMeadow Land Ind Estate £ 0.33m -Trustees - CCS Pension Units 1&2: 557m² R:£24,000 LEX:2007 BURTON-UPON-TRENTCentrum 100 £ 23m -Palmer Active Value Fund (JV) 27,870m² S&L:Littlewoods - 13,935m² extension planned CARDIFFPenarth Road £ 8.65m 7.15% RREEF 13,270m² R:£653,351 T:various CHEPSTOW10A Newhouse Park £ 2.055m 6%St Julians Estate Ltd 3,166m² T:Amari Metals Ltd LEX:2011 RR:11/2006 DAVENTRYDIRFT Logistics Park £ 17.95m 6.45%Warner Estate Holdings (JV) Unit 1E: 20,903m² T:Vacant (guarantee from Rosemound) DAVENTRYHigh March Ind Estate £ 3.2m 6.8% CBRE Investors 5,022m² R:£229,840 T:Various GRANTHAMOrchard Park £ 4.25m 6.5%Falcon Property Trust 7,989m² - six modern warehouse units HORLEYAhed Depot, Kennel Lane £ 3.6m -Sapcote Developments 5,295m² R:£66,695 HOUNSLOWGreen Lane £ 0.7m 5.7%Brixton Plc 3,670m² R:£344,000 T:Dunwoody Airline Services LL:1 LUTONCosgrove Way Ind Estate £ 1.9m 5.88%APP Estates Units 12-14: 2,908m² R:£118,256 LUTTERWORTHMagna Park £ 33m -Pickering Properties Ltd 2 distribution units (yields 5.35% + 6.12%) MITCHAMWates Way Ind Estate £ 13.83m 5.25%CBRE Investors 12,151m² - 18-unit scheme NORTHAMPTONBrackmills £ 41.7m 5.94%Warner Estate Holdings (JV) 44,871m² R:£2.5m T:MFI (Howdens Joinery) LL:15 NORTHWICH1-8 Kingfisher Court £ 0.9m - Millfield Estates NOTTINGHAMBlenheim Ind Estate £ 6.637m 5.9%M&G Property Portfolio 7,345m² T:Health Stores(Wholesale) Ltd LL:15 PORTFOLIODeva Portfolio £ 11.33m - Anglo Clough LP PORTFOLIOTrinity Portfolio £ 39.5m - Anglo Clough LP PORTSMOUTHGunstore Road £ 1.8m 7.8%Rugby Estates Plc 3,337m² R:£155,000 T:Heyward Williams Group LL:8 RUNCORNBerkeley Court £ 6.63m - Close Brothers STOKE-ON-TRENTRadial Point £ 14.3m 6.08%Warner Estate Holdings (JV) 17,001m² R:£918,750 T:Marks & Spencer LL:10 THEALEDirect Wines Warehouse £ 13.14m 5.36%Friends Provident R:£745,000 T:Direct Wines Ltd LEX:2023 THURROCKQueen Elizabeth Dist Park £ 9.8m 7.3%O Twelve Estates Ltd Unit Q: 10,405m² T:Harrow Green + 5,202.4m² vacant WIDNES £ 80m -Investec Private Bank 92,900m² - forward funding R:£6m T:Exel Total value of recorded deals: £338m

Leisure TOWN ADDRESS PRICE YIELDPURCHASER NOTES BASINGSTOKEWinchester Road £ 1.08m 4.6%Crescent Trustees 383m² R:£52,000 T:PizzaExpress Restaurants RR:2 BELFASTBelfast Road, Hollywood £ 7.6m 5.75%AXA REIM Mertoun Hall, 106 Belfast Road: T:Esporta CHESTERFIELDSheffield Road £ 3.95m 5% Private investor 2,667m² T:Fitness First EDINBURGH61 & 31-35 Grassmarket £ 54m -WG Mitchell Ltd 2 hotels S&L:Apex Hotels Ltd - 175 rooms EDINBURGH348 Morningside Road £ 0.344m 5%Unknown 75m² R:£18,000 T:Espresso Mondo Ltd LONDON E16Hartman Street £ 12.58m -Robson Associates T:Travelodge (London City Airport) PORTFOLIOHilton Hotels £ 417m -Tonstate Ltd 1054 room London Metropole + 794 room Hilton Birmingham PORTFOLIOTotal Fitness gyms £ 30m 6.15%Propinvest Holdings Ltd 3 gyms - Preston, Wrexham, Lincoln R:£1.84m LL:22 PORTFOLIOVue Cinema Portfolio £ 80m -Miller Developments Six cinemas inc. the 6,038.5m² Vue Leicester Square Total value of recorded deals: £607m

Scottish TOWN ADDRESS PRICE YIELDPURCHASER NOTES ABERDEEN2 Balnagask Road £ 6.08m 4.5%Joint Properties, The 1,989m² R:£279,070 EDINBURGH61 & 31-35 Grassmarket £ 54m -WG Mitchell Ltd 2 hotels S&L:Apex Hotels Ltd - 175 rooms EDINBURGH348 Morningside Road £ 0.344m 5%Unknown 75m² R:£18,000 T:Espresso Mondo Ltd GLASGOWBuchanan Gate, Stepps £ 4.981m 5.6%MJG Developments LL:15 GLASGOW68-80 Gordon Street £ 20m 5%Resolution Asset Man Grosvenor building: 5,574m² T:various GLASGOWHamilton Intl Tech Park £ 2.55m -Kenmore Group 5,606m² GLASGOW25 Tyndrum Street £ 12.75m 5.25%Presbyterian Mutual Citypoint 2: 3,902m² LIVINGSTONKirkton Campus £ 8.26m -Invista REIM Mixed Use Office / Development Portfolio

The Property Investors Bulletin - November 2006 Edition Page 5 October 2006 Investment Transactions by Sector

Scottish TOWN ADDRESS PRICE YIELDPURCHASER NOTES UDDINGSTONTannochside Park £ 3.3m -AWG Property Ltd (JV) 2,787m² LL:15 Total value of recorded deals: £112m

Portfolio TOWN ADDRESS PRICE YIELDPURCHASER NOTES PORTFOLIO £ 100m -First Investments 139,350m² - four industrial + business park portfolios PORTFOLIODeva Portfolio £ 11.33m - Anglo Clough LP PORTFOLIOHilton Hotels £ 417m -Tonstate Ltd 1054 room London Metropole + 794 room Hilton Birmingham PORTFOLIOMJ Gleeson Portfolio £ 6.8m -Maybrook Properties 3 offices - London Wall, City, Salisbury & Sunbury PORTFOLIORoyal Portfolio £ 187m 5%Ackerman Group 54% retail, 20% office, 23% industrial, 3% hotel R:£10m PORTFOLIOSpencer Portfolio £ 67m 4.75%Flodrive Holdings 24 prime high street retails S&L:Barclays PORTFOLIOTotal Fitness gyms £ 30m 6.15%Propinvest Holdings Ltd 3 gyms - Preston, Wrexham, Lincoln R:£1.84m LL:22 PORTFOLIOTrinity Portfolio £ 39.5m - Anglo Clough LP PORTFOLIOVue Cinema Portfolio £ 80m -Miller Developments Six cinemas inc. the 6,038.5m² Vue Leicester Square Total value of recorded deals: £939m

Page 6 The Property Investors Bulletin - November 2006 Edition Geographical Listing of UK Investment Transactions During October 2006 COMMENT: A:Anchor L:Lease LEX:Lease Expiry LL:Lease Length R:Rent Per Annum RR:Rent Review SDEX:Stamp Duty Exempt T:Tenant TBO:Tenants Break Option

ADDRESSPRICE/NIY SECTOR PURCHASER(s) VENDOR(s) COMMENT ABERDEEN £6.08m Retail Joint Properties, The (Savills Commercial Ltd) Halladale Group Plc (Culverwell & Co / Ryden) 1,989m² R:£279,070 2 Balnagask Road 4.5% Warehouse ALFRETON £0.33m Industrial Trustees - CCS Pension Adams Group Ltd (Fisher Hargreaves Proctor) Units 1&2: 557m² R:£24,000 LEX:2007 Meadow Land Ind Estate n/a ALFRETON £0.9m Business Helmsley Group Plc (Hague Nicholls) Private pension fund (Fisher Hargreaves Proctor) 378m² R:£60,000 T:Yell Ltd LL:10 TBO:5 The Village, Mansfield Rd 6.28% Park BARNSLEY £3.5m Office Institutional Investor Undisclosed (GVA Grimley) Springfield House 6.78% BASILDON n/a Office Propinvest Holdings Ltd Undisclosed 15,050m² Sigma House n/a BASINGSTOKE £1.08m Leisure Crescent Trustees (Goadsby) Undisclosed 383m² R:£52,000 T:PizzaExpress Restaurants RR:2 Winchester Road 4.6% BEACONSFIELD £0.488m Retail Private investor Private investor (Philip Marsh Hardings Deung) 126m² 6 Station Parade 3.7% BELFAST £7.6m Leisure AXA REIM (GVA Grimley) Undisclosed Mertoun Hall, 106 Belfast Road: T:Esporta Belfast Road, Hollywood 5.75% BIRMINGHAM £9.525m Office LaSalle Investment Man (Jones Lang LaSalle) St Modwen Plc (Grenville Smith Duncan) Lyndon House: 6,317m² 58-62 Hagley Road 5.46% BIRMINGHAM £49m Office New Star PUT (King Sturge) Bank of Ireland Asset Man (CB Richard Ellis) 6,252m² R:£2.25m T:Dept of Communities & Local Gov 5 St Phillips Place 4.25% BIRMINGHAM £23.55m Retail Private Irish investor (Morgan Williams) Land Securities Plc (Knight Frank LLP) 2,681m² - part of the Caxtongate development Temple & Essex House 4.1% BIRMINGHAM £6.33m Retail Private Irish BBC Pension Trust (GVA Grimley) 25 Union Street n/a BOSTON £2m Office Private clients (Davis Coffer Lyons) Undisclosed R:£124,000 T:Capio Healthcare Medical Centre Boston West Business Park n/a BRIDGEND £0.54m Office Gwyn Williams Ltd Macob Construction (DTZ Debenham Tie Leung / Emanuel 294m²T:Illium Claims Services Ltd 6 Old Field Road n/a Jones) BRISTOL £13.425m Office Morley Fund Management (Jones Lang LaSalle) Midos Group (AtisReal) 5,658m² R:£967,145 T:various CPS:245 Brotherswood Court 6.81% BRISTOL £5m Office Ashfield Land Ltd (NAI Fuller Peiser) Undisclosed (Goldenberg & Company) 2,508m² R:£265,000 T:Crest Nicholson plc LEX:03/2016 Parklands, Hambrook Lane n/a BRISTOL £30m Office Urbina Ltd (King Sturge) HBG Properties (Hartnell Taylor Cook) 6,503m² T:Various (2,787m² vacant) Tower Wharf n/a Rockspring PIM Ltd BURTON-UPON-TRENT £23m Distribution Palmer Active Value Fund Littlewoods 27,870m² S&L:Littlewoods - 13,935m² extension planned Centrum 100 n/a Warehouse Opus Land CAMBERLEY £130m Shopping Standard Life (Montagu Evans) Crest Nicholson (Colliers CRE) 22,946m² - Forward funding Atrium Shopping Centre n/a Centre CARDIFF £0.522m Office Private purchaser (AtisReal) JR Smart Building Ltd (Cooke & Arkwright) 160m² R:£35,000 T:NCMA LEX:06/2015 Ocean Bldg, Bute Crescent 6.34% CARDIFF £8.65m Industrial RREEF (James Boardman & Partners Ltd) Burford Delta Ltd (Franc Warwick) 13,270m² R:£653,351 T:various Penarth Road 7.15%

The Property Investors Bulletin - November 2006 Edition Page 7 Geographical Listing of UK Investment Transactions During October 2006 COMMENT: A:Anchor L:Lease LEX:Lease Expiry LL:Lease Length R:Rent Per Annum RR:Rent Review SDEX:Stamp Duty Exempt T:Tenant TBO:Tenants Break Option

ADDRESSPRICE/NIY SECTOR PURCHASER(s) VENDOR(s) COMMENT CHELTENHAM £3.81m Retail AXA UK Pensions Trustees (Alder King) Amethyst Holdings SA (AtisReal) 1,898m² R:£240,000 T:Amethyst Motor Company Gloucester Road 5.96% CHELTENHAM £4.15m Mixed Irish Examiner Pension (GVA Grimley) Undisclosed 162/164 High Street n/a CHEPSTOW £2.055m Industrial St Julians Estate Ltd (Legat Corbishley) ING REIM UK Ltd (DTZ Debenham Tie Leung) 3,166m² T:Amari Metals Ltd LEX:2011 RR:11/2006 10A Newhouse Park 6% CHESTERFIELD £4.2m Business Private Irish clients (DTZ Debenham Tie Leung) Private client (Landswood de Coy) 2,878m² R:£274,443 T:Lynx Technology Ltd LEX:05/2027 Barlborough Links 6.17% Park CHESTERFIELD £3.95m Leisure Private investor (Huggins Edwards & Sharp) Private investor (Christie & Co) 2,667m² T:Fitness First Sheffield Road 5% COLCHESTER £0.2m Office Wrenbridge Land (Lambert Smith Hampton) Dawnay Day Properties (Whybrow Chartered Surveyors) 1,914m² T:vacant - redevelopment planned Collwyn House, Sheepen Pl n/a COVENTRY £1.055m Office Dawnay Day Properties Kilmartin Properties (Singer Vielle) The Reform Club: 1,240m² 5 Warwick Row 7.92% DAVENTRY £17.95m Distribution Warner Estate Holdings GE Real Estate Unit 1E: 20,903m² T:Vacant (guarantee from Rosemound) DIRFT Logistics Park 6.45% Warehouse Bank of Scotland DAVENTRY £3.2m Industrial CBRE Investors (Strutt & Parker) Private investor (Lambert Smith Hampton) 5,022m² R:£229,840 T:Various High March Ind Estate 6.8% EASTLEIGH £0.55m Business Mr & Mrs Mancey (Hughes Ellard) Borvale Properties Ltd (Vail Williams) 255m² T:Barclays Mercantile CPS:9 LEX:06/2015 Tollgate Business Park 6.28% Park EDINBURGH £54m Leisure WG Mitchell Ltd (Savills Commercial Ltd / Philips Lockhart) Apex Hotels Ltd (Storey Sons & Parker) 2 hotels S&L:Apex Hotels Ltd - 175 rooms 61 & 31-35 Grassmarket n/a EDINBURGH £0.344m Leisure Undisclosed Annfield Assets Ltd (Culverwell & Co) 75m² R:£18,000 T:Espresso Mondo Ltd 348 Morningside Road 5% EVESHAM £0.86m Retail Merchant Investors Prop (King Sturge) Mobax Securities Ltd (Savills Commercial Ltd) 22m² R:£45,000 LL:15 RR:5 yearly upward only 20-22 High Street 4.95% FAREHAM £26.718m Business Greenhills Real Estate (Tudor Toone) AXA Sun Life (Strutt & Parker) Buildings 1000, 1100 & 1200: 13,953m² Solent Business Park 7.86% Park FORDINGBRIDGE £0.215m Retail Wentworth Estates Ltd (Goadsby) Private investor (Myddleton & Major) R:£11,000 T:Coral Bookmakers, hairdressing salon 12-16 High Street n/a GERRARDS CROSS £5.85m Mixed Frontier Estates Ltd (Rapleys) Oakridge Homes (Duncan & Bailey-Kennedy) 3,252m² office, retail + residential T:Short leases 31-37 Station Road n/a Chubb Common Inv Fund GLASGOW £4.981m Office MJG Developments (Montagu Evans) Scarborough Development (Donaldsons) LL:15 Buchanan Gate, Stepps 5.6% GLASGOW £20m Office Resolution Asset Man (King Sturge) KP UK A/S (Cushman & Wakefield) Grosvenor building: 5,574m² T:various 68-80 Gordon Street 5% GLASGOW £2.55m Office Kenmore Group AWG Property Ltd 5,606m² Hamilton Intl Tech Park n/a HF Developments GLASGOW £12.75m Office Presbyterian Mutual (Gilfillan Paterson) WG Mitchell Ltd (Knight Frank LLP) Citypoint 2: 3,902m² 25 Tyndrum Street 5.25% AWG Property Ltd (Lambert Smith Hampton) GRANTHAM £4.25m Distribution Falcon Property Trust (Knight Frank LLP) Kindale Ltd (King Sturge) 7,989m² - six modern warehouse units Orchard Park 6.5% Warehouse

The Property Investors Bulletin - November 2006 Edition Page 8 Geographical Listing of UK Investment Transactions During October 2006 COMMENT: A:Anchor L:Lease LEX:Lease Expiry LL:Lease Length R:Rent Per Annum RR:Rent Review SDEX:Stamp Duty Exempt T:Tenant TBO:Tenants Break Option

ADDRESSPRICE/NIY SECTOR PURCHASER(s) VENDOR(s) COMMENT HARROW £2.8m Retail Stanton Properties (Donaldsons) Clerical Medical (Jackson Criss) T:JD Sports (on assignment from Halfords) LEX:09/2012 72-74 St Ann's Road 4.74% HINCKLEY £18.7m Shopping CBRE Investors (Colliers CRE) Lehman Brothers RE (Michael Elliott) 7,246m² T:Wilkinsons, Boots, New Look, Argos Britannia Shopping Centre 5% Centre HORLEY £3.6m Industrial Sapcote Developments Ahed (Nelson Bakewell) 5,295m² R:£66,695 Ahed Depot, Kennel Lane n/a HOUNSLOW £0.7m Industrial Brixton Plc Gleeson Properties 3,670m² R:£344,000 T:Dunwoody Airline Services LL:1 Green Lane 5.7% HOVE £69.2m Business Irish Life Assurance Plc (Savills Commercial Ltd) Mountgrange Capital (Franc Warwick) 18,580m² R:£3.769m City Park 5.15% Park IPSWICH £50.5m Shopping UBS Wealth Management (Michael Elliott) Prime Commercial Property 25,083m² CPS:430 Buttermarket Centre 5.35% Centre KEIGHLEY n/a Shopping Propinvest Holdings Ltd CIT 18,580m² Airedale Centre n/a Centre LEAMINGTON SPA £10.35m Mixed Royal London Exempt PUT (Knight Frank LLP) Church Commissioners (Whitmarsh Holt Young) Regent Square House: T:Various 85-97 The Parade 4.97% LEEDS £4m Office Lightstone Properties Plc (Grenville Smith Duncan) Private local investor 3,159m² Rawdon House, Green Lane 6.5% LEICESTER £1.6m Business Mutley Properties (Fisher Hargreaves Proctor) Undisclosed 805m² R:£110,235 CPS:47 Forest Business Park 6.5% Park LINCOLN £8.5m Office Legal & General Property (Knight Frank LLP) Lincoln Corn Exchange (Banks Long & Co) 3,809m² T:Simons LEX:10/2021 991 Doddington Road 5.8% LIVINGSTON £8.26m Business Invista REIM (GVA Grimley) Undisclosed Mixed Use Office / Development Portfolio Kirkton Campus n/a Park LONDON E1 £44.6m Office Kenmore Group (Doherty Baines) Private client (CBGA Real Estate Consultants) 8,268m² R:£3,185,000 Braham Street, Beagle Ho 6.75% LONDON E16 £12.58m Leisure Robson Associates (GVA Grimley) Undisclosed T:Travelodge (London City Airport) Hartman Street n/a LONDON EC2 £57m Office Greycoat CLOD Fund (Jones Lang LaSalle) City Assets (Savills Commercial Ltd) Development site 30 Crown Place n/a LONDON EC2 £410m Office Rockpoint Capital JP Morgan (BH2) 55,740m² R:£22m T:Aon, Prudential-Bache, Hammonds Cutlers Gardens Estate 4.7% O'Connor Capital Partners LONDON EC2 £72m Office Vladimir Chernukhin Rock Investment Holdings (Knight Frank LLP / Edward 14,957m² - Grade II listed T:HSBC R:£1m LEX:2007 27-35 Poultry n/a Charles & Partners) LONDON EC3 £117m Office Catalyst Capital (DTZ Debenham Tie Leung) Gulf State of Qatar (Savills Commercial Ltd) 18,580m² - head leasehold interest 1 America Square 6% Rockpoint Capital LONDON EC4 £58.8m Office Schroder Properties Ltd (Cushman & Wakefield) City & Provincial Sec (Allsop & Co) Chancery Exchange: 7,525m² 10 Furnival Street n/a Macquarie Global PA LONDON N1 £0.595m Retail Private client Private trust (Kinleigh Folkard & Hayward) 50 Cross Street 5.71% LONDON SE1 £17.5m Office Threadneedle Property Private investor (Strutt & Parker) T:Sungard LL:13.75 4 & 5 Paris Gardens 5.6%

The Property Investors Bulletin - November 2006 Edition Page 9 Geographical Listing of UK Investment Transactions During October 2006 COMMENT: A:Anchor L:Lease LEX:Lease Expiry LL:Lease Length R:Rent Per Annum RR:Rent Review SDEX:Stamp Duty Exempt T:Tenant TBO:Tenants Break Option

ADDRESSPRICE/NIY SECTOR PURCHASER(s) VENDOR(s) COMMENT LONDON SW1 £49.5m Office Legal & General Property (Strutt & Parker) Redevco UK (King Sturge) 3,159m² 50 Pall Mall 4.6% LONDON SW1 £13m Office Heron International CIS Properties Abford House: 13,000m² - 50% interest 333 Vauxhall Bridge Road n/a LONDON SW7 £8.55m Office Invista REIM (GVA Grimley) Undisclosed 90/92 Queens Gate 5% LONDON W1 £3.75m Office Private investor (Eriera Mendoza & Co) Private investor (Robert Irving & Burns) 469m² R:£190,000 T:Tenon LL:5 RR:04/2006 73 Baker Street n/a LONDON W1 £1.75m Office Berkeley Square Estates (GVA Grimley) GE Real Estate 46 Berkeley Square n/a LONDON W1 £11.75m Office Henderson CLOF (CB Richard Ellis) Undisclosed 2,497m² - 1,308m² retail + 1,188m² office - Leasehold 50 Jermyn Street 3.15% LONDON W1 £12.1m Office Arlington Property Invest (Colliers CRE) Undisclosed 1,700m² T:National Patient Safety Agency LEX:2014 4-8 Maple Street 4.45% LONDON W1 £18.3m Office WELPUT (GVA Grimley) Private owner (Godfrey Vaughan) 1,440m² T:various LL:Short leases - Redevelopment 7 & 8-9 Stratton Street n/a LONDON W3 £49.5m Retail ING Lionbrook Property (King Sturge / HP Four LLP) Lanebridge Property Fund T:B&Q, Staples West Five Centre, Acton 4.4% Warehouse LONDON W4 £4.9m Office Standard Life (GVA Grimley) Undisclosed Merlin House/Belmont Ho n/a LONDON W5 £20m Office Frogmore RE Partners (Montagu Evans / Savills Commercial Thames Valley University (Drivers Jonas) Westel House : 6,979m² S&L:Thames Valley University 32-38 Uxbridge Road n/a Ltd) LONDON WC2 £33.9m Office Conygar Investment Co Plc (Godfrey Vaughan) Dawnay Day Properties (Lewis & Partners) 5,017m² - 8 buildings T:various(20) (1,672m² vacant) Buckingham Street n/a LONDON WC2 £17.5m Retail Undisclosed ISIS Property Trust 2 Ltd 99/103 Long Acre 3.7% LUTON £1.9m Industrial APP Estates (Cobbetts) Sepoc Holdings Ltd (Carter Jonas / SR Wood & Son) Units 12-14: 2,908m² R:£118,256 Cosgrove Way Ind Estate 5.88% LUTTERWORTH £33m Distribution Pickering Properties Ltd (Legat Corbishley) Gazeley Properties (Strutt & Parker / Burbage Realty) 2 distribution units (yields 5.35% + 6.12%) Magna Park n/a Warehouse MAIDSTONE £4.285m Office Pension Fund (Matthew Pellereau & Co) Private investor (Dunlop Haywards) 1,684m² R:£321,844 T:Various (4) CPS:73 LL:25 Maidstone Business Estate n/a MANCHESTER £26.5m Office Ask Investment Fund Henderson Investors 10,684m² T:British Telecom LEX:2007 Redevelopment Grand Island, Castlefield n/a MANCHESTER £77m Retail Private Israeli investor Sloane Capital (Cushman & Wakefield) R:£3.3m Kendals, Deansgate 4.15% MANCHESTER £6.075m Office Capital Hatton Limited Your Space Plc (DLB Estates / Michael Elliott) 3,066m² 23 New Mount Street 6.54% MILTON KEYNES £200m Shopping Capital Shopping Centres Hermes Property Asset Man (Cushman & Wakefield) 120,770m² - 28% stake The Centre:MK n/a Centre MITCHAM £13.83m Industrial CBRE Investors (Michael Elliott) Mucklow Group, A&J Plc (DTZ Debenham Tie Leung) 12,151m² - 18-unit scheme Wates Way Ind Estate 5.25%

The Property Investors Bulletin - November 2006 Edition Page 10 Geographical Listing of UK Investment Transactions During October 2006 COMMENT: A:Anchor L:Lease LEX:Lease Expiry LL:Lease Length R:Rent Per Annum RR:Rent Review SDEX:Stamp Duty Exempt T:Tenant TBO:Tenants Break Option

ADDRESSPRICE/NIY SECTOR PURCHASER(s) VENDOR(s) COMMENT NEW MALDEN £24m Office Palmer Active Value Fund Undisclosed 10,219m² T:AMS Apex Tower, High Street n/a Cantium Developments NEWCASTLE-UPON-TYNE £3.295m Office Stanton Properties (King Sturge) Primary Health Properties (Dunlop Haywards) 1,588m² R:£199,750 T:Northumbria Ambulance NHS Newcastle Business Park 6.16% LEX:2016 NEWCASTLE-UPON-TYNE £31.4m Retail NFU Mutual Insurance PRUPIM (Storey Sons & Parker) 3,883m² T:JD Sports, HMV 54-58 Northumberland St 4.25% NORTHAMPTON £41.7m Distribution Warner Estate Holdings Undisclosed 44,871m² R:£2.5m T:MFI (Howdens Joinery) LL:15 Brackmills 5.94% Warehouse Bank of Scotland NORTHWICH £0.9m Industrial Millfield Estates Private investor (GVA Grimley) 1-8 Kingfisher Court n/a NOTTINGHAM £6.637m Distribution M&G Property Portfolio Wilson Bowden Properties (Fisher Hargreaves Proctor) 7,345m² T:Health Stores(Wholesale) Ltd LL:15 Blenheim Ind Estate 5.9% Warehouse NOTTINGHAM £0.18m Retail Undisclosed Private investor (Fisher Hargreaves Proctor) 69m² R:£11,500 T:Nottingham Hospice Ltd LEX:2008 662 Mansfield Road 6.2% OXFORD £9m Office Palmer Active Value Fund Undisclosed Phased office refurbishment n/a PETERBOROUGH £65m Business Mapeley Ltd Pearl Group Pearl Centre: 31,958m² R:£4.13m T:Diligenta LL:12(RPI) Lynch Wood Park n/a Park PORTFOLIO £100m Mixed First Investments Jersey-based investor 139,350m² - four industrial + business park portfolios n/a PORTFOLIO £11.33m Industrial Anglo Clough LP Samuel Properties (GVA Grimley) Deva Portfolio n/a PORTFOLIO £417m Leisure Tonstate Ltd (CB Richard Ellis) Hilton Hotels Corporation (Christie & Co) 1054 room London Metropole + 794 room Hilton Birmingham Hilton Hotels n/a PORTFOLIO £6.8m Office Maybrook Properties (John Miles & Co) MJ Gleeson Plc 3 offices - London Wall, City, Salisbury & Sunbury MJ Gleeson Portfolio n/a PORTFOLIO £187m Mixed Ackerman Group (GVA Grimley) Philips Pension Fund (Jones Lang LaSalle) 54% retail, 20% office, 23% industrial, 3% hotel R:£10m Royal Portfolio 5% PORTFOLIO £67m Retail Flodrive Holdings (Franc Warwick) Barclays Bank (Jones Lang LaSalle) 24 prime high street retails S&L:Barclays Spencer Portfolio 4.75% PORTFOLIO £30m Leisure Propinvest Holdings Ltd (Brown Cooper Marples) Private Irish investor (Colliers Capital UK) 3 gyms - Preston, Wrexham, Lincoln R:£1.84m LL:22 Total Fitness gyms 6.15% PORTFOLIO £39.5m Industrial Anglo Clough LP Samuel Properties (GVA Grimley) Trinity Portfolio n/a PORTFOLIO £80m Leisure Miller Developments (Hartnell Taylor Cook) Vue Cinemas (HP Four LLP) Six cinemas inc. the 6,038.5m² Vue Leicester Square Vue Cinema Portfolio n/a PORTSMOUTH £1.8m Industrial Rugby Estates Plc (Vail Williams) W H Estates (AtisReal) 3,337m² R:£155,000 T:Heyward Williams Group LL:8 Gunstore Road 7.8% READING £8.1m Retail Royal Liver Assurance Norwich Union (GVA Grimley) 86, 87, 87a Broad Street 4.13% READING £39m Retail Triton Property Fund (Churston Heard) Scottish Amicable (Jones Lang LaSalle) 8,864m² Forbury Park 4.7% Warehouse

The Property Investors Bulletin - November 2006 Edition Page 11 Geographical Listing of UK Investment Transactions During October 2006 COMMENT: A:Anchor L:Lease LEX:Lease Expiry LL:Lease Length R:Rent Per Annum RR:Rent Review SDEX:Stamp Duty Exempt T:Tenant TBO:Tenants Break Option

ADDRESSPRICE/NIY SECTOR PURCHASER(s) VENDOR(s) COMMENT READING £1.5m Office Stourbridge Properties Reading Concrete Products (Fryer Holt) 584m² R:£110,000 T:Travis Perkins LEX:2013 Kilnbrook House 6.93% REIGATE £27m Office Morley Fund Management (Michael Rogers Whitehouse) Private investor (Savills Commercial Ltd) 5,969m² Omnibus Building 5.35% ROTHERHAM £48.48m Retail Triton Property Fund (Churston Heard) Stadium Group (Stockford Staunton) 15,886m² Great Eastern Way n/a Warehouse RUNCORN £6.63m Industrial Close Brothers ING REIM UK Ltd (GVA Grimley) Berkeley Court n/a SLOUGH £5.8m Office Private client (King Sturge) Good Harvest Properties (Leighton Goldhill) 1,904m² T:HSBC, Chubb Waterside Court, Langley 6.5% ST HELIER, JERSEY £27.1m Office CIREF Ltd Undisclosed 5,481m² - Forward funding 26 Esplanade 5.9% Undisclosed STAINES £5.25m Office McKay Securities Plc (Lewis & Tucker) Private vendor 1,017m² R:£301,670 T:Rayovac Europe LEX:2015 Captains/ Watermans House 5.4% STOCKPORT £1.15m Office Big Jay Development Trustmarks Investments (GVA Grimley) Sterry House, Bredbury n/a STOKE-ON-TRENT £14.3m Distribution Warner Estate Holdings British Airways Pensions 17,001m² R:£918,750 T:Marks & Spencer LL:10 Radial Point 6.08% Warehouse Bank of Scotland STOURBRIDGE £4.3m Retail Institutional investor Private Danish (GVA Grimley) T:B&Q 30/39 Stourbridge Road 4.5% Warehouse SUNDERLAND £0.685m Office Private investor (Gavin Black) Rivergreen Developments (Storey Sons & Parker) 765m² Roseline Ho, Wylam Wharf 7.11% SWANSEA £105m Retail The Junction LP (Wilkinson Williams) Capital & Regional 24,619m² mixed Open A1/Bulky Goods Morfa Shopping Park 4% Warehouse SWANSEA £16.5m Business Morley Fund Management (AtisReal) Private investor (AtisReal) 11,705m² - 2 separate transactions Swansea Enterprise Park n/a Park Arlington Greene PEP Ltd SWANSEA £2.2m Retail Ellandi Property Ltd Somerfield Plc (Mason Owen & Partners) 3,126m² R:£170,000 T:Wilkinsons LL:20 - Funding 47-50 Woodfield Street n/a THEALE £13.14m Distribution Friends Provident (CB Richard Ellis) BBC Pension Trust R:£745,000 T:Direct Wines Ltd LEX:2023 Direct Wines Warehouse 5.36% Warehouse THURROCK £9.8m Distribution O Twelve Estates Ltd (D E & J Levy) O'Connor Capital Partners (Knight Frank LLP / CB Richard Unit Q: 10,405m² T:Harrow Green + 5,202.4m² vacant Queen Elizabeth Dist Park 7.3% Warehouse Ellis) TRURO £54m Shopping Private Irish investor (DTZ Debenham Tie Leung) Herbert Group (Mason & Partners) 13,006m² T:Marks & Spencer (8,546.8m²), Debenhams Lemon Quay 4.5% Centre TRURO £1.05m Retail Undisclosed Private investor (Miller Commercial) R:£56,800 RR:06/2007 T:Adams Childrenswear Ltd 24 Victoria Square 5.12% UDDINGSTON £3.3m Business AWG Property Ltd (Knight Frank LLP) Kwik Fit (Lambert Smith Hampton) 2,787m² LL:15 Tannochside Park n/a Park HF Developments WAKEFIELD £215m Shopping CIREF Ltd (Capital Retail) Simons Estates Ltd (DTZ Debenham Tie Leung) 60,385m² - Forward funding Trinity Walk n/a Centre Modus Properties Ltd WATFORD £6.1m Business Zurich Assurance (Jones Lang LaSalle) Shell Pensions Trust (Strutt & Parker) Croxley Gateway: 2,537m² - 2 year rental guarantee Croxley Business Park 7.5% Park

The Property Investors Bulletin - November 2006 Edition Page 12 Geographical Listing of UK Investment Transactions During October 2006 COMMENT: A:Anchor L:Lease LEX:Lease Expiry LL:Lease Length R:Rent Per Annum RR:Rent Review SDEX:Stamp Duty Exempt T:Tenant TBO:Tenants Break Option

ADDRESSPRICE/NIY SECTOR PURCHASER(s) VENDOR(s) COMMENT WEYBRIDGE £1.81m Office Artesian Property Part Halladale Group Plc (Cyril Leonard & Co) Lancashire House: 650m² 39-43 Monument Hill 7% WIDNES £80m Distribution Investec Private Bank Drawbridge Securities 92,900m² - forward funding R:£6m T:Exel n/a Warehouse WOLVERHAMPTON n/a Office Bond Wolfe Plc Undisclosed Norwich Union House: 3,967m² R:£397,000 31 Waterloo Road n/a

The Property Investors Bulletin - November 2006 Edition Page 13 Buyers & Sellers During October 2006

Institutions

COMPANYB/S TOWN STREET SECTORPRICE YIELD Arlington Property Invest BUY LONDON W1 4-8 Maple StreetOffice £12.1m 4.45% AXA REIM BUY BELFAST Belfast Road, HollywoodLeisure £7.6m 5.75% AXA Sun Life SELL FAREHAM Solent Business ParkBusiness Park £26.718m 7.86% AXA UK Pensions Trustees BUY CHELTENHAM Gloucester RoadRetail £3.81m 5.96% BBC Pension Trust SELL BIRMINGHAM 25 Union StreetRetail £6.33m N/A BBC Pension Trust SELL THEALE Direct Wines WarehouseDistribution Warehouse £13.14m 5.36% British Airways Pensions SELL STOKE-ON-TRENT Radial PointDistribution Warehouse £14.3m 6.08% CBRE Investors BUY DAVENTRY High March Ind EstateIndustrial £3.2m 6.8% CBRE Investors BUY HINCKLEY Britannia Shopping CentreShopping Centre £18.7m 5% CBRE Investors BUY MITCHAM Wates Way Ind EstateIndustrial £13.83m 5.25% Chubb Common Inv Fund (JV) BUY GERRARDS CROSS 31-37 Station RoadMixed £5.85m N/A Church Commissioners SELL LEAMINGTON SPA 85-97 The ParadeMixed £10.35m 4.97% CIS Properties SELL LONDON SW1 333 Vauxhall Bridge RoadOffice £13m N/A Clerical Medical SELL HARROW 72-74 St Ann's RoadRetail £2.8m 4.74% Falcon Property Trust BUY GRANTHAM Orchard ParkDistribution Warehouse £4.25m 6.5% Friends Provident BUY THEALE Direct Wines WarehouseDistribution Warehouse £13.14m 5.36% Greycoat CLOD Fund BUY LONDON EC2 30 Crown PlaceOffice £57m N/A Henderson CLOF BUY LONDON W1 50 Jermyn StreetOffice £11.75m 3.15% Henderson Investors SELL MANCHESTER Grand Island, CastlefieldOffice £26.5m N/A Hermes Property Asset Man SELL MILTON KEYNES The Centre:MKShopping Centre £200m N/A ING Lionbrook Property BUY LONDON W3 West Five Centre, ActonRetail Warehouse £49.5m 4.4% ING REIM UK Ltd SELL CHEPSTOW 10A Newhouse ParkIndustrial £2.055m 6% ING REIM UK Ltd SELL RUNCORN Berkeley CourtIndustrial £6.63m N/A Institutional Investor BUY BARNSLEY Springfield HouseOffice £3.5m 6.78% Institutional investor BUY STOURBRIDGE 30/39 Stourbridge RoadRetail Warehouse £4.3m 4.5% Invista REIM BUY LIVINGSTON Kirkton CampusBusiness Park £8.26m N/A Invista REIM BUY LONDON SW7 90/92 Queens GateOffice £8.55m 5% LaSalle Investment Man BUY BIRMINGHAM 58-62 Hagley RoadOffice £9.525m 5.46% Legal & General Property BUY LINCOLN 991 Doddington RoadOffice £8.5m 5.8% Legal & General Property BUY LONDON SW1 50 Pall MallOffice £49.5m 4.6% Morley Fund Management BUY BRISTOL Brotherswood CourtOffice £13.425m 6.81% Morley Fund Management BUY REIGATE Omnibus BuildingOffice £27m 5.35% Morley Fund Management BUY SWANSEA Swansea Enterprise ParkBusiness Park £16.5m N/A NFU Mutual Insurance BUY NEWCASTLE-UPON-TYNE 54-58 Northumberland StRetail £31.4m 4.25% Norwich Union SELL READING 86, 87, 87a Broad StreetRetail £8.1m 4.13% Pension Fund BUY MAIDSTONE Maidstone Business EstateOffice £4.285m N/A Philips Pension Fund SELL PORTFOLIO Royal PortfolioMixed £187m 5% PRUPIM SELL NEWCASTLE-UPON-TYNE 54-58 Northumberland StRetail £31.4m 4.25% Resolution Asset Man BUY GLASGOW 68-80 Gordon StreetOffice £20m 5% Rockspring PIM Ltd (JV) BUY BRISTOL Tower WharfOffice £30m N/A Royal Liver Assurance BUY READING 86, 87, 87a Broad StreetRetail £8.1m 4.13% Royal London Exempt PUT BUY LEAMINGTON SPA 85-97 The ParadeMixed £10.35m 4.97% RREEF BUY CARDIFF Penarth RoadIndustrial £8.65m 7.15% Schroder Properties Ltd BUY LONDON EC4 10 Furnival StreetOffice £58.8m N/A Scottish Amicable SELL READING Forbury ParkRetail Warehouse £39m 4.7% Shell Pensions Trust SELL WATFORD Croxley Business ParkBusiness Park £6.1m 7.5% Standard Life BUY CAMBERLEY Atrium Shopping CentreShopping Centre £130m N/A Standard Life BUY LONDON W4 Merlin House/Belmont HoOffice £4.9m N/A The Junction LP BUY SWANSEA Morfa Shopping ParkRetail Warehouse £105m 4% Threadneedle Property BUY LONDON SE1 4 & 5 Paris GardensOffice £17.5m 5.6% Triton Property Fund BUY READING Forbury ParkRetail Warehouse £39m 4.7% Triton Property Fund BUY ROTHERHAM Great Eastern WayRetail Warehouse £48.48m N/A WELPUT BUY LONDON W1 7 & 8-9 Stratton StreetOffice £18.3m N/A Page 14 The Property Investors Bulletin - November 2006 Edition Buyers & Sellers During October 2006

Institutions

COMPANYB/S TOWN STREET SECTORPRICE YIELD Zurich Assurance BUY WATFORD Croxley Business ParkBusiness Park £6.1m 7.5% Property Companies

COMPANYB/S TOWN STREET SECTORPRICE YIELD Ackerman Group BUY PORTFOLIO Royal PortfolioMixed £187m 5% Annfield Assets Ltd SELL EDINBURGH 348 Morningside RoadLeisure £0.344m 5% APP Estates BUY LUTON Cosgrove Way Ind EstateIndustrial £1.9m 5.88% Artesian Property Part BUY WEYBRIDGE 39-43 Monument HillOffice £1.81m 7% Ashfield Land Ltd BUY BRISTOL Parklands, Hambrook LaneOffice £5m N/A AWG Property Ltd (JV) SELL GLASGOW Hamilton Intl Tech ParkOffice £2.55m N/A AWG Property Ltd (JV) SELL GLASGOW 25 Tyndrum StreetOffice £12.75m 5.25% AWG Property Ltd (JV) BUY UDDINGSTON Tannochside ParkBusiness Park £3.3m N/A Big Jay Development BUY STOCKPORT Sterry House, BredburyOffice £1.15m N/A Bond Wolfe Plc BUY WOLVERHAMPTON 31 Waterloo RoadOffice N/A N/A Borvale Properties Ltd SELL EASTLEIGH Tollgate Business ParkBusiness Park £0.55m 6.28% Brixton Plc BUY HOUNSLOW Green LaneIndustrial £0.7m 5.7% Burford Delta Ltd SELL CARDIFF Penarth RoadIndustrial £8.65m 7.15% Cantium Developments (JV) BUY NEW MALDEN Apex Tower, High StreetOffice £24m N/A Capital & Regional SELL SWANSEA Morfa Shopping ParkRetail Warehouse £105m 4% Capital Hatton Limited BUY MANCHESTER 23 New Mount StreetOffice £6.075m 6.54% Capital Shopping Centres BUY MILTON KEYNES The Centre:MKShopping Centre £200m N/A CIREF Ltd (JV) BUY ST HELIER, JERSEY 26 EsplanadeOffice £27.1m 5.9% CIREF Ltd (JV) BUY WAKEFIELD Trinity WalkShopping Centre £215m N/A City & Provincial Sec (JV) SELL LONDON EC4 10 Furnival StreetOffice £58.8m N/A City Assets SELL LONDON EC2 30 Crown PlaceOffice £57m N/A Conygar Investment Co Plc BUY LONDON WC2 Buckingham StreetOffice £33.9m N/A Crest Nicholson SELL CAMBERLEY Atrium Shopping CentreShopping Centre £130m N/A Dawnay Day Properties SELL COLCHESTER Collwyn House, Sheepen PlOffice £0.2m N/A Dawnay Day Properties BUY COVENTRY 5 Warwick RowOffice £1.055m 7.92% Dawnay Day Properties SELL LONDON WC2 Buckingham StreetOffice £33.9m N/A Drawbridge Securities SELL WIDNES Distribution Warehouse £80m N/A Ellandi Property Ltd BUY SWANSEA 47-50 Woodfield StreetRetail £2.2m N/A First Investments BUY PORTFOLIO Mixed £100m N/A Flodrive Holdings BUY PORTFOLIO Spencer PortfolioRetail £67m 4.75% Frontier Estates Ltd (JV) BUY GERRARDS CROSS 31-37 Station RoadMixed £5.85m N/A Gazeley Properties SELL LUTTERWORTH Magna ParkDistribution Warehouse £33m N/A Gleeson Properties SELL HOUNSLOW Green LaneIndustrial £0.7m 5.7% Good Harvest Properties SELL SLOUGH Waterside Court, LangleyOffice £5.8m 6.5% Greenhills Real Estate BUY FAREHAM Solent Business ParkBusiness Park £26.718m 7.86% Halladale Group Plc SELL ABERDEEN 2 Balnagask RoadRetail Warehouse £6.08m 4.5% Halladale Group Plc SELL WEYBRIDGE 39-43 Monument HillOffice £1.81m 7% Helmsley Group Plc BUY ALFRETON The Village, Mansfield RdBusiness Park £0.9m 6.28% Herbert Group SELL TRURO Lemon QuayShopping Centre £54m 4.5% Heron International BUY LONDON SW1 333 Vauxhall Bridge RoadOffice £13m N/A HF Developments (JV) SELL GLASGOW Hamilton Intl Tech ParkOffice £2.55m N/A HF Developments (JV) BUY UDDINGSTON Tannochside ParkBusiness Park £3.3m N/A ISIS Property Trust 2 Ltd SELL LONDON WC2 99/103 Long AcreRetail £17.5m 3.7% Joint Properties, The BUY ABERDEEN 2 Balnagask RoadRetail Warehouse £6.08m 4.5% JR Smart Building Ltd SELL CARDIFF Ocean Bldg, Bute CrescentOffice £0.522m 6.34% Kenmore Group BUY GLASGOW Hamilton Intl Tech ParkOffice £2.55m N/A Kenmore Group BUY LONDON E1 Braham Street, Beagle HoOffice £44.6m 6.75% Kilmartin Properties SELL COVENTRY 5 Warwick RowOffice £1.055m 7.92% Kindale Ltd SELL GRANTHAM Orchard ParkDistribution Warehouse £4.25m 6.5%

The Property Investors Bulletin - November 2006 Edition Page 15 Buyers & Sellers During October 2006

Property Companies

COMPANYB/S TOWN STREET SECTORPRICE YIELD Land Securities Plc SELL BIRMINGHAM Temple & Essex HouseRetail £23.55m 4.1% Lightstone Properties Plc BUY LEEDS Rawdon House, Green LaneOffice £4m 6.5% Macob Construction SELL BRIDGEND 6 Old Field RoadOffice £0.54m N/A Mapeley Ltd BUY PETERBOROUGH Lynch Wood ParkBusiness Park £65m N/A Maybrook Properties BUY PORTFOLIO MJ Gleeson PortfolioOffice £6.8m N/A McKay Securities Plc BUY STAINES Captains/ Watermans HouseOffice £5.25m 5.4% Midos Group SELL BRISTOL Brotherswood CourtOffice £13.425m 6.81% Miller Developments BUY PORTFOLIO Vue Cinema PortfolioLeisure £80m N/A Millfield Estates BUY NORTHWICH 1-8 Kingfisher CourtIndustrial £0.9m N/A MJ Gleeson Plc SELL PORTFOLIO MJ Gleeson PortfolioOffice £6.8m N/A Mobax Securities Ltd SELL EVESHAM 20-22 High StreetRetail £0.86m 4.95% Modus Properties Ltd (JV) BUY WAKEFIELD Trinity WalkShopping Centre £215m N/A Mountgrange Capital SELL HOVE City ParkBusiness Park £69.2m 5.15% Mucklow Group, A&J Plc SELL MITCHAM Wates Way Ind EstateIndustrial £13.83m 5.25% Mutley Properties BUY LEICESTER Forest Business ParkBusiness Park £1.6m 6.5% O Twelve Estates Ltd BUY THURROCK Queen Elizabeth Dist ParkDistribution Warehouse £9.8m 7.3% Oakridge Homes SELL GERRARDS CROSS 31-37 Station RoadMixed £5.85m N/A Opus Land (JV) BUY BURTON-UPON-TRENT Centrum 100Distribution Warehouse £23m N/A Pearl Group SELL PETERBOROUGH Lynch Wood ParkBusiness Park £65m N/A Pickering Properties Ltd BUY LUTTERWORTH Magna ParkDistribution Warehouse £33m N/A Primary Health Properties SELL NEWCASTLE-UPON-TYNE Newcastle Business ParkOffice £3.295m 6.16% Prime Commercial Property SELL IPSWICH Buttermarket CentreShopping Centre £50.5m 5.35% Propinvest Holdings Ltd BUY BASILDON Sigma HouseOffice N/A N/A Propinvest Holdings Ltd BUY KEIGHLEY Airedale CentreShopping Centre N/A N/A Propinvest Holdings Ltd BUY PORTFOLIO Total Fitness gymsLeisure £30m 6.15% Rivergreen Developments SELL SUNDERLAND Roseline Ho, Wylam WharfOffice £0.685m 7.11% Rock Investment Holdings SELL LONDON EC2 27-35 PoultryOffice £72m N/A Rugby Estates Plc BUY PORTSMOUTH Gunstore RoadIndustrial £1.8m 7.8% Samuel Properties SELL PORTFOLIO Deva PortfolioIndustrial £11.33m N/A Samuel Properties SELL PORTFOLIO Trinity PortfolioIndustrial £39.5m N/A Sapcote Developments BUY HORLEY Ahed Depot, Kennel LaneIndustrial £3.6m N/A Scarborough Development SELL GLASGOW Buchanan Gate, SteppsOffice £4.981m 5.6% Sepoc Holdings Ltd SELL LUTON Cosgrove Way Ind EstateIndustrial £1.9m 5.88% Simons Estates Ltd SELL WAKEFIELD Trinity WalkShopping Centre £215m N/A St Modwen Plc SELL BIRMINGHAM 58-62 Hagley RoadOffice £9.525m 5.46% Stadium Group SELL ROTHERHAM Great Eastern WayRetail Warehouse £48.48m N/A Stanton Properties BUY HARROW 72-74 St Ann's RoadRetail £2.8m 4.74% Stanton Properties BUY NEWCASTLE-UPON-TYNE Newcastle Business ParkOffice £3.295m 6.16% Stourbridge Properties BUY READING Kilnbrook HouseOffice £1.5m 6.93% Tonstate Ltd BUY PORTFOLIO Hilton HotelsLeisure £417m N/A Trustmarks Investments SELL STOCKPORT Sterry House, BredburyOffice £1.15m N/A Urbina Ltd (JV) BUY BRISTOL Tower WharfOffice £30m N/A W H Estates SELL PORTSMOUTH Gunstore RoadIndustrial £1.8m 7.8% Warner Estate Holdings (JV) BUY DAVENTRY DIRFT Logistics ParkDistribution Warehouse £17.95m 6.45% Warner Estate Holdings (JV) BUY NORTHAMPTON BrackmillsDistribution Warehouse £41.7m 5.94% Warner Estate Holdings (JV) BUY STOKE-ON-TRENT Radial PointDistribution Warehouse £14.3m 6.08% Wentworth Estates Ltd BUY FORDINGBRIDGE 12-16 High StreetRetail £0.215m N/A WG Mitchell Ltd BUY EDINBURGH 61 & 31-35 GrassmarketLeisure £54m N/A WG Mitchell Ltd (JV) SELL GLASGOW 25 Tyndrum StreetOffice £12.75m 5.25% Wilson Bowden Properties SELL NOTTINGHAM Blenheim Ind EstateDistribution Warehouse £6.637m 5.9% Wrenbridge Land BUY COLCHESTER Collwyn House, Sheepen PlOffice £0.2m N/A Your Space Plc SELL MANCHESTER 23 New Mount StreetOffice £6.075m 6.54%

Page 16 The Property Investors Bulletin - November 2006 Edition Buyers & Sellers During October 2006

Overseas Investors

COMPANYB/S TOWN STREET SECTORPRICE YIELD Amethyst Holdings SA SELL CHELTENHAM Gloucester RoadRetail £3.81m 5.96% Anglo Clough LP BUY PORTFOLIO Deva PortfolioIndustrial £11.33m N/A Anglo Clough LP BUY PORTFOLIO Trinity PortfolioIndustrial £39.5m N/A Ask Investment Fund BUY MANCHESTER Grand Island, CastlefieldOffice £26.5m N/A Bank of Ireland Asset Man SELL BIRMINGHAM 5 St Phillips PlaceOffice £49m 4.25% Berkeley Square Estates BUY LONDON W1 46 Berkeley SquareOffice £1.75m N/A Catalyst Capital (JV) BUY LONDON EC3 1 America SquareOffice £117m 6% CIT SELL KEIGHLEY Airedale CentreShopping Centre N/A N/A Frogmore RE Partners BUY LONDON W5 32-38 Uxbridge RoadOffice £20m N/A GE Real Estate SELL DAVENTRY DIRFT Logistics ParkDistribution Warehouse £17.95m 6.45% GE Real Estate SELL LONDON W1 46 Berkeley SquareOffice £1.75m N/A Gulf State of Qatar SELL LONDON EC3 1 America SquareOffice £117m 6% HBG Properties SELL BRISTOL Tower WharfOffice £30m N/A Irish Examiner Pension BUY CHELTENHAM 162/164 High StreetMixed £4.15m N/A Irish Life Assurance Plc BUY HOVE City ParkBusiness Park £69.2m 5.15% JP Morgan (JV) SELL LONDON EC2 Cutlers Gardens EstateOffice £410m 4.7% KP UK A/S SELL GLASGOW 68-80 Gordon StreetOffice £20m 5% Lehman Brothers RE SELL HINCKLEY Britannia Shopping CentreShopping Centre £18.7m 5% Macquarie Global PA (JV) SELL LONDON EC4 10 Furnival StreetOffice £58.8m N/A O'Connor Capital Partners SELL THURROCK Queen Elizabeth Dist ParkDistribution Warehouse £9.8m 7.3% O'Connor Capital Partners (JV) SELL LONDON EC2 Cutlers Gardens EstateOffice £410m 4.7% Presbyterian Mutual BUY GLASGOW 25 Tyndrum StreetOffice £12.75m 5.25% Private Danish SELL STOURBRIDGE 30/39 Stourbridge RoadRetail Warehouse £4.3m 4.5% Private Irish BUY BIRMINGHAM 25 Union StreetRetail £6.33m N/A Private Irish clients BUY CHESTERFIELD Barlborough LinksBusiness Park £4.2m 6.17% Private Irish investor BUY BIRMINGHAM Temple & Essex HouseRetail £23.55m 4.1% Private Irish investor SELL PORTFOLIO Total Fitness gymsLeisure £30m 6.15% Private Irish investor BUY TRURO Lemon QuayShopping Centre £54m 4.5% Private Israeli investor BUY MANCHESTER Kendals, DeansgateRetail £77m 4.15% Redevco UK SELL LONDON SW1 50 Pall MallOffice £49.5m 4.6% Rockpoint Capital BUY LONDON EC2 Cutlers Gardens EstateOffice £410m 4.7% Rockpoint Capital (JV) BUY LONDON EC3 1 America SquareOffice £117m 6% Sloane Capital SELL MANCHESTER Kendals, DeansgateRetail £77m 4.15% Vladimir Chernukhin BUY LONDON EC2 27-35 PoultryOffice £72m N/A Private Investors / Syndicates / Trusts

COMPANYB/S TOWN STREET SECTORPRICE YIELD Arlington Greene PEP Ltd (JV) SELL SWANSEA Swansea Enterprise ParkBusiness Park £16.5m N/A Close Brothers BUY RUNCORN Berkeley CourtIndustrial £6.63m N/A Crescent Trustees BUY BASINGSTOKE Winchester RoadLeisure £1.08m 4.6% Gwyn Williams Ltd BUY BRIDGEND 6 Old Field RoadOffice £0.54m N/A Jersey-based investor SELL PORTFOLIO Mixed £100m N/A Lanebridge Property Fund SELL LONDON W3 West Five Centre, ActonRetail Warehouse £49.5m 4.4% M&G Property Portfolio BUY NOTTINGHAM Blenheim Ind EstateDistribution Warehouse £6.637m 5.9% Merchant Investors Prop BUY EVESHAM 20-22 High StreetRetail £0.86m 4.95% Mr & Mrs Mancey BUY EASTLEIGH Tollgate Business ParkBusiness Park £0.55m 6.28% New Star PUT BUY BIRMINGHAM 5 St Phillips PlaceOffice £49m 4.25% Palmer Active Value Fund BUY OXFORD Office £9m N/A Palmer Active Value Fund (JV) BUY BURTON-UPON-TRENT Centrum 100Distribution Warehouse £23m N/A Palmer Active Value Fund (JV) BUY NEW MALDEN Apex Tower, High StreetOffice £24m N/A Private client SELL CHESTERFIELD Barlborough LinksBusiness Park £4.2m 6.17% Private client SELL LONDON E1 Braham Street, Beagle HoOffice £44.6m 6.75% Private client BUY LONDON N1 50 Cross StreetRetail £0.595m 5.71%

The Property Investors Bulletin - November 2006 Edition Page 17 Buyers & Sellers During October 2006

Private Investors / Syndicates / Trusts

COMPANYB/S TOWN STREET SECTORPRICE YIELD Private client BUY SLOUGH Waterside Court, LangleyOffice £5.8m 6.5% Private clients BUY BOSTON Boston West Business ParkOffice £2m N/A Private investor BUY BEACONSFIELD 6 Station ParadeRetail £0.488m 3.7% Private investor SELL BEACONSFIELD 6 Station ParadeRetail £0.488m 3.7% Private investor BUY CHESTERFIELD Sheffield RoadLeisure £3.95m 5% Private investor SELL CHESTERFIELD Sheffield RoadLeisure £3.95m 5% Private investor SELL DAVENTRY High March Ind EstateIndustrial £3.2m 6.8% Private investor SELL FORDINGBRIDGE 12-16 High StreetRetail £0.215m N/A Private investor SELL LONDON SE1 4 & 5 Paris GardensOffice £17.5m 5.6% Private investor BUY LONDON W1 73 Baker StreetOffice £3.75m N/A Private investor SELL LONDON W1 73 Baker StreetOffice £3.75m N/A Private investor SELL MAIDSTONE Maidstone Business EstateOffice £4.285m N/A Private investor SELL NORTHWICH 1-8 Kingfisher CourtIndustrial £0.9m N/A Private investor SELL NOTTINGHAM 662 Mansfield RoadRetail £0.18m 6.2% Private investor SELL REIGATE Omnibus BuildingOffice £27m 5.35% Private investor BUY SUNDERLAND Roseline Ho, Wylam WharfOffice £0.685m 7.11% Private investor SELL TRURO 24 Victoria SquareRetail £1.05m 5.12% Private investor (JV) SELL SWANSEA Swansea Enterprise ParkBusiness Park £16.5m N/A Private local investor SELL LEEDS Rawdon House, Green LaneOffice £4m 6.5% Private owner SELL LONDON W1 7 & 8-9 Stratton StreetOffice £18.3m N/A Private pension fund SELL ALFRETON The Village, Mansfield RdBusiness Park £0.9m 6.28% Private purchaser BUY CARDIFF Ocean Bldg, Bute CrescentOffice £0.522m 6.34% Private trust SELL LONDON N1 50 Cross StreetRetail £0.595m 5.71% Private vendor SELL STAINES Captains/ Watermans HouseOffice £5.25m 5.4% Robson Associates BUY LONDON E16 Hartman StreetLeisure £12.58m N/A St Julians Estate Ltd BUY CHEPSTOW 10A Newhouse ParkIndustrial £2.055m 6% Trustees - CCS Pension BUY ALFRETON Meadow Land Ind EstateIndustrial £0.33m N/A UBS Wealth Management BUY IPSWICH Buttermarket CentreShopping Centre £50.5m 5.35% Occupiers

COMPANYB/S TOWN STREET SECTORPRICE YIELD Adams Group Ltd SELL ALFRETON Meadow Land Ind EstateIndustrial £0.33m N/A Ahed SELL HORLEY Ahed Depot, Kennel LaneIndustrial £3.6m N/A Apex Hotels Ltd SELL EDINBURGH 61 & 31-35 GrassmarketLeisure £54m N/A Barclays Bank SELL PORTFOLIO Spencer PortfolioRetail £67m 4.75% Hilton Hotels Corporation SELL PORTFOLIO Hilton HotelsLeisure £417m N/A Kwik Fit SELL UDDINGSTON Tannochside ParkBusiness Park £3.3m N/A Littlewoods SELL BURTON-UPON-TRENT Centrum 100Distribution Warehouse £23m N/A Reading Concrete Products SELL READING Kilnbrook HouseOffice £1.5m 6.93% Somerfield Plc SELL SWANSEA 47-50 Woodfield StreetRetail £2.2m N/A Thames Valley University SELL LONDON W5 32-38 Uxbridge RoadOffice £20m N/A Vue Cinemas SELL PORTFOLIO Vue Cinema PortfolioLeisure £80m N/A Financial/Banks

COMPANYB/S TOWN STREET SECTORPRICE YIELD Bank of Scotland (JV) BUY DAVENTRY DIRFT Logistics ParkDistribution Warehouse £17.95m 6.45% Bank of Scotland (JV) BUY NORTHAMPTON BrackmillsDistribution Warehouse £41.7m 5.94% Bank of Scotland (JV) BUY STOKE-ON-TRENT Radial PointDistribution Warehouse £14.3m 6.08% Investec Private Bank BUY WIDNES Distribution Warehouse £80m N/A

Page 18 The Property Investors Bulletin - November 2006 Edition Three Month Yield Index

West End Offices Regional Offices TOWN ADDRESS PRICE YIELD DATE TOWN ADDRESS PRICE YIELD DATE LONDON W125-27 St George Street £ 62.55m 1.50% Sep 2006 MILTON KEYNESSilbury Boulevard £ 6.785m 4.60% Sep 2006 LONDON SW1Hobhouse Court,Suffolk £ 34.5m 2.50% Sep 2006 LEEDS1 Whitehall Riverside £ 64.5m 4.70% Aug 2006 LONDON SW1Cleveland Row £ 4.25m 2.90% Aug 2006 MANCHESTER3 & 4 Hardman Square £ 140m 4.75% Sep 2006 LONDON W150 Jermyn Street £ 11.75m 3.15% Oct 2006 MAIDENHEADVanwall Business Park £ 11.15m 4.93% Sep 2006 LONDON SW1125 Pall Mall £ 1.85m 3.18% Sep 2006 LEEDSCity Point £ 31m 4.96% Sep 2006 LONDON SW1120-121 Pall Mall £ 1.6m 3.23% Aug 2006 BIRMINGHAM1-3 Colmore Row £ 20m 5.00% Sep 2006 LONDON W112/13 Bruton Street £ 30.5m 3.50% Sep 2006 GLASGOW68-80 Gordon Street £ 20m 5.00% Oct 2006 LONDON W116 Grosvenor Street £ 16.85m 3.91% Sep 2006 HOVECity Park £ 69.2m 5.15% Oct 2006 LONDON W125 Dover Street £ 5.4m 4.00% Aug 2006 WINDSORWindsor Office Park £ 71m 5.17% Aug 2006 LONDON SW133 Greycoat Street £ 12.5m 4.12% Sep 2006 BRISTOLAxa Centre £ 140m 5.25% Sep 2006 LONDON W14-8 Maple Street £ 12.1m 4.45% Oct 2006 GLASGOW25 Tyndrum Street £ 12.75m 5.25% Oct 2006 LONDON W11 Golden Square £ 11.875m 4.50% Sep 2006 CARDIFF17 Penarth Road £ 15.1m 5.26% Sep 2006 LONDON W1151 Wardour Street £ 22.5m 4.50% Aug 2006 SALFORDEnterprise House £ 4.479m 5.28% Aug 2006 LONDON SW150 Pall Mall £ 49.5m 4.60% Oct 2006 REIGATEOmnibus Building £ 27m 5.35% Oct 2006 LONDON SW1151 Buckingham Palace £ 214m 5.00% Aug 2006 EDINBURGHOcean Point 1, Leith £ 23.55m 5.39% Aug 2006 LONDON SW17-10 Waterloo Place £ 26m 5.10% Sep 2006 STAINESCaptains/ Watermans Ho £ 5.25m 5.40% Oct 2006 LONDON SW114-26 Great Smith Street £ 170m 5.20% Sep 2006 YORKSt James House £ 7.806m 5.40% Sep 2006 Weighted Average Net Initial Yield: 4.38% WATFORDLeavesden Business Par £ 73.5m 5.45% Sep 2006 BIRMINGHAM58-62 Hagley Road £ 9.525m 5.46% Oct 2006 City / City Fringe Offices EDINBURGH65 Haymarket Terrace £ 18.5m 5.47% Aug 2006 TOWN ADDRESS PRICE YIELD DATE LEEDSExchange Court £ 16.5m 5.48% Aug 2006 LONDON EC191-93 Farringdon Road £ 9.95m 3.64% Sep 2006 NOTTINGHAMRuddington Fields BP £ 5.843m 5.50% Sep 2006 LONDON EC3133 Houndsditch £ 110m 4.00% Sep 2006 SHEFFIELDPomona Street, NU Hous £ 47.1m 5.50% Sep 2006 LONDON EC315/18 Lime Street £ 16.85m 4.17% Aug 2006 NEWCASTLE-UPON-TYCitywest, Scotswood Roa £ 2.55m 5.56% Sep 2006 LONDON EC241 Lothbury £ 119m 4.40% Sep 2006 GLASGOWBuchanan Gate, Stepps £ 4.981m 5.60% Oct 2006 LONDON SE15 Lambeth Walk £ 2.72m 4.40% Aug 2006 MAIDENHEADFoundation Park £ 72.75m 5.60% Aug 2006 LONDON E127-33 Artillery Lane £ 30.08m 4.70% Aug 2006 REIGATECastle Court, London Ro £ 8.4m 5.61% Aug 2006 LONDON EC2Cutlers Gardens Estate £ 410m 4.70% Oct 2006 CAMBOURNECambourne Business Pa £ 33m 5.64% Aug 2006 LONDON EC255 Old Broad Street £ 96.5m 5.20% Sep 2006 GLASGOW285 Bath Street £ 5.925m 5.73% Sep 2006 LONDON EC351 Eastcheap £ 55m 5.50% Sep 2006 EASTLEIGHBotleigh Grange Campus £ 10.07m 5.75% Sep 2006 LONDON SE14 & 5 Paris Gardens £ 17.5m 5.60% Oct 2006 EDINBURGHHolyrood Park House £ 17.3m 5.75% Aug 2006 LONDON EC23 & 10 Finsbury Square £ 58m 5.70% Sep 2006 LINCOLN991 Doddington Road £ 8.5m 5.80% Oct 2006 LONDON EC31 America Square £ 117m 6.00% Oct 2006 MAIDENHEADMaidenhead Office Park £ 21.6m 5.80% Sep 2006 LONDON EC38 Fenchurch Place £ 54m 6.00% Sep 2006 GLASGOW120 West Regent Street £ 3.175m 5.85% Sep 2006 LONDON EC4119-121 Cannon Street £ 34m 6.00% Aug 2006 LEATHERHEADT&B Ho, Station Approac £ 15.05m 5.90% Aug 2006 LONDON EC1Pear Tree Court £ 5.35m 6.18% Sep 2006 ST HELIER, JERSEY26 Esplanade £ 27.1m 5.90% Oct 2006 LONDON SE14-8 Whites Ground £ 2.925m 6.50% Aug 2006 SALFORDTelegraphic House £ 4.152m 5.95% Aug 2006 LONDON E1Braham Street, Beagle H £ 44.6m 6.75% Oct 2006 DERBY5 Stuart Street £ 2.75m 6.00% Aug 2006 LONDON EC418-20 Cannon Street £ 18.5m 8.60% Aug 2006 EDINBURGHPentland Gait Office Park £ 16.85m 6.00% Sep 2006 Weighted Average Net Initial Yield: 5.10% GLASGOW389 Argyle Street £ 7.265m 6.00% Sep 2006 MANCHESTERGreat Ancoats Street £ 20.5m 6.00% Aug 2006 Mid-Town Offices SLOUGHCompair House, Brunel £ 7.3m 6.02% Sep 2006 TOWN ADDRESS PRICE YIELD DATE NOTTINGHAMMillennium Business Par £ 1.265m 6.05% Aug 2006 LONDON WC112 Red Lion Square £ 32m 4.08% Sep 2006 WORTHINGSaxon House £ 3.349m 6.08% Sep 2006 LONDON WC17-11 Herbrand Street £ 28.5m 5.10% Aug 2006 NOTTINGHAM13-15 Clarendon Street £ 0.813m 6.10% Sep 2006 LONDON WC152-56 New Oxford Street £ 25.1m 5.25% Sep 2006 READING121 Kings Road £ 66m 6.10% Aug 2006 Weighted Average Net Initial Yield: 4.76% NEWCASTLE-UPON-TYNewcastle Business Park £ 3.295m 6.16% Oct 2006 CHESTERFIELDBarlborough Links £ 4.2m 6.17% Oct 2006 Regional Offices MILTON KEYNESCentral Milton Keynes £ 2.9m 6.20% Sep 2006 TOWN ADDRESS PRICE YIELD DATE PENCOEDBocam Park £ 5.6m 6.20% Aug 2006 BIRMINGHAMBeaufort Court, Edgbasto £ 17.325m 3.50% Sep 2006 ALFRETONThe Village, Mansfield R £ 0.9m 6.28% Oct 2006 CASTLE DONINGTONWillow Farm Business Pa £ 0.88m 3.80% Sep 2006 EASTLEIGHTollgate Business Park £ 0.55m 6.28% Oct 2006 EDINBURGHBarclay Ho, Holyrood Ro £ 25.85m 3.95% Sep 2006 WARRINGTONMandarin Court, Centre £ 4.66m 6.30% Sep 2006 BIRMINGHAM5 St Phillips Place £ 49m 4.25% Oct 2006 CARDIFFOcean Bldg, Bute Cresce £ 0.522m 6.34% Oct 2006 BRISTOLNatWest Crt, Broad Stree £ 22m 4.30% Aug 2006 BILSTONSpringvale Business Park £ 4m 6.37% Aug 2006 MANCHESTER201 Deansgate £ 36.1m 4.38% Sep 2006 LEEDSRawdon House, Green L £ 4m 6.50% Oct 2006 LOUGHBOROUGHMag Courts, Pinfold Gate £ 15.5m 4.48% Aug 2006 LEICESTERForest Business Park £ 1.6m 6.50% Oct 2006 MANCHESTER100 Barbirolli Square £ 70m 4.50% Sep 2006 PENCOEDBocam Park £ 1.7m 6.50% Aug 2006

The Property Investors Bulletin - November 2006 Edition Page 19 Three Month Yield Index

Regional Offices Unit Shops TOWN ADDRESS PRICE YIELD DATE TOWN ADDRESS PRICE YIELD DATE SLOUGHWaterside Court, Langley £ 5.8m 6.50% Oct 2006 SILVERSTONEPorsche Centre £ 4.59m 4.85% Sep 2006 WOKING30-32 Goldsworth Road £ 13.15m 6.50% Aug 2006 TUNBRIDGE WELLS2-14 Calverley Road £ 16.275m 4.87% Sep 2006 MANCHESTER23 New Mount Street £ 6.075m 6.54% Oct 2006 SOUTHEND-ON-SEA76-78 High Street £ 2.5m 4.92% Sep 2006 SLOUGH7 Windsor Road £ 2.55m 6.54% Aug 2006 EVESHAM20-22 High Street £ 0.86m 4.95% Oct 2006 HOOKBartley Wood Business P £ 11.65m 6.60% Aug 2006 SOUTHAMPTON57 Above Bar Street £ 3.75m 5.04% Aug 2006 SLOUGHLangley Quay Office Park £ 14.2m 6.67% Sep 2006 MAGHULLCentral Square & Westw £ 21.25m 5.07% Sep 2006 STAINESDel Monte Ho, London R £ 10.3m 6.71% Aug 2006 TRURO24 Victoria Square £ 1.05m 5.12% Oct 2006 LEEDS8-11 Lisbon Square £ 2.5m 6.75% Sep 2006 NEWPORT7/8 Commercial Street £ 3.06m 5.16% Aug 2006 BARNSLEYSpringfield House £ 3.5m 6.78% Oct 2006 GLASGOW28-36 Renfield Street £ 9.2m 5.26% Sep 2006 BRISTOLBrotherswood Court £ 13.425m 6.81% Oct 2006 ALTRINCHAM77-81 George Street £ 2.885m 5.30% Aug 2006 BRISTOLSpectrum, Bond Street £ 19.2m 6.90% Sep 2006 HEXHAM46-48 Fore Street £ 7.7m 5.50% Sep 2006 READINGKilnbrook House £ 1.5m 6.93% Oct 2006 WESTON-SUPER-MAR16-28 High Street £ 4.28m 5.50% Aug 2006 SOLIHULLSolihull Business Park £ 7.625m 6.95% Aug 2006 LONDON N2235 Station Road £ 0.83m 5.70% Aug 2006 ABERCYNONNavigation Park, Unit 3 £ 1.835m 7.00% Sep 2006 LONDON N150 Cross Street £ 0.595m 5.71% Oct 2006 NOTTINGHAMSherwood Park £ 2.66m 7.00% Sep 2006 FORFAR3-5 Castle Street £ 0.22m 5.75% Sep 2006 PORTFOLIOSouth East offices £ 70m 7.00% Sep 2006 GLASGOW176-186 Trongate £ 4.88m 5.75% Aug 2006 WEYBRIDGE39-43 Monument Hill £ 1.81m 7.00% Oct 2006 SOUTHSEA4/6/8 Marmion Road £ 0.32m 5.89% Aug 2006 SUNDERLANDRoseline Ho, Wylam Wh £ 0.685m 7.11% Oct 2006 BILLINGHAMCentral Square £ 15.25m 5.90% Sep 2006 SUNDERLANDSt Catherines Court £ 6.282m 7.17% Aug 2006 CHELTENHAMGloucester Road £ 3.81m 5.96% Oct 2006 NEWCASTLE-UPON-TYQuayside £ 5m 7.25% Sep 2006 NOTTINGHAM662 Mansfield Road £ 0.18m 6.20% Oct 2006 ST PETER PORT, CIButterfield House £ 2.4m 7.45% Sep 2006 MANCHESTERFlixton Road, Urmston, 1 £ 1.46m 6.40% Aug 2006 ST PETER PORT, CILe Bordage £ 14.8m 7.49% Aug 2006 CARDIFF121 Clifton Street £ 0.183m 8.16% Aug 2006 WATFORDCroxley Business Park £ 6.1m 7.50% Oct 2006 BURNLEY1/7 Yorkshire Street £ 0.875m 8.60% Sep 2006 FAREHAMSolent Business Park £ 26.718m 7.86% Oct 2006 Weighted Average Net Initial Yield: 4.42% COVENTRY5 Warwick Row £ 1.055m 7.92% Oct 2006 ST HELIER, JERSEYWestaway Chambers £ 3.725m 8.50% Sep 2006 Shopping Centre GLASGOWBuchanan Business Park £ 11.35m 8.87% Aug 2006 TOWN ADDRESS PRICE YIELD DATE Weighted Average Net Initial Yield: 5.49% EDINBURGHGyle Shopping Centre £ 225m 4.20% Sep 2006 TRUROLemon Quay £ 54m 4.50% Oct 2006 Unit Shops GLASGOWAvenue Shopping Centre £ 70.5m 4.72% Sep 2006 TOWN ADDRESS PRICE YIELD DATE EASTBOURNELangney Shopping Centr £ 26.25m 5.00% Aug 2006 BEACONSFIELD6 Station Parade £ 0.488m 3.70% Oct 2006 HINCKLEYBritannia Shopping Centr £ 18.7m 5.00% Oct 2006 LONDON WC299/103 Long Acre £ 17.5m 3.70% Oct 2006 ST HELENSChurch Square £ 75m 5.18% Aug 2006 LONDON WC219-26 Long Acre £ 25.5m 3.75% Aug 2006 MIDDLESBROUGHParkway Shopping Centr £ 20m 5.30% Sep 2006 CARDIFFToys R Us £ 1.5m 3.92% Aug 2006 IPSWICHButtermarket Centre £ 50.5m 5.35% Oct 2006 CHESTER27-29 Eastgate Street £ 5.75m 3.93% Sep 2006 SHEFFIELDHillsborough Shop Centr £ 16.2m 5.58% Aug 2006 EDINBURGH52 George Street £ 3.31m 4.00% Sep 2006 NORTH SHIELDSRoyal Quays Outlet Vill £ 28.76m 5.80% Sep 2006 GUILDFORD162 High Street £ 2.12m 4.00% Sep 2006 MARGATEThe Centre Shopping Ma £ 13.1m 5.90% Aug 2006 PORTFOLIOBank branches £ 72m 4.00% Aug 2006 EDINBURGHWest Side Plaza £ 18.2m 6.00% Aug 2006 WIGANMakinson Arcade £ 12.5m 4.00% Aug 2006 Weighted Average Net Initial Yield: 4.79% LONDON W1395-397 Oxford Street £ 18.9m 4.03% Sep 2006 EDINBURGH104 Princes Street £ 18.2m 4.05% Sep 2006 Retail Warehouse BIRMINGHAMTemple & Essex House £ 23.55m 4.10% Oct 2006 TOWN ADDRESS PRICE YIELD DATE READING86, 87, 87a Broad Street £ 8.1m 4.13% Oct 2006 LONDON E6Gallions Reach, Beckton £ 192m 3.35% Aug 2006 MANCHESTERKendals, Deansgate £ 77m 4.15% Oct 2006 WORTHINGDominion Road £ 7.25m 3.58% Sep 2006 STOKE-ON-TRENT18 Upper Market Square £ 2.81m 4.21% Aug 2006 SWANSEAMorfa Shopping Park £ 105m 4.00% Oct 2006 NEWCASTLE-UPON-TY54-58 Northumberland St £ 31.4m 4.25% Oct 2006 LEEDSTulip Retail Park £ 16m 4.19% Sep 2006 PORTFOLIOElysium Portfolio £ 86.2m 4.28% Sep 2006 GLASGOWFinnieston Street £ 15.5m 4.20% Sep 2006 WEST PARLEY165 New Road £ 1m 4.40% Aug 2006 PORTFOLIORetail Warehouse £ 79m 4.20% Sep 2006 AYR155 High Street £ 2.4m 4.50% Sep 2006 ROMFORDGallows Corner £ 29.8m 4.25% Sep 2006 NEWQUAY24-28 Bank Street £ 4.295m 4.67% Sep 2006 WATFORDLower High Street £ 14m 4.30% Sep 2006 LONDON W590-94 Broadway £ 4.58m 4.68% Sep 2006 LONDON W3West Five Centre, Acton £ 49.5m 4.40% Oct 2006 MANCHESTER130-136 Deansgate £ 11.29m 4.70% Sep 2006 IPSWICHEuro Retail Park £ 66.34m 4.44% Sep 2006 HARROW72-74 St Ann's Road £ 2.8m 4.74% Oct 2006 ABERDEEN2 Balnagask Road £ 6.08m 4.50% Oct 2006 GLASGOWWest George Street £ 1.1m 4.75% Sep 2006 COVENTRYCourthouse Green £ 9.63m 4.50% Aug 2006 PORTFOLIOSpencer Portfolio £ 67m 4.75% Oct 2006 EVESHAM £ 25m 4.50% Sep 2006 WREXHAM56-58 Hope Street £ 5.05m 4.78% Sep 2006 STOURBRIDGE30/39 Stourbridge Road £ 4.3m 4.50% Oct 2006 LONDON SW3250-254 Brompton Road £ 16.7m 4.81% Aug 2006 LISBURNLagan Bank £ 6m 4.60% Sep 2006

Page 20 The Property Investors Bulletin - November 2006 Edition Three Month Yield Index

Retail Warehouse Industrial TOWN ADDRESS PRICE YIELD DATE TOWN ADDRESS PRICE YIELD DATE LOUGHBOROUGHWillowbrook Retail Park £ 29m 4.67% Aug 2006 HEREFORDThree Elms Trading Estat £ 4.1m 6.90% Sep 2006 READINGForbury Park £ 39m 4.70% Oct 2006 CUMBERNAULDWardpark Ind Estate £ 2.1m 7.00% Aug 2006 TORQUAYNewton Road £ 20.85m 4.70% Sep 2006 WILLENHALLSeconique Unit £ 3.329m 7.00% Sep 2006 TUNBRIDGE WELLSKingstanding Way £ 9.45m 4.77% Sep 2006 TELFORDTelford Ind Estate £ 3m 7.10% Sep 2006 BOURNEMOUTHMallard Road Retail Park £ 53m 4.80% Sep 2006 CARDIFFPenarth Road £ 8.65m 7.15% Oct 2006 ST AUSTELLSouthbourne Road £ 7.55m 4.90% Sep 2006 MERTHYR TYDFILMerthyr Tydfil Ind Park £ 0.85m 7.18% Sep 2006 SWINDONB&Q £ 35.15m 4.98% Aug 2006 BROMBOROUGHWirral Int Business Park £ 4.85m 7.30% Aug 2006 PORTFOLIOSlough Portfolio £ 73.5m 5.00% Aug 2006 THURROCKQueen Elizabeth Dist Par £ 9.8m 7.30% Oct 2006 BOLTONBolton Gate Retail Park £ 31.835m 5.08% Sep 2006 PORTFOLIOWelsh industrials £ 17m 7.40% Aug 2006 CARDIFFAvenue Retail Park £ 37.5m 5.15% Aug 2006 CHESTERCapenhurst Tech Park £ 8.43m 7.50% Aug 2006 PORTFOLIOIsmat Portfolio £ 36.75m 5.50% Sep 2006 SWINDONGroundwell Ind Estate £ 4.4m 7.71% Sep 2006 RENFREWRenfrew Retail Park £ 27.75m 6.27% Sep 2006 PORTSMOUTHGunstore Road £ 1.8m 7.80% Oct 2006 Weighted Average Net Initial Yield: 4.39% LLANTRISANTLlantrisant Business Park £ 9.75m 8.50% Sep 2006 GLASGOWDrum Mains Park, Unit 5 £ 1.588m 8.80% Sep 2006 Industrial NOTTINGHAMWingate Close, Bilboroug £ 0.825m 9.30% Sep 2006 TOWN ADDRESS PRICE YIELD DATE Weighted Average Net Initial Yield: 6.19% BIRMINGHAMGreat King St, Hockley £ 7.5m 3.30% Aug 2006 SOUTHPORTRufford Road Ind Estate £ 7.5m 3.96% Aug 2006 Leisure HEATHROWHeathrow Causeway £ 13.05m 4.70% Aug 2006 TOWN ADDRESS PRICE YIELD DATE LUTTERWORTHMagna Park £ 17.78m 4.97% Aug 2006 MILTON KEYNES199 Midsummer Bouleva £ 5.37m 4.23% Sep 2006 LIVERPOOLBoulevard Ind Park £ 58.25m 5.20% Sep 2006 BASINGSTOKEWinchester Road £ 1.08m 4.60% Oct 2006 MITCHAMWates Way Ind Estate £ 13.83m 5.25% Oct 2006 CHESTERFIELDSheffield Road £ 3.95m 5.00% Oct 2006 DONCASTERTrax Park, Phase 1 & 2 £ 22.5m 5.35% Aug 2006 EDINBURGH348 Morningside Road £ 0.344m 5.00% Oct 2006 THEALEDirect Wines Warehouse £ 13.14m 5.36% Oct 2006 PORTFOLIOJD Wetherspoon Portfoli £ 50m 5.08% Aug 2006 HINCKLEYRD Park £ 13.8m 5.45% Aug 2006 BRISTOLHarbourside, Building 12 £ 0.586m 5.20% Sep 2006 SUTTON-IN-ASHFIELDCalladine Park £ 3.12m 5.48% Aug 2006 PORTFOLIORamada Hotels £ 73m 5.45% Sep 2006 BIRMINGHAMNexus Point, Holford Dr £ 9m 5.50% Aug 2006 PAISLEYSaucel Street £ 4.179m 5.50% Sep 2006 LEEDSPremier Park £ 6.65m 5.69% Sep 2006 BELFASTBelfast Road, Hollywood £ 7.6m 5.75% Oct 2006 HOUNSLOWGreen Lane £ 0.7m 5.70% Oct 2006 BOLTONWaters Meeting Road £ 11.7m 6.10% Sep 2006 STOCKTON-ON-TEESPreston Farm Bus Park £ 7.25m 5.70% Sep 2006 PORTFOLIOTotal Fitness gyms £ 30m 6.15% Oct 2006 LUTONCosgrove Way Ind Estate £ 1.9m 5.88% Oct 2006 LONDON EC1Chiswell St, The Brewery £ 39.7m 6.20% Sep 2006 BANBURYMiddleton Close £ 11.3m 5.90% Sep 2006 Weighted Average Net Initial Yield: 5.59% NOTTINGHAMBlenheim Ind Estate £ 6.637m 5.90% Oct 2006 EBBW VALECwmdraw Industrial Estat £ 0.576m 5.91% Aug 2006 NORTHAMPTONBrackmills £ 41.7m 5.94% Oct 2006 WARRINGTON1 Kingsland Grange £ 4.45m 5.95% Sep 2006 BRISTOLGordano Way, Portbury £ 12m 6.00% Sep 2006 CHEPSTOW10A Newhouse Park £ 2.055m 6.00% Oct 2006 KIDDERMINSTERHartlebury Trading Estat £ 10.5m 6.00% Sep 2006 STOKE-ON-TRENTRadial Point £ 14.3m 6.08% Oct 2006 CHELMSFORD2-4 Atholl Road £ 5.41m 6.12% Sep 2006 MILTON KEYNESCanon Industrial Estate £ 14.1m 6.16% Aug 2006 PORTFOLIOBow / Basildon £ 6.9m 6.20% Sep 2006 SUTTON COLDFIELDMinworth Ind Estate £ 37.1m 6.20% Sep 2006 MELKSHAMHampton Park West £ 12.36m 6.23% Sep 2006 GLOUCESTERNexus Phase 2, Bamel £ 7.2m 6.25% Sep 2006 MILTON KEYNESMaidstone Road, Kingsto £ 10m 6.40% Aug 2006 PORTFOLIOWarner Portfolio £ 41.85m 6.40% Sep 2006 YATE26 North Road £ 3.155m 6.40% Sep 2006 DAVENTRYDIRFT Logistics Park £ 17.95m 6.45% Oct 2006 ABERDEENOcean Trade Centre £ 8.1m 6.46% Sep 2006 CARDIFFTaffs Well Ind Estate £ 3.685m 6.50% Sep 2006 GRANTHAMOrchard Park £ 4.25m 6.50% Oct 2006 LEEDSParkside Ind Estate £ 2.82m 6.53% Aug 2006 PETERBOROUGHEpson Road £ 1.165m 6.70% Sep 2006 PORTFOLIOIndustrial Portfolio £ 173m 6.75% Aug 2006 DAVENTRYHigh March Ind Estate £ 3.2m 6.80% Oct 2006 TELFORDLink House £ 7m 6.80% Sep 2006

The Property Investors Bulletin - November 2006 Edition Page 21 New Acquisitions/Disposals

Ackerman Group of Companies Comment 113 Brent Street, London NW4 2DX The company is understood to have paid £190m for the Philips Pension Fund's property portfolio. Tel: 020 8203 2288 Fax: 020 8203 2951 Joseph Ackerman (Director)

CIREF Ltd Comment 2rd Floor, Panton House, 25 Haymarket CIREF jointly provided funding for the £215m Trinity Walk Shopping Centre in Wakefield. London SW1Y 4EN Tel: 020 7389 8840 Fax: 020 7389 8850 Email (gen): [email protected] Web: www.ciref.biz Mike Watters (Director)

Flodrive Holdings Ltd Comment 3 Court Lodge, 48 Sloane Square Flodrive is controlled by Tony Khalastchi. The company's recent acquisitions include 24 prime high street London SW1W 8AT properties in a sale-and-leaseback with Barclays (£67m) and 25 HSBC high street branches understood to Tel: 020 7259 9660 Fax: 020 7259 9665 have been acquired in a JV with PruPim (£95m). Tony Khalatschi (Director)

ING Lionbrook Property Fund Comment Fund Manager: ING Real Estate Investment Management The closed-ended actively managed funds was launched in 1997 and invests in a balanced portfolio of UK institutional properties that offer both income and capital growth. The fund was valued at £730m (30/06/06). 6th Floor, 60 London Wall, London EC2M 5TQ Recent acquisitions include West Five Centre, Acton (£49.5m). Tel: 020 7767 5600 Fax: 020 7767 5601 Web: www.ingrealestate.co.uk Simon Latham (Senior Director)

Opus Land Ltd Comment Opus 49, High Street Opus has spent more than £75m on property during 2006 including Warwick Business Park (£41m) and the Henley-in-Arden, Warwickshire B95 5AA Littlewoods distribution warehouse in Burton-upon-Trent (£23m). Tel: 01564 794008 Fax: 01564 794009 Email (gen): [email protected] Web: www.opusland.co.uk Richard Smith (Managing Director)

Petchey Holdings Plc Comment Exchange House, 13-14 Clements Court Petchey Holdings is understood to have invested £500m in UK & Europe during 2006 on direct property and Ilford, Essex IG1 2QY joint ventures. Tel: 020 8252 8000 Fax: 020 8252 8080 Email (gen): [email protected] Web: www.petchey.co.uk Kailayapillai Ranjan (Chief Executive)

Rock Investment Holdings Plc Comment 20 Balderton Street, Mayfair, London W1K 6TL Rock bought the former City headquarters of Midland Bank for £40m in May, and then sold it five months later Tel: 020 7659 7999 Fax: 020 7659 7998 to the ex-deputy finance minister of Russia, Vladimir Chernukhin, for £72m. Email (gen): [email protected] Web: www.rockinvestments.com Paul Kemsley (Director)

The Tonstate Group Limited Comment 3 Park Place, St James's, London SW1A 1LP Tonstate paid Hilton Hotels Corp £417m for the 1054-bedroom London Metropole and the 794-bedroom Hilton Tel: 020 7493 5357 Fax: 020 7493 5358 Birmingham. Email (gen): [email protected] Web: www.tonstate.com Dr Edward Wojakovski (Group Chief Executive)

Page 22 The Property Investors Bulletin - November 2006 Edition New Acquisitions/Disposals

Urbina Ltd Comment St Bransdon House, 29 Great George Street Urbina was formed from the Bristol team of Charterfield. Recent acquisitions include Tower Wharf, Bristol Bristol BS1 5QT (£30m) bought in a JV with Rockspring. Tel: 0117 920 0100 Fax: 0117 920 0101 Email (gen): [email protected] Web: www.urbina.co.uk David Pigott (Director)

Westbrook Partners Comment 23 Berkeley Square, London W1J 6HE Westbrook Partners is a private US real estate investment firm which has bought more than £750m of UK Tel: 020 7665 6622 Fax: 020 7665 6832 property over the last two years, including Dolphin Square in Pimlico and the former assets of Greycoat. Nic Fox (Managing Principal)

Latest Investors to the Market

Ashbourne Property Fund Managers Comment Fund Manager: Mason Philips Ashbourne Property, the fund management arm of Mason Phillips, and private equity vehicle Tyburn Lane launched the Etonfields limited partnership following the acquisition of two portfolios from Eton College and a 33 Great Portland Street, London W1W 8QG syndicate of Dutch investors for a total of £41m. The investment partnership is planning to assemble a Tel: 020 7436 1212 Fax: 020 7436 1350 portfolio in the region of £250m. Email (gen): [email protected] Web: www.masonphilips.co.uk Findlay McAlpine (Director)

MedicX Ltd Comment Tanshire House, Shackleford Road MedicX Fund, a healthcare property investor, is to raise £80m through an IPO on the London Stock Exchange. Elstead, Surrey GU8 6LB The company intends to use the funds to invest in modern, purpose built primary healthcare properties in the Tel: 01252 704272 Fax: 01252 704273 United Kingdom. Web: www.medicx.co.uk Mike Adams (Managing Director)

Rockpoint Europe Ltd Comment Heathcoat House, 20 Savile Row Rockpoint is a US real estate fund founded in 2003. Rockpoint paid £410m for the Cutlers Gardens office London W1S 3PR complex in EC2. Tel: 020 7292 3350 Rhys Lewis (UK Director)

Rutley Capital Partners LLP Comment 10a Hanover Square, London W1S 1JG Established in 2005, Rutley Capital Partners is the real estate private equity business of Knight Frank. RCP Tel: 020 7861 1174 Fax: 020 7861 1361 currently manage assets of approximately €200m for institutions and high net worth individuals. Web: www.rutleycapitalpartners.co Colin Davis (Director)

Safeland Plc Comment 94-96 Great North Road, London N2 0NL Safeland teamed up with Electra Partners to create a £50m fund to invest in properties with strong asset Tel: 020 8815 1600 Fax: 020 8815 1601 management potential. Email (gen): [email protected] Web: www.safeland.co.uk Larry Lipman (Managing Director)

Westcity Holdings Ltd Comment 3 Prince Albert Road, London NW1 7SN The business of Westcity plc is property and property-related investment, development and management. Tel: 020 7267 2828 Fax: 020 7267 4771 Westcity formed a Property Fund with the Stonehage Group which will invest in commercial and residential Email (gen): [email protected] property across the UK and Europe. Web: www.westcity.co.uk Ira Rapp (Director)

The Property Investors Bulletin - November 2006 Edition Page 23 SECTOR STATISTICS

VALUE (£m) Central London Rest of UK Shopping Retail Shop / Office Office Centre Warehouse Supermarket Industrial Leisure Other Total

2004.Q4 2,795 1,868 2,984 977 1,021 1,964 1,099 1,011 13,719 2005.Q1 3,397 1,412 2,242 1,119 1,971 728 2,094 1,793 14,756 2005.Q2 3,304 1,610 762 911 1,129 911 597 752 9,976 2005.Q3 3,949 1,835 1,887 991 1,224 1,604 542 2,668 14,700 2005.Q4 5,390 2,222 2,827 1,668 990 1,658 1,712 3,068 19,535 2006.Q1 3,675 1,926 784 1,046 905 828 1,533 2,278 12,975 2006.Q2 4,411 1,484 906 354 832 1,517 1,501 740 11,745 2006.Q3 3,135 2,424 923 1,647 668 960 723 1,303 11,783 2006.Q4 929 545 672 252 243 338 607 348 3,934 to end October 2006 Last 12 months 16,669 8,080 5,293 4,615 3,305 4,976 5,734 6,658 55,330 Last 6 months 6,994 3,953 2,369 2,180 1,461 2,415 1,820 2,305 23,497 Last 3 months 3,048 2,696 1,446 1,540 753 1,058 1,044 1,277 12,862 Calender year to date 12,151 6,379 3,284 3,300 2,649 3,643 4,363 4,669 40,438

NUMBER OF TRANSACTIONS Central London Rest of UK Shopping Retail Shop / Office Office Centre Warehouse Supermarket Industrial Leisure Other Total

2004.Q4 90 166 45 53 151 123 38 45 711 2005.Q1 68 123 38 29 102 105 31 41 537 2005.Q2 83 142 24 38 132 116 33 35 603 2005.Q3 91 145 30 44 119 130 38 49 646 2005.Q4 107 162 41 69 146 119 36 58 738 2006.Q1 63 132 19 35 81 75 20 21 446 2006.Q2 96 136 14 29 86 86 19 18 484 2006.Q3 77 136 18 32 75 77 17 32 464 2006.Q4 16 47 8 6 16 23 9 6 131 to end October 2006 Last 12 months 339 573 87 150 369 358 90 114 2,080 Last 6 months 164 280 36 55 144 162 43 50 934 Last 3 months 68 149 20 32 64 76 22 27 458 Calender year to date 252 451 59 102 258 261 65 77 1,525

% OF TOTAL VOLUME BY VALUE Central London Rest of UK Shopping Retail Shop / Office Office Centre Warehouse Supermarket Industrial Leisure Other Total

2004.Q4 20.4 13.6 21.8 7.1 7.4 14.3 8.0 7.4 100.0 2005.Q1 23.0 9.6 15.2 7.6 13.4 4.9 14.2 12.2 100.0 2005.Q2 33.1 16.1 7.6 9.1 11.3 9.1 6.0 7.5 100.0 2005.Q3 26.9 12.5 12.8 6.7 8.3 10.9 3.7 18.1 100.0 2005.Q4 27.6 11.4 14.5 8.5 5.1 8.5 8.8 15.7 100.0 2006.Q1 28.3 14.8 6.0 8.1 7.0 6.4 11.8 17.6 100.0 2006.Q2 37.6 12.6 7.7 3.0 7.1 12.9 12.8 6.3 100.0 2006.Q3 26.6 20.6 7.8 14.0 5.7 8.1 6.1 11.1 100.0 2006.Q4 23.6 13.9 17.1 6.4 6.2 8.6 15.4 8.8 100.0 to end October 2006 Last 12 months 30.1 14.6 9.6 8.3 6.0 9.0 10.4 12.0 100.0 Last 6 months 29.8 16.8 10.1 9.3 6.2 10.3 7.7 9.8 100.0 Last 3 months 23.7 21.0 11.2 12.0 5.9 8.2 8.1 9.9 100.0 Calender year to date 30.0 15.8 8.1 8.2 6.6 9.0 10.8 11.5 100.0 Figures are subject to rounding and future revision

Page 24 The UK Property Investors Bulletin - November 2006 Edition INVESTOR STATISTICS

PURCHASES (£m) Quoted Private Overseas Private Financial / Institutions Property Co Property Co Investors Individuals OccupiersBanks Others Total

2004.Q4 3,482 2,469 2,336 3,418 1,202 395205 212 13,719 2005.Q1 2,986 1,319 3,323 4,133 1,166 949428 453 14,756 2005.Q2 2,478 1,560 1,908 2,686 612 25058 423 9,976 2005.Q3 4,549 1,428 2,770 3,844 1,277 11475 642 14,700 2005.Q4 4,597 1,432 3,835 6,360 2,058 173112 970 19,536 2006.Q1 3,040 382 2,581 3,864 1,772 151,048 275 12,976 2006.Q2 2,911 538 1,912 3,792 1,203 2121,009 167 11,744 2006.Q3 3,784 1,990 2,138 2,343 1,137 21973 100 11,784 2006.Q4 873 474 1,262 990 181 0117 38 3,935 to end October 2006 Last 12 months 14,433 4,450 10,606 15,715 5,789 5952,282 1,458 55,329 Last 6 months 6,857 2,793 4,920 5,937 2,217 289190 292 23,495 Last 3 months 3,901 1,772 2,684 3,010 1,058 184130 123 12,862 Calender year to date 10,607 3,384 7,893 10,989 4,293 4462,247 580 40,439

SALES (£m) Quoted Private Overseas Private Financial / Institutions Property Co Property Co Investors Individuals OccupiersBanks Others Total

2004.Q4 2,090 2,316 3,960 2,231 598 1,351676 498 13,719 2005.Q1 2,498 772 2,746 3,031 773 4,208169 560 14,756 2005.Q2 1,619 1,182 2,804 1,607 711 1,193114 746 9,976 2005.Q3 3,145 1,206 3,868 2,610 1,267 1,148337 1,118 14,700 2005.Q4 4,453 1,586 5,023 3,879 1,415 2,080327 773 19,536 2006.Q1 2,428 1,778 2,643 3,404 680 701846 496 12,976 2006.Q2 932 1,324 3,535 2,825 1,016 1,59990 424 11,744 2006.Q3 2,769 1,499 2,437 2,462 1,054 796254 514 11,784 2006.Q4 593 321 940 889 327 6720 193 3,935 to end October 2006 Last 12 months 10,299 6,179 13,128 12,544 4,306 5,1061,511 2,257 55,329 Last 6 months 4,065 2,979 5,829 5,177 2,204 1,863331 1,047 23,495 Last 3 months 3,021 1,432 2,888 2,536 1,100 1,081254 550 12,862 Calender year to date 6,722 4,921 9,555 9,579 3,077 3,7681,190 1,628 40,439

NET INVESTMENT (£m) Quoted Private Overseas Private Financial / Institutions Property Co Property Co Investors Individuals OccupiersBanks Others Total

2004.Q4 1,391 153 -1,624 1,188 604 -956-471 -286 0 2005.Q1 488 546 577 1,102 394 -3,259259 -107 0 2005.Q2 859 378 -896 1,079 -99 -943-55 -323 0 2005.Q3 1,404 221 -1,098 1,234 10 -1,034-262 -476 0 2005.Q4 143 -153 -1,188 2,481 643 -1,907-216 197 0 2006.Q1 612 -1,397 -62 460 1,092 -687202 -221 0 2006.Q2 1,979 -786 -1,623 968 187 -1,386918 -257 0 2006.Q3 1,015 492 -299 -119 83 -577-181 -414 0 2006.Q4 279 154 322 102 -146 -672117 -156 0 to end October 2006 Last 12 months 4,134 -1,730 -2,522 3,172 1,484 -4,511772 -799 0 Last 6 months 2,793 -186 -909 760 13 -1,575-141 -755 0 Last 3 months 880 341 -205 474 -42 -897-124 -427 0 Calender year to date 3,885 -1,537 -1,662 1,410 1,216 -3,3221,057 -1,048 0 Figures are subject to rounding and future revision

The Property Investors Bulletin - November 2006 Edition Page 25 The Property Investors Bulletin

Sector Statistics INVESTMENT TRANSACTION STATISTICS on Page 24 Property Data is a leading independent provider of information on the UK investment transactions Investor Statistics market. As well as recording all publicly available investment transactions, Property Data carries out on Page 25 extensive direct deal research with many of the UK's leading investment agents.

Key results to end-October 2006 Institutional Investment results to end-October 2006

Value Number Initial Buy Sell Net Initial £m of deals Yield £m £m £m Yield

Last month 3,935 131 5.06 Last month 873 593 280 4.80

Last three months 12,862 458 5.08 Last three months 3,901 3,021 880 4.83

Last six months 23,495 934 5.16 Last six months 6,857 4,065 2,792 4.83

Last twelve months 55,329 2,080 5.38 Last twelve months 14,433 10,299 4,134 5.17

Calender year to date 40,439 1,525 5.31 Calender year to date 10,607 6,722 3,885 4.99

Key Sectors and Purchaser Breakdown for Calender Year to Date Ending October 2006

14,000 12,151 12,000

10,000

8,000 6,379 6,000 4,363

Transaction Volume £ m 3,643 4,000 3,284 3,300 2,649

2,000

0 Central London Rest of UK Office Shopping Centre Retail Warehouse Shop / Industrial Leisure Office Supermarket

Year to Date (Jan - Oct)

UK Institutions Property Companies Overseas Investors Priv ate Indiv iduals Other Total

Notes 1. The report is compiled from the Property Data Investment Transactions Database, a proprietary database that records both publicly reported transactions and direct deal submissions from the UKs leading investment agents. 2. The figures do NOT include auction or corporate transactions. 3. All investment figures are subject to rounding and to future revisions. 4. For investor statistics joint venture transactions are apportioned equally dependant on the number of purchasers/vendors. 5. Central London is classified with the following London postcodes: E1, E14, EC, NW1, SW1, SW3, SW7, W1, W2, W6, W8, W11, WC, SE1, SW10. 6. Initial yields are calculated as a weighted average.

Page 26 The Property Investors Bulletin - November 2006 Edition