F E B R U A R Y 2 0 0 8 E D I T I O N

UK Commercial Property Investment Transactions 1 Jan 2008 - 31 Jan 2008 Value of Sales Number £1,481m 73

CONTENTS Total Value of UK Investment Transactions (Year to Date January 2008) SECTOR LISTING...... 2

GEOGRAPHICAL LISTING...... 5 4,000 3,633 BUYERS & SELLERS LISTING...... 9 3,500 3,161 THREE MONTH YIELD INDEX...... 12 3,000 2,829 2,655 ACTIVE PROPERTY INVESTORS...... 14 2,500 INVESTMENT STATISTICS...... 18

The monthly bulletin is available in hardcopy and 2,000 PDF formats for £395.00 pa (12 issues). 1,481 1,500 The next edition of the bulletin will be published on Monday 3rd March 2008. m £ Volume Transaction 1,000 This report is intended for general information and is based upon material in our possession or 500 supplied to us, which we believe to be reliable. Whilst every effort has been made to ensure its 0 accuracy and completeness we cannot offer any warranty that factual errors may not have 2004 2005 2006 2007 2008 occurred. Year to Date (Jan - Jan) For further information please visit our website: www.propertydata.com or call 01785 859300 Office Retail Industrial Leisure Other Total Copyright (c) 2008. Property Data Ltd.

Year-to-Date Investor Breakdown 1 Jan 2008 - 31 Jan 2008 Institutions Property Co's Private Investor Overseas Other Purchases £m 41 376 218 725 120 Sales £m 660 182 30 205 404 Net Investment £m -619 194 188 520 -284

Year-to-Date Sector Breakdown 1 Jan 2008 - 31 Jan 2008 Office Retail Industrial Leisure Other 2008 £m 677 345 60 217 182 2007 £m 1,631 663 192 591 84 Difference £m -954 -318 -132 -374 98

The Property Investors Bulletin - February 2008 Edition Page 1 January 2008 Investment Transactions by Sector

West End Offices TOWN ADDRESS PRICE YIELD PURCHASER NOTES W150 Brook Street £ 3.6m -Grosvenor Ltd 279m² - Long leasehold LONDON W152 Brooks Mews £ 3.7m 4.09%Causeway Investments 379m² - 118 year long leasehold interest LONDON W15 Hanover Square £ 57m -Mitsui Fudosan (U.K.) Ltd 7 floor building - redevelopment planned Total value of recorded deals: £64m

City Offices TOWN ADDRESS PRICE YIELD PURCHASER NOTES LONDON EC175 Farringdon Road £ 9m 6.74%Structadene Group (JV) 2,118m² T:various LONDON EC478 Cannon Street £ 110m -Candar Finance SARL 38,739m² - Equity funding for office scheme LONDON EC4167-170 Fleet Street £ 17.45m 5.35%Private investor 2,391m² T:various LONDON EC416 Old Bailey £ 78m 4.85%Northern Irish investor 7,804m² T:Withers LONDON SE1London Bridge £ 30m -Zijaj 33% stake in Shard of Glass + New London Bridge House Total value of recorded deals: £244m

Mid-Town Offices TOWN ADDRESS PRICE YIELD PURCHASER NOTES LONDON WC15-11 Theobalds Road £ 17.45m -Royal College Paediatrics 1,951m² Total value of recorded deals: £17m

Outer London Offices TOWN ADDRESS PRICE YIELD PURCHASER NOTES LONDON W2PaddingtonCentral £ 100m -Quinlan Private 2 Kingdom St: 23,411m² - Funding 50% stake Total value of recorded deals: £100m

Regional Offices TOWN ADDRESS PRICE YIELD PURCHASER NOTES AYLESBURYBell Business Park £ 4.9m 6.6%Hill Road Properties Ltd 3,019m² BELFASTDonegall Square West £ 21m 3.75%Irish clients 6,689m² grade-II listed building BILLINGHAMEvolution Wynyard Park £ 1.275m 7.39%Helmsley Securities Ltd 713m² R:£99,840 T:Tilly Bailey & Irvine LLP LL:10 BIRMINGHAM35 Livery Street £ 10.5m -Highcross Fund Berwick House: 5,620m² (£2.5m refurb planned) BRIGHTON154/155 Edward Street £ 4.9m 6%Unknown T:American Express COVENTRYWarwick Science Park £ 4.05m -University of Warwick 2,809m² DORKINGRegent House £ 7.25m 6%Mole Vally Housing Assoc 2,019m² T:Lafarge, Friends Provident LEX:12/2009 EDINBURGHHanover Street £ 1.85m -Avanta Ltd 818m² EDINBURGH3-8 St Andrew Square £ 21.25m -Stockland Halladale Former Scottish Provident HQ - Development planned FARNHAM COMMONNorfolk House £ 1.5m 7%Unknown T:ISS Mediclean LEEDSCloth Hall Court £ 18.75m -Highcross Fund 5,946m² T:vacant (£9.4m extension + refub) LIVERPOOL57 Tithebarn Street £ 2.76m 6%Three60 Property Inv Ltd 1,604m² MANCHESTER3 Hardman Square £ 95.25m 5.36%CS Euroreal 16,722m² T:Halliwells LEX:2031 RR:Fixed uplift MANCHESTERIntl Office Centre £ 16.5m -Highcross Fund International Office Centre: 8,640m² (refurb planned) NOTTINGHAMng2, The Triangle £ 1.727m 6.4%Unknown 573m² R:£117,268 T:Staffline Recruitment Ltd LL:10 SHRIVENHAMShrivenham Hundred BP £ 0.19m 8%Unknown 181m² R:£15,000 T:Catalus LL:5 SUNDERLANDDoxford International £ 15.5m 8.3%Wrenbridge Land 10,421m² R:£1,350,000 T:EDF Energy LEX:2020 TBO WATFORDMeridien House £ 18.26m 6.07%IVG UK Ltd 5,574m² T:various (50% to government) Total value of recorded deals: £247m

Unit Shops TOWN ADDRESS PRICE YIELD PURCHASER NOTES BOGNOR REGIS26-30 London Road £ 1.53m 6%Hail Investments Ltd 224m² R:£97,000 T:DSG Retail, C&J Clark LL:3 + 8 BOLTON79/105 Deansgate £ 7.65m -Private Danish client 7,008m² T:JE Beale Plc LEX:11/2029 CHESTER42-48 Northgate Street £ 8m 5%Private investor T:Oasis, Vision Express DORCHESTERSouth Street £ 4.15m 4.9%Crescent Trustees R:£214,500 T:Starbucks, Laura Ashley, McKays PLYMPTON96a-d Ridgeway £ 0.7m 7%Local Shopping REIT Plc 4 retail units R:£51,350 - Long leasehold interest PORTFOLIOSpeedy Hire Portfolio £ 17.481m -Private client 68 Freehold and Leasehold trade counter units SHAFTESBURY54b High Street £ 0.435m 5.5%Private client 127m² R:£25,000 T:British Heart Foundation LL:15 SOLIHULLHigh Street & Mill Lane £ 13.7m 5.4%London & Associated Parade of 7 shops R:£788,500 SOUTHAMPTON69-75 Above Bar Street £ 13.25m 5.7%LaSalle Investment Man R:£798,350 T:Zavvi, Waterstones, Blacks SWANSEA242/245 Oxford Street £ 6.85m 5.52%Asschenfeldt Invest 4,695m² T:Woolworths LEX:03/2026

Page 2 The Property Investors Bulletin - February 2008 Edition January 2008 Investment Transactions by Sector

Unit Shops TOWN ADDRESS PRICE YIELD PURCHASER NOTES TUNBRIDGE WELLSThe Pantiles/Commons £ 11m - Group Plc Retail with potential to link to Corn Exchange WILMSLOWAlderley Road £ 8.9m 5%Private investor Parade of 13 shop units T:various (12) Total value of recorded deals: £94m

Shopping Centre TOWN ADDRESS PRICE YIELD PURCHASER NOTES LANCASTERMarketgate Centre £ 31.5m 5.76%Everard Goodman 9,290m² Total value of recorded deals: £32m

Retail Warehouse TOWN ADDRESS PRICE YIELD PURCHASER NOTES BLETCHLEYWatling Street £ 10.1m 5.57%LaSalle Investment Man 3,252m² R:£595,000 T:B&Q LANCASTER £ 27m 5.8%Resolution Property 10,869m² PORTFOLIORetail Park Portfolio £ 100m -Propinvest Holdings Ltd 3 retail parks - Charlton, Harlow, PORTFOLIOSeymour Portfolio £ 36m 6%LaSalle UK Ventures Fund (JV) 12,077m² - 4 retail warehouses ROMFORDGallows Corner £ 47m 5.7%Resolution Property 10,656m² SUNDERLANDB&Q - 5.75% Resolution Property Total value of recorded deals: £220m

Industrial TOWN ADDRESS PRICE YIELD PURCHASER NOTES BIRMINGHAMHams Hall £ 16m 7.33%IM Properties Plc 15,793m² T:Kuehne & Nagal, Bridisco LL:10-15 BORDONBordon Trading Estate £ 1.725m 7.65%Property & Investment Man 2,988m² R:£140,000 T:Fern-Howard Ltd LL:7 BOREHAMWOODStirling Way £ 1.715m -Sapcote Developments 2,973m² BRENTWOODWarley Fields £ 15m -Peri 16-acre site - Office redevelopment planned CASTLE DONINGTONEast Midlands Airport £ 0.715m -Private client 65 Ambassador Road - Small industrial warehouse LIVINGSTONHouston Industrial Estate £ 2.45m 7.4%Mutley Properties 3,949m² R:£191,300 T:Continental Tyre Group LL:6 LUTONEaton Green Road £ 5m -Amsprop Ltd (JV) Vauxhall lorry park - redevelopment proposals MORECAMBEWhite Lund Trading Estate £ 1.5m -Property Alliance Group 3,809m² S&L:Robert J Hall LL:10 NORTHAMPTON47 Caswell Rd Brackmills £ 6.4m -Federal Estates Ltd 9,058m² PENRITHGilwilly Ind Estate £ 2m -Property Alliance Group 5,760m² S&L:Nilfisk-Advance (partial) LL:5 PRESTWICHMount Heath Ind Estate £ 6.25m -Unknown 13,006m² - 9 units + development land WOLVERHAMPTONSpring Road Ind Estate £ 1.5m -Fletcher Estates Ltd Alpha One: 2,412m² Total value of recorded deals: £60m

Leisure TOWN ADDRESS PRICE YIELD PURCHASER NOTES HEATHROWPark Inn £ 150m -Yianis Group 881-bedroom hotel KESWICKDerwentwater Hotel - -Moorfield REF LP 67-room - 3 star hotel (includes Derwent Manor) LEEDSRedcote Lane £ 2.45m 5.9%Private Client 1,617m² R:£152,739 T:Fitness First LEX:11/2038 CPS:132 LONDON SW1160-162 Victoria Street £ 4.9m 3.5% Private family trust R:£183,821 T:Ask Restaurants LONDON W1Montcalm Hotel £ 35m -Hotelier family 120-bedroom hotel T:Nico LL:5 MANCHESTERVictoria & Albert Hotel £ 25m -Yianis Group Marriott Total value of recorded deals: £217m

Scottish TOWN ADDRESS PRICE YIELD PURCHASER NOTES EDINBURGH33a-35 George Street £ 21.24m 5.6%Private investor 4,626m² Shopping and office complex R:£1,260,000 EDINBURGHHanover Street £ 1.85m -Avanta Ltd 818m² EDINBURGH3-8 St Andrew Square £ 21.25m -Stockland Halladale Former Scottish Provident HQ - Development planned LIVINGSTONHouston Industrial Estate £ 2.45m 7.4%Mutley Properties 3,949m² R:£191,300 T:Continental Tyre Group LL:6 Total value of recorded deals: £47m

Portfolio TOWN ADDRESS PRICE YIELD PURCHASER NOTES PORTFOLIORetail Park Portfolio £ 100m -Propinvest Holdings Ltd 3 retail parks - Charlton, Harlow, Birmingham PORTFOLIOSeymour Portfolio £ 36m 6%LaSalle UK Ventures Fund (JV) 12,077m² - 4 retail warehouses PORTFOLIOSouthern Cross Portfolio £ 22m -Unknown Four care homes S&L:Southern Cross Group Plc LL:30

The Property Investors Bulletin - February 2008 Edition Page 3 January 2008 Investment Transactions by Sector

Portfolio TOWN ADDRESS PRICE YIELD PURCHASER NOTES PORTFOLIOSouthern Cross Portfolio £ 95.5m -Citrus Group (JV) 15 care homes in north England S&L:Southern Cross LL:30 PORTFOLIOSpeedy Hire Portfolio £ 17.481m -Private client 68 Freehold and Leasehold trade counter units Total value of recorded deals: £271m

Page 4 The Property Investors Bulletin - February 2008 Edition Geographical Listing of UK Investment Transactions During January 2008 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

ADDRESS PRICE/NIY SECTOR PURCHASER(s) VENDOR(s) COMMENT AYLESBURY £4.9m Business Hill Road Properties Ltd () Status Property Group (DTZ) 3,019m² Bell Business Park 6.6% Park BELFAST £21m Office Irish clients (BTWShiells) ING REIM UK Ltd () 6,689m² grade-II listed building Donegall Square West 3.75% BILLINGHAM £1.275m Business Helmsley Securities Ltd () Strategic Sites (Storey Sons & Parker / ) 713m² R:£99,840 T:Tilly Bailey & Irvine LLP LL:10 Evolution Wynyard Park 7.39% Park BIRMINGHAM £16m Distribution IM Properties Plc (Jones Lang LaSalle) Wrenbridge Land (M3) 15,793m² T:Kuehne & Nagal, Bridisco LL:10-15 Hams Hall 7.33% Warehouse BIRMINGHAM £10.5m Office Highcross Fund Boultbee Land Berwick House: 5,620m² (£2.5m refurb planned) 35 Livery Street n/a BLETCHLEY £10.1m Retail LaSalle Investment Man (CB Richard Ellis) National Grid PF (AtisReal) 3,252m² R:£595,000 T:B&Q Watling Street 5.57% Warehouse BOGNOR REGIS £1.53m Retail Hail Investments Ltd (Hughes Ellard) Undisclosed (Savills) 224m² R:£97,000 T:DSG Retail, C&J Clark LL:3 + 8 26-30 London Road 6% BOLTON £7.65m Retail Private Danish client (GVA Grimley) Undisclosed 7,008m² T:JE Beale Plc LEX:11/2029 79/105 Deansgate n/a BORDON £1.725m Industrial Property & Investment Man (Philip Marsh Hardings Deung) Private client (Wadham & Isherwood) 2,988m² R:£140,000 T:Fern-Howard Ltd LL:7 Bordon Trading Estate 7.65% BOREHAMWOOD £1.715m Industrial Sapcote Developments (WL Commercial Ltd) Alumnesc (Brasier Harris) 2,973m² Stirling Way n/a BRENTWOOD £15m Industrial Peri (CB Richard Ellis) Salmon Harvester Property (DTZ / Kemsley Whiteley & Ferris) 16-acre site - Office redevelopment planned Warley Fields n/a BRIGHTON £4.9m Office Undisclosed (Eriera Mendoza & Co) Client (Barrs Freer-Smith) T:American Express 154/155 Edward Street 6% CANNOCK £0.92m Mixed C H Shaw Properties St Modwen Plc (Andrew Dixon & Co) 2.2 acre plot for industrial/office scheme Orbital Way n/a CASTLE DONINGTON £0.715m Industrial Private client Ryan Air (GVA Grimley) 65 Ambassador Road - Small industrial warehouse East Midlands Airport n/a CHESTER £8m Retail Private investor (Briant Champion Long) GE Real Estate (NB Real Estate) T:Oasis, Vision Express 42-48 Northgate Street 5% COVENTRY £4.05m Business University of Warwick (Gerald Eve) CBRE Investors (CB Richard Ellis) 2,809m² Warwick Science Park n/a Park DORCHESTER £4.15m Retail Crescent Trustees (Bromilows) Target Blue (Kitchen La Frenais Morgan) R:£214,500 T:Starbucks, Laura Ashley, McKays South Street 4.9% DORKING £7.25m Office Mole Vally Housing Assoc () Valad Property Group (AtisReal) 2,019m² T:Lafarge, Friends Provident LEX:12/2009 Regent House 6% EDINBURGH £21.24m Mixed Private investor (Alan Watt & Co) Coal Pension Properties (DTZ) 4,626m² Shopping and office complex R:£1,260,000 33a-35 George Street 5.6% EDINBURGH £1.85m Office Avanta Ltd Fidra Investments 818m² Hanover Street n/a EDINBURGH £21.25m Office Stockland Halladale ING REIM UK Ltd (DTZ / Culverwell & Co) Former Scottish Provident HQ - Development planned 3-8 St Andrew Square n/a

The Property Investors Bulletin - February 2008 Edition Page 5 Geographical Listing of UK Investment Transactions During January 2008 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

ADDRESS PRICE/NIY SECTOR PURCHASER(s) VENDOR(s) COMMENT FARNHAM COMMON £1.5m Office Undisclosed (Eriera Mendoza & Co) Private client (Eriera Mendoza & Co) T:ISS Mediclean Norfolk House 7% HEATHROW £150m Leisure Yianis Group Royal Bank of Scotland 881-bedroom hotel Park Inn n/a KESWICK n/a Leisure Moorfield REF LP Undisclosed 67-room - 3 star hotel (includes Derwent Manor) Derwentwater Hotel n/a LANCASTER £27m Retail Resolution Property Resolution Asset Man 10,869m² 5.8% Warehouse LANCASTER £31.5m Shopping Everard Goodman (Franc Warwick) Boultbee Land (Michael Elliott) 9,290m² Marketgate Centre 5.76% Centre £18.75m Office Highcross Fund (Grenville Smith Duncan) Princeton Investments Plc 5,946m² T:vacant (£9.4m extension + refub) Cloth Hall Court n/a Patron Capital Partners LEEDS £2.45m Leisure Private Client (GVA Grimley) Undisclosed 1,617m² R:£152,739 T:Fitness First LEX:11/2038 CPS:132 Redcote Lane 5.9% £2.76m Office Three60 Property Inv Ltd (King Sturge) Private client 1,604m² 57 Tithebarn Street 6% LIVINGSTON £2.45m Industrial Mutley Properties (James Barr & Son) PRUPIM (Montagu Evans) 3,949m² R:£191,300 T:Continental Tyre Group LL:6 Houston Industrial Estate 7.4% LONDON EC1 £9m Office Structadene Group (NB Real Estate) CBRE Investors (Ingleby Trice Kennard) 2,118m² T:various 75 Farringdon Road 6.74% Private US investor (Richard Susskind & Co) LONDON EC4 £110m Office Candar Finance SARL Hines UK 38,739m² - Equity funding for office scheme 78 Cannon Street n/a LONDON EC4 £17.45m Office Private investor (Ashwell Rogers) Henderson Property Fund (Godfrey Vaughan) 2,391m² T:various 167-170 Fleet Street 5.35% LONDON EC4 £78m Office Northern Irish investor Property Trust (King Sturge) 7,804m² T:Withers 16 Old Bailey 4.85% LONDON SE1 £30m Office Zijaj CLS Holdings Plc 33% stake in Shard of Glass + New London Bridge House London Bridge n/a LONDON SW1 £4.9m Leisure Private family trust (Davis Coffer Lyons) Land Securities Plc R:£183,821 T:Ask Restaurants 160-162 Victoria Street 3.5% LONDON W1 £3.6m Office Grosvenor Ltd (CB Richard Ellis) Private investor (Summit Property Advisors) 279m² - Long leasehold 50 Brook Street n/a LONDON W1 £3.7m Mixed Causeway Investments (CB Richard Ellis) Private investor (King Sturge) 379m² - 118 year long leasehold interest 52 Brooks Mews 4.09% LONDON W1 £57m Office Mitsui Fudosan (U.K.) Ltd Japan Airlines Intl 7 floor building - redevelopment planned 5 Hanover Square n/a LONDON W1 £35m Leisure Hotelier family Bratan Properties (Savills) 120-bedroom hotel T:Nico LL:5 Montcalm Hotel n/a LONDON W2 £100m Office Quinlan Private (King Sturge) Morley Fund Management (CB Richard Ellis) 2 Kingdom St: 23,411m² - Funding 50% stake PaddingtonCentral n/a LONDON WC1 £17.45m Office Royal College Paediatrics Valad Property Group 1,951m² 5-11 Theobalds Road n/a

The Property Investors Bulletin - February 2008 Edition Page 6 Geographical Listing of UK Investment Transactions During January 2008 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

ADDRESS PRICE/NIY SECTOR PURCHASER(s) VENDOR(s) COMMENT LUTON £5m Industrial Amsprop Ltd General Motors (Jones Lang LaSalle) Vauxhall lorry park - redevelopment proposals Eaton Green Road n/a Turnstone Estates £95.25m Office CS Euroreal (Tudor Toone) Norwich Property Trust (King Sturge) 16,722m² T:Halliwells LEX:2031 RR:Fixed uplift 3 Hardman Square 5.36% MANCHESTER £16.5m Office Highcross Fund (Grenville Smith Duncan) BAe Pension Fund Trustees (WHR Property Consultants) International Office Centre: 8,640m² (refurb planned) Intl Office Centre n/a MANCHESTER £15.53m Mixed UK Land & Property (Jones Lang LaSalle) Scottish Widows (Savills) 3,837m² - 2 retail units T:DKNY, Belstaff + offices 76 King Street n/a MANCHESTER £25m Leisure Yianis Group Royal Bank of Scotland Marriott Victoria & Albert Hotel n/a MORECAMBE £1.5m Industrial Property Alliance Group Robert J Hall 3,809m² S&L:Robert J Hall LL:10 White Lund Trading Estate n/a NORTHAMPTON £6.4m Industrial Federal Estates Ltd Royal Mail Pension Fund (King Sturge) 9,058m² 47 Caswell Rd Brackmills n/a NOTTINGHAM £1.727m Business Undisclosed (Nattrass Giles) Undisclosed (Fisher Hargreaves Proctor) 573m² R:£117,268 T:Staffline Recruitment Ltd LL:10 ng2, The Triangle 6.4% Park PENRITH £2m Industrial Property Alliance Group Nilfisk-Advance 5,760m² S&L:Nilfisk-Advance (partial) LL:5 Gilwilly Ind Estate n/a PLYMPTON £0.7m Retail Local Shopping REIT Plc (Monk & Partners) Private investor 4 retail units R:£51,350 - Long leasehold interest 96a-d Ridgeway 7% PORTFOLIO £100m Retail Propinvest Holdings Ltd (Franc Warwick) Morley Fund Management (Joiner Cummings) 3 retail parks - Charlton, Harlow, Birmingham Retail Park Portfolio n/a Warehouse PORTFOLIO £36m Retail LaSalle UK Ventures Fund (Lewis & Partners) Plc (Savills) 12,077m² - 4 retail warehouses Seymour Portfolio 6% Warehouse Tony Khalastchi PORTFOLIO £22m Misc. Undisclosed Southern Cross Group Plc Four care homes S&L:Southern Cross Group Plc LL:30 Southern Cross Portfolio n/a PORTFOLIO £95.5m Misc. Citrus Group Southern Cross Group Plc 15 care homes in north England S&L:Southern Cross LL:30 Southern Cross Portfolio n/a Apollo Real Estate PORTFOLIO £17.481m Retail Private client (Capital Retail) Speedy Hire Plc (NB Real Estate) 68 Freehold and Leasehold trade counter units Speedy Hire Portfolio n/a PRESTWICH £6.25m Industrial Undisclosed Townson Estates (King Sturge) 13,006m² - 9 units + development land Mount Heath Ind Estate n/a ROMFORD £47m Retail Resolution Property (Harvey Spack Field) Standard Life (Edgerley Simpson Howe & Partners) 10,656m² Gallows Corner 5.7% Warehouse SHAFTESBURY £0.435m Retail Private client (Clive Thomas & Co) Undisclosed (Rowley Hughes Thompson) 127m² R:£25,000 T:British Heart Foundation LL:15 54b High Street 5.5% SHEFFIELD £21.55m Mixed Hanson Capital Management (Charles Matthews) CTP Ltd (GVA Grimley) 520-space multi-storey car park T:Q-Park + leisure St Pauls Place n/a St James Securities () SHRIVENHAM £0.19m Business Undisclosed Undisclosed (Loveday & Loveday) 181m² R:£15,000 T:Catalus LL:5 Shrivenham Hundred BP 8% Park SOLIHULL £13.7m Retail London & Associated (Lewis & Partners) Standard Life Parade of 7 shops R:£788,500 High Street & Mill Lane 5.4%

The Property Investors Bulletin - February 2008 Edition Page 7 Geographical Listing of UK Investment Transactions During January 2008 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

ADDRESS PRICE/NIY SECTOR PURCHASER(s) VENDOR(s) COMMENT SOUTHAMPTON £13.25m Retail LaSalle Investment Man (Tudor Toone) National Grid PF (AtisReal) R:£798,350 T:Zavvi, Waterstones, Blacks 69-75 Above Bar Street 5.7% ST HELIER, JERSEY £5m Mixed Private investor Undisclosed Retail T:Waterstones + offices behind 27 Hill Street 16 Queen Street 7.25% SUNDERLAND n/a Retail Resolution Property Standard Life B&Q 5.75% Warehouse SUNDERLAND £15.5m Business Wrenbridge Land (Drivers Jonas) Norwich Property Trust (GVA Grimley) 10,421m² R:£1,350,000 T:EDF Energy LEX:2020 TBO Doxford International 8.3% Park SWANSEA £6.85m Retail Asschenfeldt Invest (GVA Grimley) Goodman Investors (NB Real Estate) 4,695m² T:Woolworths LEX:03/2026 242/245 Oxford Street 5.52% TUNBRIDGE WELLS £11m Retail Targetfollow Group Plc (DTZ) Manor of Rusthall (CB Richard Ellis) Retail with potential to link to Corn Exchange The Pantiles/Commons n/a WATFORD £18.26m Office IVG UK Ltd (Jones Lang LaSalle) CBRE Investors 5,574m² T:various (50% to government) Meridien House 6.07% WILMSLOW £8.9m Retail Private investor GE Real Estate (NB Real Estate / Christopher Dee) Parade of 13 shop units T:various (12) Alderley Road 5% WOLVERHAMPTON £1.5m Industrial Fletcher Estates Ltd R C Developments Ltd (Towler Shaw Roberts Ltd) Alpha One: 2,412m² Spring Road Ind Estate n/a

The Property Investors Bulletin - February 2008 Edition Page 8 Buyers & Sellers During January 2008

Institutions

COMPANY B/S TOWN STREET SECTOR PRICE YIELD BAe Pension Fund Trustees SELL MANCHESTER Intl Office CentreOffice £16.5m N/A CBRE Investors SELL COVENTRY Warwick Science ParkBusiness Park £4.05m N/A CBRE Investors SELL LONDON EC1 75 Farringdon RoadOffice £9m 6.74% CBRE Investors SELL WATFORD Meridien HouseOffice £18.26m 6.07% Coal Pension Properties SELL EDINBURGH 33a-35 George StreetMixed £21.24m 5.6% Goodman Investors SELL SWANSEA 242/245 Oxford StreetRetail £6.85m 5.52% Henderson Property Fund SELL LONDON EC4 167-170 Fleet StreetOffice £17.45m 5.35% ING REIM UK Ltd SELL BELFAST Donegall Square WestOffice £21m 3.75% ING REIM UK Ltd SELL EDINBURGH 3-8 St Andrew SquareOffice £21.25m N/A LaSalle Investment Man BUY BLETCHLEY Watling StreetRetail Warehouse £10.1m 5.57% LaSalle Investment Man BUY SOUTHAMPTON 69-75 Above Bar StreetRetail £13.25m 5.7% LaSalle UK Ventures Fund (JV) BUY PORTFOLIO Seymour PortfolioRetail Warehouse £36m 6% Morley Fund Management SELL LONDON W2 PaddingtonCentralOffice £100m N/A Morley Fund Management SELL PORTFOLIO Retail Park PortfolioRetail Warehouse £100m N/A National Grid PF SELL BLETCHLEY Watling StreetRetail Warehouse £10.1m 5.57% National Grid PF SELL SOUTHAMPTON 69-75 Above Bar StreetRetail £13.25m 5.7% Norwich Property Trust SELL LONDON EC4 16 Old BaileyOffice £78m 4.85% Norwich Property Trust SELL MANCHESTER 3 Hardman SquareOffice £95.25m 5.36% Norwich Property Trust SELL SUNDERLAND Doxford InternationalBusiness Park £15.5m 8.3% PRUPIM SELL LIVINGSTON Houston Industrial EstateIndustrial £2.45m 7.4% Resolution Asset Man SELL LANCASTER Retail Warehouse £27m 5.8% Royal Mail Pension Fund SELL NORTHAMPTON 47 Caswell Rd BrackmillsIndustrial £6.4m N/A Scottish Widows SELL MANCHESTER 76 King StreetMixed £15.53m N/A Standard Life SELL ROMFORD Gallows CornerRetail Warehouse £47m 5.7% Standard Life SELL SOLIHULL High Street & Mill LaneRetail £13.7m 5.4% Standard Life SELL SUNDERLAND B&QRetail Warehouse N/A 5.75% Property Companies

COMPANY B/S TOWN STREET SECTOR PRICE YIELD Amsprop Ltd (JV) BUY LUTON Eaton Green RoadIndustrial £5m N/A Avanta Ltd BUY EDINBURGH Hanover StreetOffice £1.85m N/A Boultbee Land SELL BIRMINGHAM 35 Livery StreetOffice £10.5m N/A Boultbee Land SELL LANCASTER Marketgate CentreShopping Centre £31.5m 5.76% British Land Plc SELL PORTFOLIO Seymour PortfolioRetail Warehouse £36m 6% C H Shaw Properties BUY CANNOCK Orbital WayMixed £0.92m N/A Citrus Group (JV) BUY PORTFOLIO Southern Cross PortfolioMisc. £95.5m N/A CLS Holdings Plc SELL LONDON SE1 London BridgeOffice £30m N/A CTP Ltd (JV) SELL SHEFFIELD St Pauls PlaceMixed £21.55m N/A Fidra Investments SELL EDINBURGH Hanover StreetOffice £1.85m N/A Fletcher Estates Ltd BUY WOLVERHAMPTON Spring Road Ind EstateIndustrial £1.5m N/A Grosvenor Ltd BUY LONDON W1 50 Brook StreetOffice £3.6m N/A Hail Investments Ltd BUY BOGNOR REGIS 26-30 London RoadRetail £1.53m 6% Hanson Capital Management BUY SHEFFIELD St Pauls PlaceMixed £21.55m N/A Helmsley Securities Ltd BUY BILLINGHAM Evolution Wynyard ParkBusiness Park £1.275m 7.39% Hill Road Properties Ltd BUY AYLESBURY Bell Business ParkBusiness Park £4.9m 6.6% IM Properties Plc BUY BIRMINGHAM Hams HallDistribution Warehouse £16m 7.33% Land Securities Plc SELL LONDON SW1 160-162 Victoria StreetLeisure £4.9m 3.5% Local Shopping REIT Plc BUY PLYMPTON 96a-d RidgewayRetail £0.7m 7% London & Associated BUY SOLIHULL High Street & Mill LaneRetail £13.7m 5.4% Mutley Properties BUY LIVINGSTON Houston Industrial EstateIndustrial £2.45m 7.4% Property & Investment Man BUY BORDON Bordon Trading EstateIndustrial £1.725m 7.65% Property Alliance Group BUY MORECAMBE White Lund Trading EstateIndustrial £1.5m N/A Property Alliance Group BUY PENRITH Gilwilly Ind EstateIndustrial £2m N/A

The Property Investors Bulletin - February 2008 Edition Page 9 Buyers & Sellers During January 2008

Property Companies

COMPANY B/S TOWN STREET SECTOR PRICE YIELD Propinvest Holdings Ltd BUY PORTFOLIO Retail Park PortfolioRetail Warehouse £100m N/A R C Developments Ltd SELL WOLVERHAMPTON Spring Road Ind EstateIndustrial £1.5m N/A Resolution Property BUY LANCASTER Retail Warehouse £27m 5.8% Resolution Property BUY ROMFORD Gallows CornerRetail Warehouse £47m 5.7% Resolution Property BUY SUNDERLAND B&QRetail Warehouse N/A 5.75% Salmon Harvester Property SELL BRENTWOOD Warley FieldsIndustrial £15m N/A Sapcote Developments BUY BOREHAMWOOD Stirling WayIndustrial £1.715m N/A St James Securities (JV) SELL SHEFFIELD St Pauls PlaceMixed £21.55m N/A St Modwen Plc SELL CANNOCK Orbital WayMixed £0.92m N/A Status Property Group SELL AYLESBURY Bell Business ParkBusiness Park £4.9m 6.6% Stockland Halladale BUY EDINBURGH 3-8 St Andrew SquareOffice £21.25m N/A Strategic Sites SELL BILLINGHAM Evolution Wynyard ParkBusiness Park £1.275m 7.39% Structadene Group (JV) BUY LONDON EC1 75 Farringdon RoadOffice £9m 6.74% Targetfollow Group Plc BUY TUNBRIDGE WELLS The Pantiles/CommonsRetail £11m N/A Three60 Property Inv Ltd BUY LIVERPOOL 57 Tithebarn StreetOffice £2.76m 6% Townson Estates SELL PRESTWICH Mount Heath Ind EstateIndustrial £6.25m N/A Turnstone Estates (JV) BUY LUTON Eaton Green RoadIndustrial £5m N/A UK Land & Property BUY MANCHESTER 76 King StreetMixed £15.53m N/A Wrenbridge Land SELL BIRMINGHAM Hams HallDistribution Warehouse £16m 7.33% Wrenbridge Land BUY SUNDERLAND Doxford InternationalBusiness Park £15.5m 8.3% Overseas Investors

COMPANY B/S TOWN STREET SECTOR PRICE YIELD Apollo Real Estate (JV) BUY PORTFOLIO Southern Cross PortfolioMisc. £95.5m N/A Asschenfeldt Invest BUY SWANSEA 242/245 Oxford StreetRetail £6.85m 5.52% Bratan Properties SELL LONDON W1 Montcalm HotelLeisure £35m N/A Candar Finance SARL BUY LONDON EC4 78 Cannon StreetOffice £110m N/A CS Euroreal BUY MANCHESTER 3 Hardman SquareOffice £95.25m 5.36% Federal Estates Ltd BUY NORTHAMPTON 47 Caswell Rd BrackmillsIndustrial £6.4m N/A GE Real Estate SELL CHESTER 42-48 Northgate StreetRetail £8m 5% GE Real Estate SELL WILMSLOW Alderley RoadRetail £8.9m 5% Highcross Fund BUY BIRMINGHAM 35 Livery StreetOffice £10.5m N/A Highcross Fund BUY LEEDS Cloth Hall CourtOffice £18.75m N/A Highcross Fund BUY MANCHESTER Intl Office CentreOffice £16.5m N/A Hines UK SELL LONDON EC4 78 Cannon StreetOffice £110m N/A Irish clients BUY BELFAST Donegall Square WestOffice £21m 3.75% IVG UK Ltd BUY WATFORD Meridien HouseOffice £18.26m 6.07% Mitsui Fudosan (U.K.) Ltd BUY LONDON W1 5 Hanover SquareOffice £57m N/A Moorfield REF LP BUY KESWICK Derwentwater HotelLeisure N/A N/A Patron Capital Partners (JV) SELL LEEDS Cloth Hall CourtOffice £18.75m N/A Princeton Investments Plc (JV) SELL LEEDS Cloth Hall CourtOffice £18.75m N/A Private Danish client BUY BOLTON 79/105 DeansgateRetail £7.65m N/A Private US investor (JV) BUY LONDON EC1 75 Farringdon RoadOffice £9m 6.74% Quinlan Private BUY LONDON W2 PaddingtonCentralOffice £100m N/A Valad Property Group SELL DORKING Regent HouseOffice £7.25m 6% Valad Property Group SELL LONDON WC1 5-11 Theobalds RoadOffice £17.45m N/A Yianis Group BUY HEATHROW Park InnLeisure £150m N/A Yianis Group BUY MANCHESTER Victoria & Albert HotelLeisure £25m N/A Zijaj BUY LONDON SE1 London BridgeOffice £30m N/A Private Investors / Syndicates / Trusts

COMPANY B/S TOWN STREET SECTOR PRICE YIELD Client SELL BRIGHTON 154/155 Edward StreetOffice £4.9m 6%

Page 10 The Property Investors Bulletin - February 2008 Edition Buyers & Sellers During January 2008

Private Investors / Syndicates / Trusts

COMPANY B/S TOWN STREET SECTOR PRICE YIELD Crescent Trustees BUY DORCHESTER South StreetRetail £4.15m 4.9% Everard Goodman BUY LANCASTER Marketgate CentreShopping Centre £31.5m 5.76% Manor of Rusthall SELL TUNBRIDGE WELLS The Pantiles/CommonsRetail £11m N/A Northern Irish investor BUY LONDON EC4 16 Old BaileyOffice £78m 4.85% Private client SELL BORDON Bordon Trading EstateIndustrial £1.725m 7.65% Private client BUY CASTLE DONINGTON East Midlands AirportIndustrial £0.715m N/A Private client SELL FARNHAM COMMON Norfolk HouseOffice £1.5m 7% Private Client BUY LEEDS Redcote LaneLeisure £2.45m 5.9% Private client SELL LIVERPOOL 57 Tithebarn StreetOffice £2.76m 6% Private client BUY PORTFOLIO Speedy Hire PortfolioRetail £17.481m N/A Private client BUY SHAFTESBURY 54b High StreetRetail £0.435m 5.5% Private family trust BUY LONDON SW1 160-162 Victoria StreetLeisure £4.9m 3.5% Private investor BUY CHESTER 42-48 Northgate StreetRetail £8m 5% Private investor BUY EDINBURGH 33a-35 George StreetMixed £21.24m 5.6% Private investor BUY LONDON EC4 167-170 Fleet StreetOffice £17.45m 5.35% Private investor SELL LONDON W1 50 Brook StreetOffice £3.6m N/A Private investor SELL LONDON W1 52 Brooks MewsMixed £3.7m 4.09% Private investor SELL PLYMPTON 96a-d RidgewayRetail £0.7m 7% Private investor BUY ST HELIER, JERSEY 16 Queen StreetMixed £5m 7.25% Private investor BUY WILMSLOW Alderley RoadRetail £8.9m 5% Tony Khalastchi (JV) BUY PORTFOLIO Seymour PortfolioRetail Warehouse £36m 6% Occupiers

COMPANY B/S TOWN STREET SECTOR PRICE YIELD Alumnesc SELL BOREHAMWOOD Stirling WayIndustrial £1.715m N/A General Motors SELL LUTON Eaton Green RoadIndustrial £5m N/A Hotelier family BUY LONDON W1 Montcalm HotelLeisure £35m N/A Japan Airlines Intl SELL LONDON W1 5 Hanover SquareOffice £57m N/A Mole Vally Housing Assoc BUY DORKING Regent HouseOffice £7.25m 6% Nilfisk-Advance SELL PENRITH Gilwilly Ind EstateIndustrial £2m N/A Peri BUY BRENTWOOD Warley FieldsIndustrial £15m N/A Robert J Hall SELL MORECAMBE White Lund Trading EstateIndustrial £1.5m N/A Royal College Paediatrics BUY LONDON WC1 5-11 Theobalds RoadOffice £17.45m N/A Ryan Air SELL CASTLE DONINGTON East Midlands AirportIndustrial £0.715m N/A Southern Cross Group Plc SELL PORTFOLIO Southern Cross PortfolioMisc. £95.5m N/A Southern Cross Group Plc SELL PORTFOLIO Southern Cross PortfolioMisc. £22m N/A Speedy Hire Plc SELL PORTFOLIO Speedy Hire PortfolioRetail £17.481m N/A University of Warwick BUY COVENTRY Warwick Science ParkBusiness Park £4.05m N/A Financial/Banks

COMPANY B/S TOWN STREET SECTOR PRICE YIELD Royal Bank of Scotland SELL HEATHROW Park InnLeisure £150m N/A Royal Bank of Scotland SELL MANCHESTER Victoria & Albert HotelLeisure £25m N/A

The Property Investors Bulletin - February 2008 Edition Page 11 Three Month Yield Index

West End Offices Regional Offices TOWN ADDRESS PRICE YIELD DATE TOWN ADDRESS PRICE YIELD DATE LONDON W113 Stratford Place £ 5m 2.90% Dec 2007 LONG EATONWilsthorpe Road £ 3.4m 6.35% Dec 2007 LONDON W159-60 Grosvenor Street £ 23.4m 4.13% Dec 2007 NOTTINGHAMng2, The Triangle £ 1.727m 6.40% Jan 2008 LONDON W16/8a Sackville Street £ 16.1m 4.40% Dec 2007 AYLESBURYBell Business Park £ 4.9m 6.60% Jan 2008 LONDON SW110/18 Victoria Street £ 175.85m 4.87% Dec 2007 CHATHAMThe Observatory, Brunel £ 4.8m 6.70% Nov 2007 LONDON SW129/30 St James Street £ 20m 5.04% Dec 2007 SOUTH NORMANTONVillage Business Park £ 0.92m 6.73% Nov 2007 LONDON W110 Stratton Street £ 48.5m 5.19% Dec 2007 BRISTOLAmelia Court, Pipe Lane £ 6.5m 6.80% Nov 2007 LONDON W148-50 Broadwick Street £ 17.38m 5.25% Dec 2007 BIRMINGHAMAlpha Tower, Suffolk St £ 45.75m 6.95% Dec 2007 LONDON SW115 Suffolk Street £ 27m 6.25% Dec 2007 RUGBY9 North Street £ 2.6m 6.98% Nov 2007 Weighted Average Net Initial Yield: 4.95% FARNHAM COMMONNorfolk House £ 1.5m 7.00% Jan 2008 HOOKBartley Wood Business Pk £ 11.55m 7.00% Nov 2007 City Offices OXFORDOxford Business Park £ 8.8m 7.00% Dec 2007 TOWN ADDRESS PRICE YIELD DATE STOKE-ON-TRENTSiTECH Training Centre £ 2.101m 7.00% Dec 2007 LONDON EC11-5 Portpool Lane £ 3.15m 3.70% Dec 2007 SWANSEAWaterside Business Park £ 5.45m 7.00% Dec 2007 LONDON EC229 Throgmorton Street £ 17.5m 4.50% Nov 2007 WARRINGTONDaresbury Park £ 2.2m 7.00% Dec 2007 LONDON E1Thomas More Square £ 131.5m 4.60% Nov 2007 SLOUGHNorfolk Ho, Christmas Ln £ 1.5m 7.10% Jan 2008 LONDON EC416 Old Bailey £ 78m 4.85% Jan 2008 BRACKNELLColumbia Centre £ 16.75m 7.20% Nov 2007 LONDON EC2120 Old Broad Street £ 27.5m 5.30% Nov 2007 WARRINGTONLingley Mere Bus Park £ 5.65m 7.38% Dec 2007 LONDON EC4100 Ludgate Hill £ 43.5m 5.30% Dec 2007 BILLINGHAMEvolution Wynyard Park £ 1.275m 7.39% Jan 2008 LONDON EC44-15 St Pauls Churchyard £ 115m 5.30% Dec 2007 STEVENAGEMeadway Corporate Centre £ 6.7m 7.49% Nov 2007 LONDON EC4167-170 Fleet Street £ 17.45m 5.35% Jan 2008 NORTHWICH2 Royal Court £ 0.73m 7.60% Dec 2007 LONDON EC410 Queen Street Place £ 145m 5.75% Dec 2007 EDINBURGHHeriot Watt Research Park £ 5.45m 7.63% Nov 2007 LONDON EC236-37 Old Jewry £ 18.65m 6.00% Dec 2007 WARRINGTONBirchwood Park Avenue £ 16m 7.75% Nov 2007 LONDON EC175 Farringdon Road £ 9m 6.74% Jan 2008 SEVENOAKS1 The Square £ 0.522m 8.25% Nov 2007 LONDON EC480 Cannon Street £ 30m 7.09% Dec 2007 SUNDERLANDDoxford International £ 15.5m 8.30% Jan 2008 Weighted Average Net Initial Yield: 5.30% Weighted Average Net Initial Yield: 5.83%

Mid-Town Offices Unit Shops TOWN ADDRESS PRICE YIELD DATE TOWN ADDRESS PRICE YIELD DATE LONDON WC224 Lincolns Inn Fields £ 3.8m 3.36% Nov 2007 LONDON E1880 High Road £ 0.55m 2.58% Dec 2007 LONDON WC227a Floral Street £ 20.5m 4.27% Dec 2007 CARDIFF47-49 Queen Street £ 15m 3.83% Nov 2007 LONDON WC227-28 Lincolns Inn Field £ 8.75m 4.32% Dec 2007 GLASGOW36 Buchanan Street £ 6.4m 4.80% Dec 2007 LONDON WC1168-173 High Holborn £ 34m 5.75% Dec 2007 NOTTINGHAM2 High Street £ 4.35m 4.85% Dec 2007 Weighted Average Net Initial Yield: 4.98% DORCHESTERSouth Street £ 4.15m 4.90% Jan 2008 CHESTER42-48 Northgate Street £ 8m 5.00% Jan 2008 Regional Offices LEWES215-218 High Street £ 5.3m 5.00% Nov 2007 WILMSLOWAlderley Road £ 8.9m 5.00% Jan 2008 TOWN ADDRESS PRICE YIELD DATE CHESTER5-7 Northgate Street £ 3.264m 5.20% Dec 2007 BRACKNELLAmber & Regency House £ 7.5m 3.15% Nov 2007 GLASGOW109-113 Sauchiehall St £ 2.963m 5.25% Nov 2007 BELFASTDonegall Square West £ 21m 3.75% Jan 2008 CHELTENHAM128 High Street £ 5.9m 5.29% Nov 2007 NEWCASTLE-UPON-TCobalt Business Park £ 77.469m 4.19% Nov 2007 SOLIHULLHigh Street & Mill Lane £ 13.7m 5.40% Jan 2008 EDINBURGH88 Princes Street £ 6.7m 5.15% Nov 2007 SHAFTESBURY54b High Street £ 0.435m 5.50% Jan 2008 MANCHESTER3 Hardman Square £ 95.25m 5.36% Jan 2008 SWANSEA242/245 Oxford Street £ 6.85m 5.52% Jan 2008 TUNBRIDGE WELLSGrove Hill Road £ 1.5m 5.40% Nov 2007 MERTHYR TYDFILMarket Square £ 2.62m 5.68% Dec 2007 CANTERBURY81-82 Castle Street £ 1.65m 5.50% Nov 2007 SOUTHAMPTON69-75 Above Bar Street £ 13.25m 5.70% Jan 2008 GLASGOW124 St Vincent Street £ 8.8m 5.60% Nov 2007 LYTHAM ST ANNES14-20 St Annes Road West £ 1.92m 5.90% Nov 2007 SLOUGHLandmark Place £ 34m 5.60% Nov 2007 MERTHYR TYDFIL50 High Street £ 0.7m 5.90% Nov 2007 ST PETER PORT, CIRegency Court £ 35.6m 5.78% Dec 2007 BOGNOR REGIS26-30 London Road £ 1.53m 6.00% Jan 2008 MILTON KEYNESCaldecotte Lake Bus Park £ 32.5m 5.80% Dec 2007 BEDFORD7-9 Silver Street £ 1.675m 6.10% Nov 2007 EDINBURGHRosyth Europark £ 27m 5.91% Dec 2007 LEICESTER18/30 Charles Street £ 1.737m 6.20% Dec 2007 LEICESTERMeridian Business Park £ 4.585m 5.92% Nov 2007 GLASGOW130 St Vincent Street £ 8.75m 6.28% Nov 2007 BRIGHTON154/155 Edward Street £ 4.9m 6.00% Jan 2008 TROWBRIDGECanal Road £ 1.25m 6.40% Nov 2007 DORKINGRegent House £ 7.25m 6.00% Jan 2008 YEALMPTONMarket Street £ 0.34m 6.50% Dec 2007 LIVERPOOL57 Tithebarn Street £ 2.76m 6.00% Jan 2008 BASILDONFreedom Ho, East Square £ 17.5m 6.75% Nov 2007 WATFORDMeridien House £ 18.26m 6.07% Jan 2008 PLYMOUTH120/122 Cornwall Street £ 0.805m 6.92% Nov 2007 NEWCASTLE-UPON-TCobalt Office Park £ 21.55m 6.10% Nov 2007 PLYMPTON96a-d Ridgeway £ 0.7m 7.00% Jan 2008 BRISTOL9 & 10 Brunswick Square £ 0.9m 6.20% Nov 2007 ABERYSTWYTH23/25 Terrace Road £ 0.475m 7.10% Dec 2007 ABERYSTWYTHAberystwyth Marina £ 1.6m 6.30% Nov 2007 EDINBURGH28 Thistle Street £ 2.35m 6.33% Dec 2007 Weighted Average Net Initial Yield: 5.42%

Page 12 The Property Investors Bulletin - February 2008 Edition Three Month Yield Index

Shopping Centre Industrial TOWN ADDRESS PRICE YIELD DATE TOWN ADDRESS PRICE YIELD DATE STIRLINGThe Thistles £ 23m 3.90% Dec 2007 Weighted Average Net Initial Yield: 6.07% AYLESBURYFriars Square £ 89.5m 5.13% Nov 2007 SALISBURYMaltings Shopping Centre £ 29.9m 5.20% Dec 2007 Leisure LONDON SW1Victoria Place £ 92.5m 5.40% Nov 2007 TOWN ADDRESS PRICE YIELD DATE KINGSTON-UPON-THAEden Walk £ 81m 5.50% Dec 2007 LONDON SW1160-162 Victoria Street £ 4.9m 3.50% Jan 2008 LANCASTERMarketgate Centre £ 31.5m 5.76% Jan 2008 MANCHESTERPrintworks £ 105m 5.65% Dec 2007 TORQUAYFleet Walk £ 35m 6.20% Nov 2007 LEEDSRedcote Lane £ 2.45m 5.90% Jan 2008 HEREFORDMaylord Shopping Centre £ 34.9m 6.25% Nov 2007 PAIGNTONApollo Cinema £ 5.18m 6.12% Nov 2007 EBBW VALEFestival Park £ 19.5m 7.40% Nov 2007 Weighted Average Net Initial Yield: 5.59% TIPTONTipton Shopping Centre £ 3.35m 7.60% Nov 2007 Weighted Average Net Initial Yield: 5.53%

Retail Warehouse TOWN ADDRESS PRICE YIELD DATE BASINGSTOKEWinchester Road £ 6m 5.40% Nov 2007 BRISTOLAldermoor Way £ 6.1m 5.50% Dec 2007 BLETCHLEYWatling Street £ 10.1m 5.57% Jan 2008 ROMFORDGallows Corner £ 47m 5.70% Jan 2008 LANCASTER £ 27m 5.80% Jan 2008 CROYDONPurley Way £ 17.25m 5.90% Dec 2007 NEWPORT, IOWB&Q £ 20m 5.93% Dec 2007 PORTFOLIOProject Broadsword £ 71.7m 5.95% Nov 2007 PORTFOLIOSeymour Portfolio £ 36m 6.00% Jan 2008 RUGBYJunction One £ 36m 6.00% Nov 2007 DONCASTERWhite Rose Way £ 24.25m 6.25% Dec 2007 Weighted Average Net Initial Yield: 5.90%

Industrial TOWN ADDRESS PRICE YIELD DATE ERITHEuropa Trading Estate £ 5.5m 3.82% Nov 2007 FELTHAMNorth Feltham Trad Estate £ 10.65m 4.30% Dec 2007 HEATHROWRiverside Cargo Centre £ 7.85m 5.00% Dec 2007 GREENFORD £ 21m 5.10% Nov 2007 FELTHAMHeathrow Gateway £ 63.75m 5.50% Dec 2007 TAMWORTHSainsburys Distribution £ 38.5m 5.50% Nov 2007 HERTFORDFoxholes Business Park £ 5.56m 5.62% Dec 2007 STOKE-ON-TRENTRadial Park £ 40m 5.64% Nov 2007 HEMEL HEMPSTEAD1-4 Swallow Place £ 5.25m 5.87% Dec 2007 DARTFORDCrossways Business Park £ 10.8m 6.35% Dec 2007 YORKClifton Moor Ind Estate £ 33m 6.50% Dec 2007 DAVENTRYHeartlands Business Park £ 3m 6.70% Nov 2007 BIRMINGHAMSpitfire Park £ 8.5m 6.84% Nov 2007 BRISTOLAshton Vale Trad Estate £ 20.34m 6.90% Nov 2007 CANNOCKOrbital Way, Unit C £ 0.66m 7.02% Nov 2007 HAILSHAMStation Road Ind Estate £ 9.71m 7.10% Nov 2007 IPSWICHCliff Road Ind Estate £ 5.4m 7.20% Nov 2007 DAVENTRYWatling Park £ 11.8m 7.30% Nov 2007 BIRMINGHAMHams Hall £ 16m 7.33% Jan 2008 HEMEL HEMPSTEADSwallowdale Lane £ 6.5m 7.36% Dec 2007 LIVINGSTONHouston Industrial Estate £ 2.45m 7.40% Jan 2008 CHESTERFIELDChesterfield Trad Estate £ 2m 7.56% Dec 2007 CAMBRIDGEMercers Row £ 1.005m 7.59% Dec 2007 BURY ST EDMUNDSSaxham Business Park £ 2.11m 7.60% Dec 2007 BORDONBordon Trading Estate £ 1.725m 7.65% Jan 2008 SANDYMiddlefield Ind Estate £ 4.5m 7.71% Nov 2007 KINGS LYNNHardwick Ind Estate £ 2.5m 7.72% Nov 2007 PORTFOLIOAdelie Food Portfolio £ 5.2m 8.00% Dec 2007

The Property Investors Bulletin - February 2008 Edition Page 13 New Acquisitions/Disposals

Castlemore Securities Ltd Comment Cedar Court, 221 Hagley Road, Hayley Green Castlemore paid £17.25m for a retail warehouse investment in Purley Way, Croydon - a 5.9% initial yield and Halesowen, West Midlands B63 1ED £6.1m for a retail warehouse investment at Aldermoor Way, Bristol - a 5.5% initial yield. Tel: 0121 585 4444 Fax: 0121 585 4441 Email (gen): [email protected] Web: www.castlemore.co.uk Grahame Whateley (Chairman)

Catalyst Capital LLP Comment 33 Cavendish Square, London W1G OPW Catalyst European Property Fund made its debut purchase with Birmingham City Council’s office Tel: 020 7290 5100 Fax: 020 7290 5115 headquarters. Catalyst paid £45.2m, reflecting a net initial yield of 7.1%, for Alpha Tower. Email (gen): [email protected] Web: www.catalystcapital.com Peter Kasch (Managing Partner)

Cordea Savills Pan European Property Fund Comment Lansdowne House, 57 Berkeley Square Cordea Savills Pan European Property Fund paid B&Q Plc £20m for a 7,768 sq m retail warehouse in London W1J 6ER Newport, Isle of Wight. Tel: 020 7877 4700 Fax: 020 7877 4777 Email (gen): [email protected] Web: www.cordeasavills.com Richard Lake (Director of UK Fund Management)

GuestInvest Comment 88 St James's Street, London SW1A 1PL GuestInvest, the hotel room investment company, paid £120m for two central London properties, bolstering Tel: 020 7747 6880 Fax: 020 7747 6869 its existing £180m property portfolio. The purchases have been funded by a £200m injection from Bank of Email (gen): [email protected] Scotland Corporate. GuestInvest plans to expand into at least 10 cities. Web: www.guestinvest.com Johnny Sandelson (Founder and CEO)

Highcross Strategic Advisers Ltd Comment 1 Victoria Square, Birmingham B1 1BD Highcross paid Boultbee £10.5m for the eight-storey Berwick House, Birmingham and plans a £2.5m Tel: 0121 632 2090 Fax: 0121 632 2091 refurbishment of the 60,500 sq ft block. Highcross will then market the property at £21/sq ft and take 3,000 sq Email (gen): [email protected] ft to house its Birmingham team. Web: www.highcross.co.uk Andrew Osborne (Director)

Highcross Strategic Advisers Ltd Comment Empress Business Centre, 380 Chester Road, Old Trafford Highcross bought the 93,000 sq ft Manchester International Office Centre from LaSalle Investment Manchester M16 9EA Management, acting on behalf of BAE Pension Fund, for £16.5m. Highcross is planning a refurbishment Tel: 0161 877 5631 Fax: 0161 877 5604 programme, which will include adding an extra floor. Email (gen): [email protected] Web: www.highcross.co.uk Richard Pellatt (Regional Director)

Jansons West London & Thames Valley Ltd Comment 1 Beasley's Yard, 126 High Street Jansons West London & Thames Valley Limited is a property development and investment company Uxbridge UB8 1JU established in 2003. Its focus is in the West London and Thames Valley region. It is a joint venture between Tel: 01895 233233 Fax: 01895 233322 Andy Jansons and The William Pears Group. Email (gen): [email protected] Web: www.jansonsproperty.com Jansons sold a Heathrow hotel development to a private UK investor for £38m – a 4.5% yield. The 307- Andy Jansons (Managing Director) bedroom hotel is let to Travelodge for 35 years. Construction has already started and completion is scheduled for December 2008.

Page 14 The Property Investors Bulletin - February 2008 Edition New Acquisitions/Disposals

LaSalle Investment Management Comment 66 Hanover Street, Edinburgh EH2 1HH LaSalle Investment Management completed the £21.24m sale of a mixed-use complex in central Edinburgh Tel: 0131 226 2736 Fax: 0131 225 2663 to a private -based investor. The buildings are at 33a-35 George Street and 66-90 Hanover Street Email (gen): [email protected] and were sold on behalf of Coal Pension Properties. Web: www.lasalle.com Stephen Spray (Director)

Mitsui Fudosan (U.K.) Ltd Comment 24 King William Street, London EC4R 9AJ Mitsui Fudosan’s UK subsidiary paid Japan Airlines International £57m for its HQ at 5 Hanover Square, W1. Tel: 020 7822 0661 Fax: 020 7822 0660 Mitsui Fudosan is planning to demolish the building and redevelop it. Web: www.mitsuifudosan.co.jp/english Motomitsu Morimoto (Managing Director)

Norwich Property Trust Comment Fund Manager: Morley Fund Management As at 30/11/07 the gross asset value was £3,204 million. The trust holds 136 properties with a net initial yield of 5.00%. One Poultry, London EC2R 8EJ Tel: 020 7809 6000 Fax: 020 7809 6816 Norwich Property Trust is currently an active seller with recent disposals including Apex International, Email (gen): [email protected] Edinburgh (£38.25m), 10 Queen Street Place, EC4 (£145m), 3 Hardman Square, Manchester (£95.25m) and Web: www.morleyfm.com 16 Old Bailey (£78m) . Phil Nell (Fund Manager)

Quinlan Private Comment 11 Upper Brook Street, London W1K 6PB Quinlan Private is a leading international private equity real estate group. Founded by financier Derek Tel: 020 7529 3200 Fax: 020 7529 3201 Quinlan, Quinlan Private now has more than €11.5m worth of assets under management dealing throughout Email (gen): [email protected] the UK, Europe and the US. Web: www.quinlanprivate.com Thomas Dowd (Partner) Quinlan Private entered into a £275m joint venture with Development Securities and Morley to develop Two Kingdom Street, PaddingtonCentral, W2. Construction on Two Kingdom Street will begin immediately and the project is expected to yield a gross development value of more than £275m by completion in December 2009.

REVCAP LLP Comment 20 Balderton Street, London W1K 6TL REVCAP is an independent principal investor seeking to create a diversified exposure in alternative Tel: 020 7495 6335 Fax: 020 7495 6336 investments on the cusp of the European real estate and capital markets. Email (gen): [email protected] Web: www.revcap.co.uk MacDonald Egan Regen 35, the joint venture property fund set up by MacDonald Egan Developments and Andrew Pettit (Partner) Revcap bought a 125,000 sq ft mixed-use development site at Callis Yard, close to Woolwich town centre in Greenwich, south east London.The joint venture plans to spend over £70m on assets over the next 12 to 18 months.

Stockland Halladale Comment 39 George Street, Edinburgh EH2 2HN Stockland Halladale bought 3-8 St Andrew Square, Edinburgh, for £21.25m. The site, formerly the HQ of Tel: 0845 070 4633 Fax: 0131 225 8373 insurance firm Scottish Provident, was sold by ING Real Estate and comprises six adjoining buildings along Email (gen): [email protected] the south of the square. Web: www.stocklandhalladale.co.uk Ewan Cameron (Asset Manager)

UK Land & Property Ltd Comment Nations House, Edmund Street, Liverpool L3 9NY UK Land & Property bought its first major property in central Manchester, acquiring 76 King Street from Tel: 0151 224 0640 Fax: 0151 224 0641 Scottish Widows. The developer paid in excess of £15m for the 41,300 sq ft mixed-use building in a deal Email (gen): [email protected] funded by Bank of Scotland Corporate. Simon Parker (Managing Director)

Universities Superannuation Scheme Ltd Comment (USS) USS bought Eden Walk shopping centre in Kingston upon Thames for £80m. The price reflects a 5.5% yield. 13th Floor, 99 Bishopsgate, London EC2M 3XD USS, which was a net seller last year after offloading schemes in Telford and Leeds, bought the 230,000 sq ft Tel: 020 7972 0300 Fax: 020 7628 0662 shopping centre after Kingston upon Thames Council’s proposals for a £500m revamp of the Eden Quarter in Email (gen): [email protected] the Town Centre had to be altered. Web: www.usshq.co.uk Graham Burnett (Head of Property)

Latest Investors to the Market

The Property Investors Bulletin - February 2008 Edition Page 15 Latest Investors to the Market

Bentinck Estates Comment 21 Bentinck Street, London W1U 2EX Bob Bowden, former property investment director of British Land, started his own private property company, Tel: 020 7317 0020 Bentinck Estates, in January 2008. Bob Bowden (Managing Director) Bentinck Estates will be looking at opportunities in central London and inner London suburbs, particularly in the retail and office sectors.

Current Requirements

Evans Randall Ltd Comment 33 St James's Square, St James's Evans Randall launched a £1bn opportunity fund to buy prime assets from forced sellers. The UK investment London SW1Y 4JS bank’s first asset to go into the fund will be Condor House in the , which it recently bought for Tel: 0207 667 6321 Fax: 0207 667 6421 £115m, reflecting a yield of 5.3%. Email (gen): [email protected] Web: www.evansrandall.com Michael Evans (Chairman)

Gilbran Group Ltd Comment 3 Astwood Mews, London SW7 4DE Gilbran is a specialist property development, investment & management group which focuses exclusively on Tel: 020 7370 1331 Fax: 020 7370 1525 the motor trade sector of the UK property market. Email (gen): [email protected] Web: www.gilbran.com Gilbran is preparing to swoop on £350m of debt-backed car dealerships that it says are at risk of foreclosure. Nigel Smith (Managing Director) The automotive real estate investor is seeking to buy the problem yards from their lenders, who will then share in any future uplift of the property's value.

Helical Bar Plc Comment 11-15 Farm Street, London W1J 5RS Helical Bar announced plans to re-enter the property investment market following the rapid yield hikes of the Tel: 020 7629 0113 Fax: 020 7408 1666 last quarter. The company has £500m of funds available. Email (gen): [email protected] Web: www.helical.co.uk Mike Brown (Deputy Chief Executive)

Infinity Asset Management LLP Comment 26th Floor, City Tower, Piccadilly Plaza Infinity launched a £100m fund to take advantage of the downturn in the UK market. Manchester M1 4BD Tel: 0161 242 2910 Fax: 0161 242 2929 The fund will target investment and development projects of £5m-£25m, and exploit asset management Email (gen): [email protected] angles to add value. Web: www.infinityllp.com Daniel Finestein (Partner) It will look primarily in the north-west, but also elsewhere in the UK and Europe, and target regeneration areas.

Infinity has appointed Les Lang, managing director of Ask Developments subsidiary Abito, to head its new property fund department.

Invista Real Estate Opportunity Fund LP Comment Fund Manager: Invista Real Estate Investment Management The Invista Real Estate Opportunity Fund has been established to invest in real estate backed opportunities in the UK and Continental Europe. The Fund is opportunistic in style and seeks to identify and exploit real Exchequer Court, 33 St Mary Axe estate opportunities arising from mis-pricing. Its broad investment scope means that it can invest in direct London EC2N 1HZ property, indirect property, debt and equity securities, developments, joint ventures and corporate real estate Tel: 020 7153 9300 Fax: 020 7321 1434 backed opportunities. The Fund has up to £250 million currently available for investment in pan-European Email (gen): [email protected] real estate backed transactions. Web: www.invistarealestate.com Ailish Christian (Director, Fund Manager)

Land Securities Group Plc Comment 5 Strand, London WC2N 5AF During 2007 sold £2 billion of property - more than twice its usual annual sales. LandSec confirmed Tel: 020 7413 9000 Fax: 020 7925 0202 that it had £500 million of available but undrawn borrowings at the end of 2007. Email (gen): [email protected] Web: www.landsecurities.co.uk Andrew Wilson (Business Development Director)

Page 16 The Property Investors Bulletin - February 2008 Edition Current Requirements

Maidstone Capital PropertiesComment Requirements 47b Welbeck Street, London W1G 9XA Maidstone Capital is a privately owned property The company specialises predominantly in Tel: 020 7935 7317 Fax: 020 7935 7611 investment and development company with assets commercial property in the following areas: Web: www.maidstonecapital.co.uk throughout the UK. Jeffrey Rosen (Director) Their speciality is to buy property off-market where London there are opportunities to add value through their South East hands-on approach to asset management. The Midlands Maidstone Capital puts particular emphasis on the retail, restaurant, office and industrial sectors.

The company is presently on an expansion programme to substantially increase their portfolio holdings. (01/08)

Palmer Capital Partners Ltd Comment Time & Life Building, 1 Bruton Street Palmer Capital Partners cancelled its proposed sale of a £175m petrol station portfolio, but has backed £80m London W1J 6TL of purchases in the belief that the UK market is now close to the bottom of its cycle. Its recent acquisitions Tel: 020 7409 5500 Fax: 020 7409 5501 include: an office at Doxford International business park in Sunderland, which it bought with Wrenbridge Land Email (gen): [email protected] for £15.5m - an 8.25% yield and a £15m mixed-use site in Enfield, bought with Frontier Estates. Web: www.palmercapital.co.uk Ray Palmer (Chairman)

Resolution Comment 42 Bruton Place, London W1J 6PA Resolution raised €800bn of equity for its third and largest fund to date. The new fund has been backed by 10 Tel: 020 7518 8380 Fax: 020 7518 8384 US university endowment funds, including Ivy league colleges Yale, Harvard and Princeton. Large UK and Email (gen): [email protected] Dutch pension funds and a major UK family are also among the backers. Web: www.resolutionproperty.com Robert Wolstenholme (Investment Director) Resolution Real Estate Fund III, which aims to have eventual funds of £3bn, will target all sectors. Its first investment was the 350,000 sq ft Printworks leisure scheme in Manchester, which it bought from BA Pension fund and Pearl at the end of 2007 for £105m.

Sapcote Developments Ltd Requirements 11 St George Street, Hanover Square - £2 - £15 million lots industrial/office buildings London W1S 2FD - Sites with a range of buildings vacant or substantially vacant for industrial / B1 uses Tel: 020 7355 9880 Fax: 020 7493 3663 - Condition of buildings immaterial. Email (gen): [email protected] - Also happy to look at fully / substantially occupied properties where tenant due to vacate in short term. Web: www.sapcotes.co.uk - Preferably Home Counties and London Nigel Reynolds (Managing Director) Sapcote paid £1.715m for 32,000 sq ft of industrial in Stirling Way, Borehamwood.

Schroder Property Investment Management Comment Ltd Schroders is to launch a £1bn property fund to take advantage of the deteriorated market conditions. 31 Gresham Street, London EC2V 7QA Tel: 020 7658 6000 Fax: 020 7658 6737 Email (gen): [email protected] Web: www.schroders.com William Hill (Head of Property)

Spencer Holdings Plc Comment Nexus House, Nexus, Randles Ro, Knowsley Business Park The portfolio consists of Industrial estates, Trade Counter, Business Parks and office Parks and are branded Knowseley, Merseyside L34 9HX accordingly. Tel: 0151 545 2500 Fax: 0151 545 2534 Email (gen): firstnamefirstinitialsurname@spencercomm Spencer Holdings secured £200m funding from Bank of Scotland Real Estate for major national expansion. It Web: www.spencerholdingsplc.com is planning to target a number of strategic opportunities to increase its holdings from 4m sq ft to 6m sq ft Chris Hughes (Acquisitions and Sales Director) across the UK. Its current portfolio comprises more than 800 tenants nationwide.

Valad Property Group Comment 1 Mount Street, London W1K 3NB Valad announced plans to set up a £500m UK opportunity fund, after completing its first round of capital Tel: 020 7659 6666 raising, with £150m in debt and equity. Email (gen): [email protected] Web: www.valad.co.uk Didier Tandy (UK Managing Director)

The Property Investors Bulletin - February 2008 Edition Page 17 SECTOR STATISTICS

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

2006.Q1 4,050 2,291 792 1,384 966 966 1,566 2,608 14,623 2006.Q2 4,269 1,760 910 380 981 1,616 1,547 1,089 12,552 2006.Q3 3,881 3,008 1,046 1,792 789 1,574 919 2,075 15,084 2006.Q4 4,640 3,337 3,452 1,074 1,383 1,425 2,976 1,573 19,860 2007.Q1 3,896 2,064 1,418 787 1,403 820 1,677 798 12,863 2007.Q2 6,706 2,298 1,268 1,672 704 1,260 1,143 1,521 16,572 2007.Q3 7,161 2,089 1,464 446 1,234 928 1,071 1,292 15,685 2007.Q4 1,822 920 656 259 420 816 518 1,464 6,875 2008.Q1 426 250 32 220 94 60 217 182 1,481 to end January 2008 Last 12 months 18,991 7,012 4,689 3,136 3,589 3,691 4,035 5,173 50,316 Last 6 months 5,250 2,539 1,004 690 1,602 1,347 965 2,377 15,774 Last 3 months 1,853 895 617 341 416 563 655 1,503 6,843 Calendar year to date 426 250 32 220 94 60 217 182 1,481

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

2006.Q1 77 175 20 41 98 99 22 31 563 2006.Q2 102 169 15 30 114 101 22 26 579 2006.Q3 125 196 22 42 101 129 27 48 690 2006.Q4 105 215 35 36 116 133 36 33 709 2007.Q1 84 138 18 23 108 78 32 25 506 2007.Q2 102 146 8 31 90 94 19 28 518 2007.Q3 97 117 18 20 74 82 18 24 450 2007.Q4 63 95 14 15 54 70 14 21 346 2008.Q1 10 19 1 6 12 12 6 7 73 to end January 2008 Last 12 months 326 474 54 88 299 311 76 97 1,725 Last 6 months 128 193 26 33 120 136 31 41 708 Last 3 months 54 79 12 13 39 58 15 21 291 Calendar year to date 10 19 1 6 12 12 6 7 73

AVERAGE NET INITIAL YIELD % (WEIGHTED) Central London Rest of UK Shopping Retail Shop / All Office Office Centre Warehouse Supermarket Industrial Leisure Other Property

2006.Q1 5.34 6.09 5.17 4.74 4.87 6.40 5.71 n/a 5.61 2006.Q2 5.24 5.87 4.55 4.57 4.37 5.96 5.34 n/a 5.32 2006.Q3 4.87 5.54 4.60 4.40 4.47 6.31 5.48 n/a 5.11 2006.Q4 4.70 5.70 5.13 4.32 4.54 6.13 5.76 n/a 5.10 2007.Q1 4.60 5.61 4.81 4.17 4.65 5.89 5.52 n/a 4.93 2007.Q2 4.42 5.65 5.17 4.42 4.64 6.25 5.75 n/a 4.85 2007.Q3 4.63 5.70 4.47 4.41 4.25 5.87 5.69 n/a 4.90 2007.Q4 4.90 5.91 5.51 4.87 5.19 6.15 5.18 n/a 5.50 2008.Q1 5.06 5.64 5.76 5.80 5.36 7.37 4.30 n/a 5.60 to end January 2008 Last 12 months 4.59 5.71 4.87 4.51 4.56 6.05 5.60 n/a 4.99 Last 6 months 4.78 5.80 5.47 5.15 4.43 5.91 5.17 n/a 5.25 Last 3 months 4.93 5.79 5.53 5.88 5.42 6.14 5.59 n/a 5.56 Calendar year to date 5.06 5.64 5.76 5.80 5.36 7.37 4.30 n/a 5.60 Figures are subject to rounding and future revision

Page 18 The UK Property Investors Bulletin - February 2008 Edition INVESTOR STATISTICS

VALUE OF UK COMMERCIAL INVESTMENT PURCHASES (£m) Quoted Private Overseas Private Financial / Institutions Property Co Property Co Investors Individuals OccupiersBanks Others Total

2006.Q1 3,460 455 2,784 4,266 1,837 3681,048 406 14,624 2006.Q2 3,196 620 2,200 3,979 1,168 233991 165 12,552 2006.Q3 4,547 2,676 2,792 3,032 1,383 18273 399 15,084 2006.Q4 4,239 1,009 4,322 6,974 1,712 640278 685 19,859 2007.Q1 2,552 2,023 1,789 4,688 1,070 37338 328 12,862 2007.Q2 3,137 1,405 2,558 7,253 1,645 78338 158 16,571 2007.Q3 2,494 1,065 2,542 6,305 1,957 577210 536 15,686 2007.Q4 1,372 467 1,547 1,448 941 32519 757 6,876 2008.Q1 41 16 360 725 218 790 42 1,481 to end January 2008 Last 12 months 8,830 4,616 8,326 19,193 5,538 1,418589 1,804 50,315 Last 6 months 3,023 1,052 3,283 4,579 2,074 48819 1,256 15,774 Last 3 months 1,151 324 1,645 1,931 878 4010 512 6,842 Calendar year to date 41 16 360 725 218 790 42 1,481

VALUE OF UK COMMERCIAL INVESTMENT SALES (£m) Quoted Private Overseas Private Financial / Institutions Property Co Property Co Investors Individuals OccupiersBanks Others Total

2006.Q1 2,548 1,930 3,356 3,664 776 971853 526 14,624 2006.Q2 1,016 1,246 3,984 2,793 1,153 1,73490 536 12,552 2006.Q3 3,773 1,754 3,372 2,873 1,270 1,024262 755 15,084 2006.Q4 3,205 1,286 3,498 5,387 1,556 2,2381,689 1,000 19,859 2007.Q1 2,650 1,500 2,084 2,299 1,069 2,77691 393 12,862 2007.Q2 4,088 1,912 2,719 2,600 1,163 3,065545 479 16,571 2007.Q3 2,688 2,076 3,329 1,947 1,566 1,2142,394 471 15,686 2007.Q4 2,292 1,114 963 606 337 399868 297 6,876 2008.Q1 660 72 110 205 30 203175 26 1,481 to end January 2008 Last 12 months 11,574 6,580 8,471 7,301 3,848 7,0584,000 1,483 50,315 Last 6 months 4,494 2,049 3,401 1,583 853 1,6061,155 633 15,774 Last 3 months 2,379 960 743 674 243 5511,043 249 6,842 Calendar year to date 660 72 110 205 30 203175 26 1,481

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

2006.Q1 912 -1,475 -572 602 1,061 -603195 -120 0 2006.Q2 2,181 -626 -1,784 1,186 15 -1,501901 -371 0 2006.Q3 774 921 -581 159 113 -842-189 -356 0 2006.Q4 1,034 -276 824 1,587 156 -1,599-1,412 -315 0 2007.Q1 -98 524 -295 2,389 1 -2,403-53 -65 0 2007.Q2 -951 -507 -161 4,653 482 -2,987-207 -321 0 2007.Q3 -194 -1,011 -787 4,358 391 -637-2,185 64 0 2007.Q4 -920 -647 584 842 603 -74-849 460 0 2008.Q1 -618 -56 249 520 188 -124-175 16 0 to end January 2008 Last 12 months -2,743 -1,964 -145 11,892 1,690 -5,640-3,411 321 0 Last 6 months -1,472 -997 -118 2,996 1,221 -1,118-1,136 623 0 Last 3 months -1,228 -636 902 1,257 635 -149-1,043 263 0 Calendar year to date -618 -56 249 520 188 -124-175 16 0 Figures are subject to rounding and future revision

The Property Investors Bulletin - February 2008 Edition Page 19 The Property Investors Bulletin

Sector Statistics INVESTMENT TRANSACTION STATISTICS on Page 18 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 19 extensive direct deal research with many of the UK's leading investment agents.

Key results to end-January 2008 Institutional Investment results to end-January 2008

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

Last month 1,481 73 5.60 Last month 41 660 -619 5.80

Last three months 6,843 291 5.56 Last three months 1,151 2,379 -1,228 5.80

Last six months 15,774 708 5.25 Last six months 3,023 4,494 -1,471 5.14

Last twelve months 50,315 1,725 4.99 Last twelve months 8,830 11,574 -2,744 4.93

Calendar year to date 1,481 73 5.60 Calendar year to date 41 660 -619 5.80

Key Sectors and Purchaser Breakdown for Calendar Year to Date Ending January 2008

450 426

400

350

300 250 250 220 217

200

150 Transaction Volume £ m 93 100 60 50 32

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

Year to Date (Jan - Jan)

UK Institutions Property Companies Ov erseas Inv estors 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 20 The Property Investors Bulletin - February 2008 Edition