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S E P T E M B E R 2 0 0 9 E D I T I O N

UK Commercial Property Investment Transactions 1 Jan 2009 - 31 Aug 2009 Value of Sales Number £12,767m 852

CONTENTS Total Value of UK Investment Transactions (Year to Date August 2009) SECTOR LISTING...... 2

GEOGRAPHICAL LISTING...... 6 50,000 43,506 BUYERS & SELLERS LISTING...... 12 45,000

THREE MONTH YIELD INDEX...... 18 40,000 36,486 34,943 ACTIVE PROPERTY INVESTORS...... n/a 35,000

INVESTMENT STATISTICS...... 20 30,000

The monthly bulletin is available in hardcopy, 25,000 Excel and PDF formats for £395.00 pa (12 issues). 20,000 17,974 The bulletin is published on the first Monday of 12,767 every month. m £ Volume Transaction 15,000

This report is intended for general information and 10,000 is based upon material in our possession or 5,000 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 occurred. 2005 2006 2007 2008 2009

For further information please visit our website: Year to Date (Jan - Aug) www.propertydata.com or call 01785 859300

Copyright (c) 2010. Property Data Ltd. Office Retail Industrial Leisure Other Total

Year-to-Date Investor Breakdown 1 Jan 2009 - 31 Aug 2009 Institutions Property Co's Private Investor Overseas Other Purchases £m 2,475 2,671 1,317 4,726 1,579 Sales £m 4,805 3,894 375 1,003 2,691 Net Investment £m -2,330 -1,223 942 3,723 -1,112

Year-to-Date Sector Breakdown 1 Jan 2009 - 31 Aug 2009 Office Retail Industrial Leisure Other 2010 £m 5,289 4,172 1,936 290 1,080 2009 £m 7,447 6,197 1,526 1,364 1,440 Difference £m -2,158 -2,025 410 -1,074 -360

The Property Investors Bulletin - September 2009 Edition Page 1 August 2009 Investment Transactions by Sector

West End Offices TOWN ADDRESS PRICE YIELD PURCHASER NOTES SW14-12 Regent Street £ 34m 12%, The Rex House: 8,450m² T:various - 26 year leasehold LONDON SW132/33 St James's Place £ 6.16m -Littlestar Services Ltd 653m² - purchased for occupation LONDON SW142-50 Victoria Street £ 116m 5.73%London & Oriental Windsor House: 10,468m² T:TfL LONDON W156-60 Conduit Street £ 35.5m 6.7%Triangle Investments 2,905m² R:£2,517,118 T:various (5) + retail unit LONDON W12 Deanery Street £ 2.23m -Malcom Paul Atkins 197m² grade-II listed terrace property LONDON W155 Greek Street £ 6.575m 8% Private UK LONDON W12-5 Old Bond Street £ 39.3m 4.85%NFU Mutual Insurance Standbrook House LONDON W1193-201 Regent Street £ 30m 5.46%Overseas investor Mutual House: 2,526m² T:various LONDON W1266-270 Regent Street £ 22.9m 4.91%Calzedonia Spa Spirella House: T:Calzedonia (t/a Tezenis) LONDON W134-35 Sackville Street £ 9.05m -Anglo-Omani Society 968m² office (to be occupied by purchaser) + retail Total value of recorded deals: £302m

City Offices TOWN ADDRESS PRICE YIELD PURCHASER NOTES LONDON EC199 Charterhouse Street £ 5.35m - Unknown LONDON EC22-6 Austin Friars £ 16.65m 10.78%Bargina Multi-let with majority breaks/epxires 2010-2012 LONDON EC213-14 Basinghall Street £ 2.98m 8.52%Bargina Library Chambers: 430m² Total value of recorded deals: £25m

Mid-Town Offices TOWN ADDRESS PRICE YIELD PURCHASER NOTES LONDON WC261 Aldwych £ 128m 7.1%BVK International Centrium: 16,908m² T:Fully let Total value of recorded deals: £128m

Outer London Offices TOWN ADDRESS PRICE YIELD PURCHASER NOTES CHESSINGTONMount House, Mount Road £ 4.4m 9.24%Milton Group 3,933m² R:£430,000 T:Bunzl UK Ltd LEX:03/2019 LONDON W24/5 Inverness Mews £ 1.05m -Private investor 234m² - part vacant freehold LONDON W571-75 Uxbridge Road £ 15.28m 8.2%Threadneedle Property 4,664m² T:Dunnhumbee (sub of Tesco Plc) LL:7 Total value of recorded deals: £21m

Regional Offices TOWN ADDRESS PRICE YIELD PURCHASER NOTES BASINGSTOKESouthern Cross £ 0.855m 7.3%Unknown 3,162m² CPS:147 BIRMINGHAM2 Colmore Circus £ 18m 4.5% Police 13,285m² T: - 51 year lease BRISTOLRivergate, Temple Quay £ 21.45m 7.28%Credit Suisse Asset Man 3: 7,037m² R:£1,650,000 BRISTOLTemple Quay, The Square £ 8.75m 7.88%Confidential 2 The Square CARDIFFCrickhowell House £ 31.22m 6.23%Aprirose REI 11,752m² T:Welsh Assembly LEX:2032 RR:2012 (fixed up) CHEADLECheadle Royal Bus Park £ 8.7m 7.5%Skandia Property Fund Lakeside 5000: 3,465m² R:£689,976 T:Umbro LEX:06/2019 CRAWLEYMitre Court £ 4.75m 3% West Register Ltd DOUGLAS, ISLE OF MANIsle of Man Business Park £ 7.1m -Royal London 360 T:Royal London 360 EASINGWOLDCourt House, Church Hill £ 0.239m -Unknown 1,416m² FARNHAMCoxbridge Business Park £ 0.63m -Unknown Unit C4: R:£52,992 T:Codan (UK) Ltd LL:10.75 GLASGOWCraighall Bus Park £ 1.1m -Bobath Charity 679m² - 3 storey office pavillion T:Clyde HQ GLASGOWStrathclyde Business Park £ 4m -Hamilton Portfolio (JV) New Lanarkshire House T:Scottish Enterprise IPSWICHMariner Ho, Handford Rd £ 2.81m 7.13%KEL Pension Scheme 1,953m² R:£211,775 T:Suffolk Mental Health LEX:04/2024 NEWCASTLE-UPON-TYNE1 St James Gate £ 14.5m 8.2%Caudwell Properties Ltd 5,548m² R:£1,258,307 NOTTINGHAMApex Court, City Link £ 9.025m - Peter Landa NOTTINGHAMCastle Bridge Village £ 4.74m 10.25%Casbridge LLP 3,201m² LL:10 OXFORDOxford Business Park £ 14.05m 8.3%Threadneedle Property Building 9600: 6,039m² T:Blackwell LL:18 ST HELIER, JERSEY45-47 Esplanade £ 15.5m 7.52%Guernsey investment co 3,995m² T:Carey Olsen LL:14 + 17 WAKEFIELDChapelthorpe Hall £ 1.1m -Unknown 864m² WARWICKOpus 40 Business Park £ 14.4m 8.25%Hildane Properties Point 3: 7,806m² R:£1,272,536 T:Telent Plc LEX:2023 Total value of recorded deals: £183m

Unit Shops TOWN ADDRESS PRICE YIELD PURCHASER NOTES AYLESBURYHigh Street £ 1.9m 9.5%Private investor R:£190,551 T:Dolland & Aitchison, , Lunn Poly

Page 2 The Property Investors Bulletin - September 2009 Edition August 2009 Investment Transactions by Sector

Unit Shops TOWN ADDRESS PRICE YIELD PURCHASER NOTES BOGNOR REGIS128 Middleton Road £ 0.265m 8.82%Clement Harris (Dev) Ltd R:£24,795 BOURNEMOUTHHoldenhurst Road £ 2.63m 7%Private investor Petrol station and Somerfield convenience store LL:18 CAMBERLEY45-51 Park Street £ 11.664m 8.75% PRUPIM 10,684m² T:House of Fraser CRAWLEY33/35 Queensway £ 1.205m 8.99%Unknown R:£114,500 CREWEThe Star, Croco £ 2.1m 6.98%Private client 300m² T:Star Petrol Station CROYDON145-147 North End £ 2.6m 7.09%Private UK investor 431m² R:£195,000 DUNDEERiverside Drive £ 4.3m 7.75% Edenmore HARROGATE15 James Street £ 2.365m 5.55%Private investor R:£137,500 HARROGATE2 James Street £ 3.9m 6%Private investor 2 James Street & 15 Station Square LEEDSThe Star, Roundhay £ 1.88m 6.27%Sweet Ventures (SSAF) Ltd 298m² T:Star Petrol Station LEIGHTON BUZZARD28 High Street £ 2.175m 6.74%Private investor T:Wilkinson Hardware Stores Ltd LEX:06/2023 LONDON E3Bow Road, Catford £ 2.575m 7%Private investor Texaco Petrol Filling Station/Convenience Store LONDON SE124 New Globe Walk £ 5.675m -The BHM Group Benbow House: 844m² R:£334,900 T:Pizza Express LONDON SE16Texaco, Catford £ 2.575m 7%Private investor Petrol station and Somerfield convenience store LL:18 MANCHESTER90-100 Market Street £ 14.875m 7.31%Wittington 3,040m² R:£1.15m T:HMV LEX:02/2016 NOTTINGHAM34-40 Clumber Street £ 6m 6.9% based propco R:£437,500 T:Abbey National, Aldo NOTTINGHAMMarket Square £ 2.4m 6.7% Private investor R:£170,000 T: - 250 year lease at peppercorn OSSETTTesco Express £ 1.0625m 5%Private investor T:Tesco LL:15 RR:RPI - Forward funding PORTFOLIOCo-Op Portfolio £ 40.665m 6.25%Threadneedle Property 20 convenience stores S&L:Co-operative PORTFOLIOCoral Portfolio £ 2.03m 8%Private investor 6 betting shops S&L:Coral Betting Shops RR:Fixed PORTFOLIOStar Stations Portfolio £ 5m 6.89%RASCASSE 677m² Sandbeck, & PORTFOLIOStar Stations Portfolio £ 6.32m 6.4%MRC Park Trust 598m² - Hornchurch, Batley & Streatham PORTFOLIOTexaco Portfolio £ 14.37m 7%Private investor 7 petrol stations T:Co-Operative Group LL:18 RR:Fixed RICHMOND-UPON-THAME21 George Street £ 1.44m 5.91%Unknown R:£90,000 ROMSEY20a The Hundred £ 0.375m 6.3%Private investment co R:£24,500 T:Bells Bookshops Ltd LL:10 (guide price) SWINDON6 Regent Street £ 1.715m 6.4%Chelsea Estates Ltd R:£116,000 T:Body Shop International plc LEX: 2019 TAUNTON26-27 Fore Street £ 5.605m 6.9%Protego Real Estate R:£408,450 T:HMV, Vodafone, O2 LL:5.4 (av) Total value of recorded deals: £150m

Retail Warehouse TOWN ADDRESS PRICE YIELD PURCHASER NOTES BOLTONTrinity Retail Park £ 7.8m 10.69%Unknown 8,129m² R:£882,082 BRISTOLEastgate Retail Park £ 18.37m 7.5%HSBC Bank Pension Trust 10,327m² T:Boots, , Halfords, Mamas & Papas CLACTON-ON-SEABrook Retail Park £ 11.5m 8.46%Assoc British Foods PT 6,739m² R:£1.021m T:B&Q, Currys EXETERRydon Lane Retail Park £ 29.4m 8.09%Threadneedle Property 9,847m² T:DFS, Currys, PC World, Halfords MANCHESTERHeaton Retail Park £ 5.7m -Terrace Hill Group Plc (JV) 3,995m² - unrestricted open A1 planning consent NORTHAMPTONWeedon Road Ind Estate £ 2m 8.96%Apperly Estates Ltd 1,208m² T:Halfords LEX:2016 OXFORDSeacourt Retail Park £ 27.13m 8.31%BA Pension Fund 7,711m² T:Homebase, Habitat PORTFOLIOHalfords Portfolio £ 4.826m 8.9%Cheshire Investments Ltd 2,787m² - Dover + Huddersfield T:Halfords LEX:2021 PRESTONDeepdale Retail Park £ 57m 7%HSBC Bank Pension Trust 24,668m² T:Borders, Argos, Boots - 50% stake WATFORDWaterfields Retail Park £ 41m 7.13%Warburg-Henderson KAG 6,958m² T:Argos Extra, Boots, Borders, Mamas & Papas WILMSLOWStanley Green Retail Park £ 35.6m 7%HERALD European RPF 8,493m² T:B&Q, Comet, Halfords, Next, TK Maxx Total value of recorded deals: £240m

Industrial TOWN ADDRESS PRICE YIELD PURCHASER NOTES ABERDEENThree developments £ 14m 8%Threadneedle Property 5,574m² - Badentoy IE / Kirkhill CP / Denmore Road ALRESFORDBennett House, The Dean - -Gould Asset Management 468m² 1970's building with a sizeable yard area BIRMINGHAMBromford Central Ind Est £ 8.96m 8.5%Teesside Pension Fund 14,400m² BLACKPOOLSquires Gate Ind Estate £ 1.45m 8.5%Townson Estates Unit 4a: 3,019m² R:£132,000 T:Booker Cash & Carry LL:9 BRADFORDMountleigh Close, Unit 3 £ 1.057m 12.5%Martree Limited R:£140,000 T: Shirt Company Ltd CHELTENHAMNeptune Business Centre £ 2.11m -Private investor Multi unit industrial estate - predominantly vacant CRAYFORDOptima Park, Unit 24 £ 3.85m 7.79%Carpenters Road Property 3,066m² T:Matthew Clarke Wholesale LEX:08/2022 CROYDONBeddington Farm Road £ 4.55m 9.5%Wallop Estates Ltd Units 1-3 Brazil Close: 5,722m² R:£458,000 DAVENTRYRoyal Oak Ind Estate £ 1.46m 10.17%Lousada Plc Units 1 & 2: 3,873m² R:£157,000 T:ASD Group LL:5 EXETERMarsh Barton Trad Estate £ 4.1m 7.5%Private investor 6,039m² T:UniChem LL:16.5 GLASGOW25 Coddington Crescent £ 7.85m 7.95% F&C Reit Asset Management GLASGOWNewhouse Ind Estate £ 28m 8.5%Canada Life Assurance 46,822m² T:Co-operative Group LL:20 TBO:15

The Property Investors Bulletin - September 2009 Edition Page 3 August 2009 Investment Transactions by Sector

Industrial TOWN ADDRESS PRICE YIELD PURCHASER NOTES HAMILTONHamiliton Intl Park £ 1.8m 7.45%Unknown T:Provis HUDDERSFIELDCrossley Mills £ 1.28m 10.92%Private investor 3,783m² T:various IRVINEWest Bowhouse Ind Estate £ 0.27m 11.92%Unknown 13 workshop units within 2 terraces LEIGHFormer radiator factory - -Salmon Property 12.7-acre site - £50m retail + leisure development plan LONDON SE566 Wells Way £ 1.035m 7.75%Private Camberwell MIDDLEWICHMidpoint 18 £ 16.55m 9.3%AREA Property Partners (JV) 3,227m² R:£1,628,000 T:Wincanton Group LEX:08/2019 MILTON KEYNESGrafton Court £ 2.8m 9.7% Unknown MILTON KEYNESLibra Industrial Estate £ 6.95m 9.5%Legal & General Property 10,684m² R:£698,000 T:various (3) MOSSENDScotPower £ 7.85m 7.95% F&C Reit Asset Management NORMANTONASDA Distribution £ 18.65m 7.25% Private investor 30,657m² R:£1,430,000 T:ASDA LL:17.5 PERSHORE9 Goodwood Road £ 0.215m 12.6%Burlton Estates 350m² R:£28,000 T:IGROX Ltd LEX:2014 PORTFOLIOEquiton Portfolio £ 196m 8.7%USS 269,410m² - 42 multi-let industrial estates PORTFOLIOIndustrious portfolio £ 232.1m 10.3%Max Property Group 706,040m² R:£29.6m T:various (800) PORTFOLIOMethyr / Blackwood £ 3m 10%Longford Investment Ltd 7,339m² - Two industrial estates ROTHERHAMBarbot Hall Ind Estate £ 0.7m 15.6%Unknown Units 4F-4L Cornish Way: 2,549m² STEVENAGEStevenage Ent Centre £ 2m 10%Hawkins Developments 2,600m² R:£210,000 T:various SWANSEAEnterprise Park £ 0.342m 11%Local property company 1,044m² R:£39,000 T:ATS, Tantric Europe TOTTONHounsdown Business Park £ 9.075m 9.05%Skelton Group 11,602m² T:SCA Recycling UK Ltd WOLVERHAMPTONDixon Street £ 0.45m -Local investor T:Various (4) - asking price WOLVERHAMPTONPaul Street £ 1.25m -Urban Splash Ltd 13,935m² former Sunbeam factory T:Chubb LEX:06/2009 Total value of recorded deals: £580m

Leisure TOWN ADDRESS PRICE YIELD PURCHASER NOTES EDINBURGHCraigmillar Park - -Private investor Former St Margarets School - to be converted into hotel HARROGATEThe Royal Baths £ 4m 9%Lawrence Wosskow (JV) 6,586m² T:various - located in Parliament Street HERTFORD130 Fore Street £ 1.21m 7.04%Private investor 465m² R:£90,000 T:Loch Fyne LEX:2034 REDDITCHStop Inn Southcrest £ 1.2m -Southcrest Manor 73-bedroom hotel - to be refurbished by new owner Total value of recorded deals: £6m

Scottish TOWN ADDRESS PRICE YIELD PURCHASER NOTES ABERDEENThree developments £ 14m 8%Threadneedle Property 5,574m² - Badentoy IE / Kirkhill CP / Denmore Road DUNDEERiverside Drive £ 4.3m 7.75% Edenmore EDINBURGHCraigmillar Park - -Private investor Former St Margarets School - to be converted into hotel GLASGOW25 Coddington Crescent £ 7.85m 7.95% F&C Reit Asset Management GLASGOWCraighall Bus Park £ 1.1m -Bobath Charity 679m² - 3 storey office pavillion T:Clyde HQ GLASGOWNewhouse Ind Estate £ 28m 8.5%Canada Life Assurance 46,822m² T:Co-operative Group LL:20 TBO:15 GLASGOWStrathclyde Business Park £ 4m -Hamilton Portfolio (JV) New Lanarkshire House T:Scottish Enterprise HAMILTONHamiliton Intl Park £ 1.8m 7.45%Unknown T:Provis IRVINEWest Bowhouse Ind Estate £ 0.27m 11.92%Unknown 13 workshop units within 2 terraces MOSSENDScotPower £ 7.85m 7.95% F&C Reit Asset Management Total value of recorded deals: £69m

Portfolio TOWN ADDRESS PRICE YIELD PURCHASER NOTES PORTFOLIO3 non-core properties £ 5.7m -Willowdale Investments (JV) Hampstead, Oxted and Denton - sold separately PORTFOLIOCo-Op Portfolio £ 40.665m 6.25%Threadneedle Property 20 convenience stores S&L:Co-operative PORTFOLIOCoral Portfolio £ 2.03m 8%Private investor 6 betting shops S&L:Coral Betting Shops RR:Fixed PORTFOLIOEquiton Portfolio £ 196m 8.7%USS 269,410m² - 42 multi-let industrial estates PORTFOLIOHalfords Portfolio £ 4.826m 8.9%Cheshire Investments Ltd 2,787m² - Dover + Huddersfield T:Halfords LEX:2021 PORTFOLIOIndustrious portfolio £ 232.1m 10.3%Max Property Group 706,040m² R:£29.6m T:various (800) PORTFOLIOMethyr / Blackwood £ 3m 10%Longford Investment Ltd 7,339m² - Two industrial estates PORTFOLIOStar Stations Portfolio £ 5m 6.89%RASCASSE 677m² Sandbeck, Stockport & Manchester PORTFOLIOStar Stations Portfolio £ 6.32m 6.4%MRC Park Trust 598m² - Hornchurch, Batley & Streatham PORTFOLIOTesco Supermarkets £ 36m 5.25%LV = Asset Management 9,244m² - 3 supermarkets T:Tesco LL:25 PORTFOLIOTesco Supermarkets £ 78m 5.29%LaSalle Investment Man Banbury / Bishops Stortford PORTFOLIOTesco Supermarkets £ 121.7m 5.29%PRUPIM 3 foodstores - Llanelli/Sudbury/Ashford

Page 4 The Property Investors Bulletin - September 2009 Edition August 2009 Investment Transactions by Sector

Portfolio TOWN ADDRESS PRICE YIELD PURCHASER NOTES PORTFOLIOTexaco Portfolio £ 14.37m 7%Private investor 7 petrol stations T:Co-Operative Group LL:18 RR:Fixed PORTFOLIOUnite 2010 Portfolio £ 88.2m 8%Oasis Capital Bank 1,119 student beds in three properties (dev yield) Total value of recorded deals: £834m

The Property Investors Bulletin - September 2009 Edition Page 5 Geographical Listing of UK Investment Transactions During August 2009 COMMENT: A:Anchor FIXED: Fixed Up-Lifts L:Lease LEX:Lease Expiry LL:Lease Length R:Rent Per Annum RR:Rent Review T:Tenant TBO:Tenants Break Option

ADDRESS PRICE/NIY SECTOR PURCHASER(s) VENDOR(s) COMMENT ABERDEEN £14m Industrial Threadneedle Property Knight Property Group () 5,574m² - Badentoy IE / Kirkhill CP / Denmore Road Three developments 8% ALRESFORD n/a Industrial Gould Asset Management (Goadsby) Undisclosed 468m² 1970's building with a sizeable yard area Bennett House, The Dean n/a AYLESBURY £1.9m Retail Private investor (Fisher Hargreaves Proctor) Undisclosed (Reid Rose Gregory) R:£190,551 T:Dolland & Aitchison, Greggs, Lunn Poly High Street 9.5% BASINGSTOKE £0.855m Office Undisclosed Undisclosed (King Sturge) 3,162m² CPS:147 Southern Cross 7.3% £8.96m Industrial Teesside Pension Fund (Griffiths Eccles) Standard Life (M3 Agency LLP) 14,400m² Bromford Central Ind Est 8.5% BIRMINGHAM £18m Office West Midlands Police (GBR Property) R20 Ltd ( CRE / Colliers GV) 13,285m² T:West Midlands Police - 51 year lease 2 Colmore Circus 4.5% BLACKPOOL £1.45m Industrial Townson Estates (Leslie Roberts & Co) Rega (Lewis & Partners) Unit 4a: 3,019m² R:£132,000 T:Booker Cash & Carry LL:9 Squires Gate Ind Estate 8.5% BOGNOR REGIS £0.265m Retail Clement Harris (Dev) Ltd Golden Gate Properties (Bacon Brooker) R:£24,795 128 Middleton Road 8.82% BOLTON £7.8m Retail Undisclosed (DTZ) Undisclosed 8,129m² R:£882,082 Trinity Retail Park 10.69% Warehouse BOURNEMOUTH £2.63m Retail Private investor ( LLP) Private investor (Allsop & Co) Petrol station and Somerfield convenience store LL:18 Holdenhurst Road 7% £1.057m Industrial Martree Limited (M3 Agency LLP) BP Pension Fund (BNP Paribas Real Estate UK) R:£140,000 T:Wakefield Shirt Company Ltd Mountleigh Close, Unit 3 12.5% BRISTOL £18.37m Retail HSBC Bank Pension Trust (Wilkinson Williams) Hercules Unit Trust 10,327m² T:Boots, Burger King, Halfords, Mamas & Papas Eastgate Retail Park 7.5% Warehouse BRISTOL £21.45m Office Credit Suisse Asset Man (Tudor Toone) Co-operative Insurance (Knight Frank LLP) 3: 7,037m² R:£1,650,000 Rivergate, Temple Quay 7.28% BRISTOL £8.75m Office Confidential Carillion Plc (Jones Lang LaSalle) 2 The Square Temple Quay, The Square 7.88% CAMBERLEY £11.664m Retail PRUPIM (Allsop & Co / Hartnell Taylor Cook) Plc (Cushman & Wakefield) 10,684m² T:House of Fraser 45-51 Park Street 8.75% House of Fraser Plc £31.22m Office Aprirose REI (Knight Frank LLP) Aviva Investors (Knight Frank LLP) 11,752m² T:Welsh Assembly LEX:2032 RR:2012 (fixed up) Crickhowell House 6.23% CHEADLE £8.7m Business Skandia Property Fund (Strutt & Parker) Phoenix Life Ltd (DTZ) Lakeside 5000: 3,465m² R:£689,976 T:Umbro LEX:06/2019 Cheadle Royal Bus Park 7.5% Park CHELTENHAM £2.11m Industrial Private investor Receivers (Allsop & Co) Multi unit industrial estate - predominantly vacant Neptune Business Centre n/a CHESSINGTON £4.4m Office Milton Group () WK Thomas & Co Ltd (Sanderson Weatherall) 3,933m² R:£430,000 T:Bunzl UK Ltd LEX:03/2019 Mount House, Mount Road 9.24% CLACTON-ON-SEA £11.5m Retail Assoc British Foods PT (Whitmarsh Holt Young) Norwich Property Trust (Edgerley Simpson Howe & Partners) 6,739m² R:£1.021m T:B&Q, Currys Brook Retail Park 8.46% Warehouse CRAWLEY £4.75m Office West Register Ltd LPA Receivers (GVA Grimley) Mitre Court 3%

The Property Investors Bulletin - September 2009 Edition Page 6 Geographical Listing of UK Investment Transactions During August 2009 COMMENT: A:Anchor FIXED: Fixed Up-Lifts L:Lease LEX:Lease Expiry LL:Lease Length R:Rent Per Annum RR:Rent Review T:Tenant TBO:Tenants Break Option

ADDRESS PRICE/NIY SECTOR PURCHASER(s) VENDOR(s) COMMENT CRAWLEY £1.205m Retail Undisclosed Undisclosed (DTZ) R:£114,500 33/35 Queensway 8.99% CRAYFORD £3.85m Industrial Carpenters Road Property (Cooper Chen) Ashtenne Industrial Fund (Clay Street Property Investment) 3,066m² T:Matthew Clarke Wholesale LEX:08/2022 Optima Park, Unit 24 7.79% CREWE £2.1m Retail Private client (CB Richard Ellis) Palmer Capital Partners (CB Richard Ellis) 300m² T:Star Petrol Station The Star, Croco 6.98% RREEF Alternative Invest CROYDON £4.55m Distribution Wallop Estates Ltd (Nightingale Partners Ltd) RREEF UK Industrial PF (Lindley Mortimer LLP) Units 1-3 Brazil Close: 5,722m² R:£458,000 Beddington Farm Road 9.5% Warehouse CROYDON £2.6m Retail Private UK investor Aviva Investors (DTZ) 431m² R:£195,000 145-147 North End 7.09% DAVENTRY £1.46m Industrial Lousada Plc (Andrew Dixon & Co) Institutional client (Franck-Steier Price) Units 1 & 2: 3,873m² R:£157,000 T:ASD Group LL:5 Royal Oak Ind Estate 10.17% DOUGLAS, ISLE OF MAN £7.1m Office Royal London 360 ING UK REIT T:Royal London 360 Isle of Man Business Park n/a £4.3m Retail Edenmore Private syndicate (Cushman & Wakefield) Riverside Drive 7.75% EASINGWOLD £0.239m Office Undisclosed Undisclosed (DTZ) 1,416m² Court House, Church Hill n/a n/a Leisure Private investor (Ryden) Undisclosed Former St Margarets School - to be converted into hotel Park n/a EXETER £4.1m Distribution Private investor London & Devonshire Trust (Alder King / Colliers CRE / 6,039m² T:UniChem LL:16.5 Marsh Barton Trad Estate 7.5% Warehouse Colliers GV) EXETER £29.4m Retail Threadneedle Property (Morgan Williams) Norwich Property Trust (Edgerley Simpson Howe & Partners / 9,847m² T:DFS, Currys, PC World, Halfords Rydon Lane Retail Park 8.09% Warehouse Wilkinson Williams) FARNHAM £0.63m Business Undisclosed (Robert Irving & Burns) Durngate Estates (Vail Williams) Unit C4: R:£52,992 T:Codan (UK) Ltd LL:10.75 Coxbridge Business Park n/a Park £7.85m Industrial F&C Reit Asset Management LV = Asset Management (Jones Lang LaSalle) 25 Coddington Crescent 7.95% GLASGOW £1.1m Business Bobath Charity Clyde Property Ltd (GVA Grimley) 679m² - 3 storey office pavillion T:Clyde HQ Craighall Bus Park n/a Park GLASGOW £28m Distribution Canada Life Assurance (Drivers Jonas) ProLogis Developments Ltd (Colliers CRE / Colliers GV / 46,822m² T:Co-operative Group LL:20 TBO:15 Newhouse Ind Estate 8.5% Warehouse Cushman & Wakefield) GLASGOW £4m Business Hamilton Portfolio Royal Liver Assurance New Lanarkshire House T:Scottish Enterprise Strathclyde Business Park n/a Park HKIP HAMILTON £1.8m Industrial Undisclosed Undisclosed (DTZ) T:Provis Hamiliton Intl Park 7.45% HARROGATE £2.365m Retail Private investor Aviva Investors (Cushman & Wakefield / ) R:£137,500 15 James Street 5.55% HARROGATE £3.9m Retail Private investor (Strutt & Parker) Undisclosed 2 James Street & 15 Station Square 2 James Street 6% HARROGATE £4m Leisure Lawrence Wosskow (Fineman Ross) Royal London Asset Man (Knight Frank LLP) 6,586m² T:various - located in Parliament Street The Royal Baths 9% Lunn Property Ventures

The Property Investors Bulletin - September 2009 Edition Page 7 Geographical Listing of UK Investment Transactions During August 2009 COMMENT: A:Anchor FIXED: Fixed Up-Lifts L:Lease LEX:Lease Expiry LL:Lease Length R:Rent Per Annum RR:Rent Review T:Tenant TBO:Tenants Break Option

ADDRESS PRICE/NIY SECTOR PURCHASER(s) VENDOR(s) COMMENT HERTFORD £1.21m Leisure Private investor (DTZ) Private investor (Singer Vielle) 465m² R:£90,000 T:Loch Fyne Restaurants LEX:2034 130 Fore Street 7.04% HUDDERSFIELD £1.28m Industrial Private investor Valad Property Group (Knight Frank LLP) 3,783m² T:various Crossley Mills 10.92% IPSWICH £2.81m Office KEL Pension Scheme (King Sturge) Wrenbridge Land () 1,953m² R:£211,775 T:Suffolk Mental Health LEX:04/2024 Mariner Ho, Handford Rd 7.13% IRVINE £0.27m Industrial Undisclosed Ashtenne Industrial Fund (Sanders Cartwright) 13 workshop units within 2 terraces West Bowhouse Ind Estate 11.92% £1.88m Retail Sweet Ventures (SSAF) Ltd Palmer Capital Partners (CB Richard Ellis) 298m² T:Star Petrol Station The Star, Roundhay 6.27% RREEF Alternative Invest LEICESTER £1.15m Mixed Private investor (Franck-Steier Price) Hinckley & Rugby BS (Johnson Fellows) 486m² R:£90,000 T:Cotton Traders LEX:2021 TBO:2016 6-8 Market Street 7.4% LEIGH n/a Industrial Salmon Harvester Property Quinn Group 12.7-acre site - £50m retail + leisure development plan Former radiator factory n/a LEIGHTON BUZZARD £2.175m Retail Private investor (Stephenson Day) Private investor (Capital Retail / Cushman & Wakefield) T:Wilkinson Hardware Stores Ltd LEX:06/2023 28 High Street 6.74% LONDON E3 £2.575m Retail Private investor (Knight Frank LLP) Private investor (Allsop & Co) Texaco Petrol Filling Station/Convenience Store Bow Road, Catford 7% LONDON EC1 £5.35m Office Undisclosed New Star PUT (Strutt & Parker) 99 Charterhouse Street n/a LONDON EC2 £16.65m Office Bargina (Dron & Wright) Aberdeen Property (King Sturge) Multi-let with majority breaks/epxires 2010-2012 2-6 Austin Friars 10.78% LONDON EC2 £2.98m Office Bargina (Allsop & Co) ING REIM UK Ltd Library Chambers: 430m² 13-14 Basinghall Street 8.52% LONDON SE1 £5.675m Retail The BHM Group (Teacher Marks) Private investor (KA Property) Benbow House: 844m² R:£334,900 T:Pizza Express 24 New Globe Walk n/a LONDON SE16 £2.575m Retail Private investor (Knight Frank LLP) Private investor (Allsop & Co) Petrol station and Somerfield convenience store LL:18 Texaco, Catford 7% LONDON SE5 £1.035m Industrial Private (GVA Grimley) PHS Group Plc Camberwell 66 Wells Way 7.75% LONDON SW1 £34m Office Crown Estate, The (BH2) Helical Bar Plc Rex House: 8,450m² T:various - 26 year leasehold 4-12 Regent Street 12% LONDON SW1 £6.16m Office Littlestar Services Ltd (Deveno Property) Staffordshire CC Super F (Colliers CRE / Colliers GV) 653m² - purchased for occupation 32/33 St James's Place n/a LONDON SW1 £116m Office London & Oriental Bank of Ireland Asset Man (Jones Lang LaSalle) Windsor House: 10,468m² T:TfL 42-50 Victoria Street 5.73% LONDON W1 £35.5m Mixed Triangle Investments (Savills) Invista REIM (Jones Lang LaSalle) 2,905m² R:£2,517,118 T:various (5) + retail unit 56-60 Conduit Street 6.7% LONDON W1 £2.23m Office Malcom Paul Atkins (Jeffries Land) CLS Holdings Plc (Savills / Cushman & Wakefield) 197m² grade-II listed terrace property 2 Deanery Street n/a LONDON W1 £6.575m Mixed Private UK Henderson Investors (Michael Elliott LLP) 55 Greek Street 8%

The Property Investors Bulletin - September 2009 Edition Page 8 Geographical Listing of UK Investment Transactions During August 2009 COMMENT: A:Anchor FIXED: Fixed Up-Lifts L:Lease LEX:Lease Expiry LL:Lease Length R:Rent Per Annum RR:Rent Review T:Tenant TBO:Tenants Break Option

ADDRESS PRICE/NIY SECTOR PURCHASER(s) VENDOR(s) COMMENT LONDON W1 £39.3m Mixed NFU Mutual Insurance PRUPIM (Jones Lang LaSalle) Standbrook House 2-5 Old Bond Street 4.85% LONDON W1 £30m Mixed Overseas investor BBC Pension Trust (CB Richard Ellis / Michael Elliott LLP) Mutual House: 2,526m² T:various 193-201 Regent Street 5.46% LONDON W1 £22.9m Mixed Calzedonia Spa (Jones Lang LaSalle) Spirella House: T:Calzedonia (t/a Tezenis) 266-270 Regent Street 4.91% Capital & Counties Plc LONDON W1 £9.05m Mixed Anglo-Omani Society () Devonshire Property Inv (Jones Lang LaSalle) 968m² office (to be occupied by purchaser) + retail 34-35 Sackville Street n/a Aviva Investors (Glinsman Weller) LONDON W2 £1.05m Office Private investor Private investor (Colliers CRE / Colliers GV) 234m² - part vacant freehold 4/5 Inverness Mews n/a LONDON W5 £15.28m Office Threadneedle Property (Jones Lang LaSalle / Tudor Toone) Royal London Asset Man (Knight Frank LLP / Strutt & Parker) 4,664m² T:Dunnhumbee (sub of Tesco Plc) LL:7 71-75 Uxbridge Road 8.2% LONDON WC2 £128m Office BVK International (Cushman & Wakefield) Tishman Speyer Properties (BH2) Centrium: 16,908m² T:Fully let 61 Aldwych 7.1% MANCHESTER £5.7m Retail Terrace Hill Group Plc (Knight Frank LLP) Standard Life (Edgerley Simpson Howe & Partners) 3,995m² - unrestricted open A1 planning consent Heaton Retail Park n/a Warehouse Peveril Securities MANCHESTER £14.875m Retail Wittington (Jones Lang LaSalle) Co-operative Insurance (DTZ) 3,040m² R:£1.15m T:HMV LEX:02/2016 90-100 Market Street 7.31% MIDDLEWICH £16.55m Distribution AREA Property Partners (Goldenberg & Company) Norwich Property Trust (King Sturge) 3,227m² R:£1,628,000 T:Wincanton Group LEX:08/2019 Midpoint 18 9.3% Warehouse Trafalgar Overseas MILTON KEYNES £2.8m Industrial Undisclosed Legal & General Property (Colliers CRE / Colliers GV) Grafton Court 9.7% MILTON KEYNES £6.95m Industrial Legal & General Property (BNP Paribas Real Estate UK) Ashtenne Industrial Fund (Clay Street Property Investment) 10,684m² R:£698,000 T:various (3) Libra Industrial Estate 9.5% MOSSEND £7.85m Industrial F&C Reit Asset Management LV = Asset Management (Jones Lang LaSalle) ScotPower 7.95% NEWCASTLE-UPON-TYNE £14.5m Office Caudwell Properties Ltd AEGON Asset Management (DTZ) 5,548m² R:£1,258,307 1 St James Gate 8.2% NORMANTON £18.65m Distribution Private investor (Hartnell Taylor Cook) PRUPIM (Jones Lang LaSalle) 30,657m² R:£1,430,000 T:ASDA LL:17.5 ASDA Distribution 7.25% Warehouse NORTHAMPTON £2m Retail Apperly Estates Ltd (Kinney & Green) TAP Income Trust Ltd (BNP Paribas Real Estate UK) 1,208m² T:Halfords LEX:2016 Weedon Road Ind Estate 8.96% Warehouse NOTTINGHAM £9.025m Office Peter Landa ING REIM UK Ltd (GVA Grimley) Apex Court, City Link n/a NOTTINGHAM £4.74m Business Casbridge LLP (Fisher Hargreaves Proctor) ING Real Estate Dev (GVA Grimley) 3,201m² LL:10 Castle Bridge Village 10.25% Park NOTTINGHAM £6m Retail Nottingham based propco (Fisher Hargreaves Proctor) Aviva Investors (Savills) R:£437,500 T:Abbey National, Aldo 34-40 Clumber Street 6.9% NOTTINGHAM £2.4m Retail Private investor Braemar Group Plc (Christopher Dee) R:£170,000 T:Starbucks - 250 year lease at peppercorn Market Square 6.7% OSSETT £1.0625m Retail Private investor (Allsop & Co) Private developer (Franck-Steier Price) T:Tesco LL:15 RR:RPI - Forward funding Tesco Express 5%

The Property Investors Bulletin - September 2009 Edition Page 9 Geographical Listing of UK Investment Transactions During August 2009 COMMENT: A:Anchor FIXED: Fixed Up-Lifts L:Lease LEX:Lease Expiry LL:Lease Length R:Rent Per Annum RR:Rent Review T:Tenant TBO:Tenants Break Option

ADDRESS PRICE/NIY SECTOR PURCHASER(s) VENDOR(s) COMMENT £14.05m Business Threadneedle Property (Jones Lang LaSalle) Goodman International (Strutt & Parker) Building 9600: 6,039m² T:Blackwell LL:18 Oxford Business Park 8.3% Park OXFORD £27.13m Retail BA Pension Fund (Cushman & Wakefield) Plc (Morgan Williams) 7,711m² T:Homebase, Habitat Seacourt Retail Park 8.31% Warehouse PERSHORE £0.215m Industrial Burlton Estates (Mark Atkins Associates) Private investor (Harris Lamb) 350m² R:£28,000 T:IGROX Ltd LEX:2014 9 Goodwood Road 12.6% POOLE £17.25m Retail British Steel PF Tesco Plc (Morgan Williams) 1 foodstore Tesco Supermarket 5.29% PORTFOLIO £5.7m Misc. Willowdale Investments Assura Group Hampstead, Oxted and Denton - sold separately 3 non-core properties n/a Prime Oak Investments Carnell Investments PORTFOLIO £40.665m Retail Threadneedle Property (Savills) Co-operative Group (Jones Lang LaSalle) 20 convenience stores S&L:Co-operative Co-Op Portfolio 6.25% PORTFOLIO £2.03m Retail Private investor (Allsop & Co) Coral Bookmakers 6 betting shops S&L:Coral Betting Shops RR:Fixed Coral Portfolio 8% PORTFOLIO £196m Industrial USS (King Sturge) (Franc Warwick) 269,410m² - 42 multi-let industrial estates Equiton Portfolio 8.7% PRUPIM SE Industrial Unit Trust PORTFOLIO £4.826m Retail Cheshire Investments Ltd (CWM) TAP Income Trust Ltd (BNP Paribas Real Estate UK) 2,787m² - Dover + Huddersfield T:Halfords LEX:2021 Halfords Portfolio 8.9% Warehouse PORTFOLIO £232.1m Industrial Max Property Group (Franc Warwick) Receivers - Ernst & Young (King Sturge) 706,040m² R:£29.6m T:various (800) Industrious portfolio 10.3% PORTFOLIO £3m Industrial Longford Investment Ltd Ashtenne Industrial Fund (Cooke & Arkwright) 7,339m² - Two industrial estates Methyr / Blackwood 10% PORTFOLIO £6.32m Retail MRC Park Trust Palmer Capital Partners (CB Richard Ellis) 598m² - Hornchurch, Batley & Streatham Star Stations Portfolio 6.4% RREEF Alternative Invest PORTFOLIO £5m Retail RASCASSE Palmer Capital Partners (CB Richard Ellis) 677m² Sandbeck, Stockport & Manchester Star Stations Portfolio 6.89% RREEF Alternative Invest PORTFOLIO £121.7m Retail PRUPIM Tesco Plc (Morgan Williams) 3 foodstores - Llanelli/Sudbury/Ashford Tesco Supermarkets 5.29% PORTFOLIO £78m Retail LaSalle Investment Man Tesco Plc (Morgan Williams) Banbury / Bishops Stortford Tesco Supermarkets 5.29% PORTFOLIO £36m Retail LV = Asset Management (Capital Retail) Tesco Plc (Morgan Williams) 9,244m² - 3 supermarkets T:Tesco LL:25 Tesco Supermarkets 5.25% PORTFOLIO £14.37m Retail Private investor (Allsop & Co) Palmer Capital Partners (Rapleys) 7 petrol stations T:Co-Operative Group LL:18 RR:Fixed Texaco Portfolio 7% RREEF Alternative Invest (CB Richard Ellis) PORTFOLIO £88.2m Misc. Oasis Capital Bank Unite Group Plc 1,119 student beds in three properties (dev yield) Unite 2010 Portfolio 8% PRESTON £57m Retail HSBC Bank Pension Trust (Wilkinson Williams) Hercules Unit Trust 24,668m² T:Borders, Argos, Boots - 50% stake Deepdale Retail Park 7% Warehouse REDDITCH £1.2m Leisure Southcrest Manor EjendomsInvest (Christie & Co) 73-bedroom hotel - to be refurbished by new owner Stop Inn Southcrest n/a

The Property Investors Bulletin - September 2009 Edition Page 10 Geographical Listing of UK Investment Transactions During August 2009 COMMENT: A:Anchor FIXED: Fixed Up-Lifts L:Lease LEX:Lease Expiry LL:Lease Length R:Rent Per Annum RR:Rent Review T:Tenant TBO:Tenants Break Option

ADDRESS PRICE/NIY SECTOR PURCHASER(s) VENDOR(s) COMMENT RICHMOND-UPON-THAMES £1.44m Retail Undisclosed Undisclosed (DTZ) R:£90,000 21 George Street 5.91% ROMSEY £0.375m Retail Private investment co (Goadsby) Undisclosed R:£24,500 T:Bells Bookshops Ltd LL:10 (guide price) 20a The Hundred 6.3% ROTHERHAM £0.7m Industrial Undisclosed CBRE Investors (CB Richard Ellis) Units 4F-4L Cornish Way: 2,549m² Barbot Hall Ind Estate 15.6% ST HELIER, JERSEY £15.5m Office Guernsey investment co Legal & General Property (CB Richard Ellis) 3,995m² T:Carey Olsen LL:14 + 17 45-47 Esplanade 7.52% STEVENAGE £2m Industrial Hawkins Developments (Mark Atkins Associates) DPIF (King Sturge) 2,600m² R:£210,000 T:various Stevenage Ent Centre 10% SWANSEA £0.342m Industrial Local property company Private investment co (Lambert Smith Hampton) 1,044m² R:£39,000 T:ATS, Tantric Europe Enterprise Park 11% SWINDON £1.715m Retail Chelsea Estates Ltd (Hicks Baker) BA Pension Fund (Singer Vielle) R:£116,000 T:Body Shop International plc LEX: 2019 6 Regent Street 6.4% TAUNTON £5.605m Retail Protego Real Estate (Knight Frank LLP) Rockspring PIM Ltd (Colliers CRE / Colliers GV) R:£408,450 T:HMV, Vodafone, O2 LL:5.4 (av) 26-27 Fore Street 6.9% TOTTON £9.075m Industrial Skelton Group AXA REIM (Knight Frank LLP) 11,602m² T:SCA Recycling UK Ltd Hounsdown Business Park 9.05% WAKEFIELD £1.1m Office Undisclosed Private individual (CB Richard Ellis) 864m² Chapelthorpe Hall n/a WARWICK £14.4m Business Hildane Properties (NB Real Estate) Opus Land (GBR Property / GVA Grimley / Dixon Crawford) Point 3: 7,806m² R:£1,272,536 T:Telent Plc LEX:2023 Opus 40 Business Park 8.25% Park WATFORD £41m Retail Warburg-Henderson KAG (Harvey Spack Field) Hercules Unit Trust (Cushman & Wakefield) 6,958m² T:Argos Extra, Boots, Borders, Mamas & Papas Waterfields Retail Park 7.13% Warehouse WILMSLOW £35.6m Retail HERALD European RPF (Everton Phillips) Aviva Investors (Wilkinson Williams) 8,493m² T:B&Q, Comet, Halfords, Next, TK Maxx Stanley Green Retail Park 7% Warehouse £0.45m Industrial Local investor Ashby London PP Trustees (Towler Shaw Roberts Ltd) T:Various (4) - asking price Dixon Street n/a WOLVERHAMPTON £1.25m Industrial Urban Splash Ltd Mucklow Group, A&J Plc 13,935m² former Sunbeam factory T:Chubb LEX:06/2009 Paul Street n/a

The Property Investors Bulletin - September 2009 Edition Page 11 Buyers & Sellers During August 2009

Institutions

COMPANY B/S TOWN STREET SECTOR PRICE YIELD Aberdeen Property SELL LONDON EC2 2-6 Austin FriarsOffice £16.65m 10.78% AEGON Asset Management SELL NEWCASTLE-UPON-TYNE 1 St James GateOffice £14.5m 8.2% Ashtenne Industrial Fund SELL CRAYFORD Optima Park, Unit 24Industrial £3.85m 7.79% Ashtenne Industrial Fund SELL IRVINE West Bowhouse Ind EstateIndustrial £0.27m 11.92% Ashtenne Industrial Fund SELL MILTON KEYNES Libra Industrial EstateIndustrial £6.95m 9.5% Ashtenne Industrial Fund SELL PORTFOLIO Methyr / BlackwoodIndustrial £3m 10% Assoc British Foods PT BUY CLACTON-ON-SEA Brook Retail ParkRetail Warehouse £11.5m 8.46% Aviva Investors SELL CARDIFF Crickhowell HouseOffice £31.22m 6.23% Aviva Investors SELL CROYDON 145-147 North EndRetail £2.6m 7.09% Aviva Investors SELL HARROGATE 15 James StreetRetail £2.365m 5.55% Aviva Investors SELL NOTTINGHAM 34-40 Clumber StreetRetail £6m 6.9% Aviva Investors SELL WILMSLOW Stanley Green Retail ParkRetail Warehouse £35.6m 7% Aviva Investors (JV) SELL LONDON W1 34-35 Sackville StreetMixed £9.05m N/A AXA REIM SELL TOTTON Hounsdown Business ParkIndustrial £9.075m 9.05% BA Pension Fund BUY OXFORD Seacourt Retail ParkRetail Warehouse £27.13m 8.31% BA Pension Fund SELL SWINDON 6 Regent StreetRetail £1.715m 6.4% BBC Pension Trust SELL LONDON W1 193-201 Regent StreetMixed £30m 5.46% BP Pension Fund SELL BRADFORD Mountleigh Close, Unit 3Industrial £1.057m 12.5% British Steel PF BUY POOLE Tesco SupermarketRetail £17.25m 5.29% Canada Life Assurance BUY GLASGOW Newhouse Ind EstateDistribution Warehouse £28m 8.5% CBRE Investors SELL ROTHERHAM Barbot Hall Ind EstateIndustrial £0.7m 15.6% Co-operative Insurance SELL BRISTOL Rivergate, Temple QuayOffice £21.45m 7.28% Co-operative Insurance SELL MANCHESTER 90-100 Market StreetRetail £14.875m 7.31% Credit Suisse Asset Man BUY BRISTOL Rivergate, Temple QuayOffice £21.45m 7.28% Henderson Investors SELL LONDON W1 55 Greek StreetMixed £6.575m 8% Hercules Unit Trust SELL BRISTOL Eastgate Retail ParkRetail Warehouse £18.37m 7.5% Hercules Unit Trust SELL PRESTON Deepdale Retail ParkRetail Warehouse £57m 7% Hercules Unit Trust SELL WATFORD Waterfields Retail ParkRetail Warehouse £41m 7.13% HSBC Bank Pension Trust BUY BRISTOL Eastgate Retail ParkRetail Warehouse £18.37m 7.5% HSBC Bank Pension Trust BUY PRESTON Deepdale Retail ParkRetail Warehouse £57m 7% ING REIM UK Ltd SELL LONDON EC2 13-14 Basinghall StreetOffice £2.98m 8.52% ING REIM UK Ltd SELL NOTTINGHAM Apex Court, City LinkOffice £9.025m N/A Institutional client SELL DAVENTRY Royal Oak Ind EstateIndustrial £1.46m 10.17% Invista REIM SELL LONDON W1 56-60 Conduit StreetMixed £35.5m 6.7% KEL Pension Scheme BUY IPSWICH Mariner Ho, Handford RdOffice £2.81m 7.13% LaSalle Investment Man BUY PORTFOLIO Tesco SupermarketsRetail £78m 5.29% Legal & General Property SELL MILTON KEYNES Grafton CourtIndustrial £2.8m 9.7% Legal & General Property BUY MILTON KEYNES Libra Industrial EstateIndustrial £6.95m 9.5% Legal & General Property SELL ST HELIER, JERSEY 45-47 EsplanadeOffice £15.5m 7.52% LV = Asset Management SELL GLASGOW 25 Coddington CrescentIndustrial £7.85m 7.95% LV = Asset Management SELL MOSSEND ScotPowerIndustrial £7.85m 7.95% LV = Asset Management BUY PORTFOLIO Tesco SupermarketsRetail £36m 5.25% NFU Mutual Insurance BUY LONDON W1 2-5 Old Bond StreetMixed £39.3m 4.85% Norwich Property Trust SELL CLACTON-ON-SEA Brook Retail ParkRetail Warehouse £11.5m 8.46% Norwich Property Trust SELL EXETER Rydon Lane Retail ParkRetail Warehouse £29.4m 8.09% Norwich Property Trust SELL MIDDLEWICH Midpoint 18Distribution Warehouse £16.55m 9.3% Phoenix Life Ltd SELL CHEADLE Cheadle Royal Bus ParkBusiness Park £8.7m 7.5% PRUPIM BUY CAMBERLEY 45-51 Park StreetRetail £11.664m 8.75% PRUPIM SELL LONDON W1 2-5 Old Bond StreetMixed £39.3m 4.85% PRUPIM SELL NORMANTON ASDA DistributionDistribution Warehouse £18.65m 7.25% PRUPIM BUY PORTFOLIO Tesco SupermarketsRetail £121.7m 5.29% PRUPIM (JV) SELL PORTFOLIO Equiton PortfolioIndustrial £196m 8.7% Rockspring PIM Ltd SELL TAUNTON 26-27 Fore StreetRetail £5.605m 6.9% Page 12 The Property Investors Bulletin - September 2009 Edition Buyers & Sellers During August 2009

Institutions

COMPANY B/S TOWN STREET SECTOR PRICE YIELD Royal Liver Assurance SELL GLASGOW Strathclyde Business ParkBusiness Park £4m N/A Royal London Asset Man SELL HARROGATE The Royal BathsLeisure £4m 9% Royal London Asset Man SELL LONDON W5 71-75 Uxbridge RoadOffice £15.28m 8.2% RREEF Alternative Invest (JV) SELL CREWE The Star, CrocoRetail £2.1m 6.98% RREEF Alternative Invest (JV) SELL LEEDS The Star, RoundhayRetail £1.88m 6.27% RREEF Alternative Invest (JV) SELL PORTFOLIO Star Stations PortfolioRetail £5m 6.89% RREEF Alternative Invest (JV) SELL PORTFOLIO Star Stations PortfolioRetail £6.32m 6.4% RREEF Alternative Invest (JV) SELL PORTFOLIO Texaco PortfolioRetail £14.37m 7% RREEF UK Industrial PF SELL CROYDON Beddington Farm RoadDistribution Warehouse £4.55m 9.5% SE Industrial Unit Trust (JV) SELL PORTFOLIO Equiton PortfolioIndustrial £196m 8.7% Skandia Property Fund BUY CHEADLE Cheadle Royal Bus ParkBusiness Park £8.7m 7.5% Standard Life SELL BIRMINGHAM Bromford Central Ind EstIndustrial £8.96m 8.5% Standard Life SELL MANCHESTER Heaton Retail ParkRetail Warehouse £5.7m N/A Teesside Pension Fund BUY BIRMINGHAM Bromford Central Ind EstIndustrial £8.96m 8.5% Threadneedle Property BUY ABERDEEN Three developmentsIndustrial £14m 8% Threadneedle Property BUY EXETER Rydon Lane Retail ParkRetail Warehouse £29.4m 8.09% Threadneedle Property BUY LONDON W5 71-75 Uxbridge RoadOffice £15.28m 8.2% Threadneedle Property BUY OXFORD Oxford Business ParkBusiness Park £14.05m 8.3% Threadneedle Property BUY PORTFOLIO Co-Op PortfolioRetail £40.665m 6.25% USS BUY PORTFOLIO Equiton PortfolioIndustrial £196m 8.7% Property Companies

COMPANY B/S TOWN STREET SECTOR PRICE YIELD Apperly Estates Ltd BUY NORTHAMPTON Weedon Road Ind EstateRetail Warehouse £2m 8.96% Assura Group SELL PORTFOLIO 3 non-core propertiesMisc. £5.7m N/A Braemar Group Plc SELL NOTTINGHAM Market SquareRetail £2.4m 6.7% British Land Plc (JV) SELL CAMBERLEY 45-51 Park StreetRetail £11.664m 8.75% Brixton Plc (JV) SELL PORTFOLIO Equiton PortfolioIndustrial £196m 8.7% Burlton Estates BUY PERSHORE 9 Goodwood RoadIndustrial £0.215m 12.6% Capital & Counties Plc (JV) SELL LONDON W1 266-270 Regent StreetMixed £22.9m 4.91% Carpenters Road Property BUY CRAYFORD Optima Park, Unit 24Industrial £3.85m 7.79% Caudwell Properties Ltd BUY NEWCASTLE-UPON-TYNE 1 St James GateOffice £14.5m 8.2% Chelsea Estates Ltd BUY SWINDON 6 Regent StreetRetail £1.715m 6.4% Cheshire Investments Ltd BUY PORTFOLIO Halfords PortfolioRetail Warehouse £4.826m 8.9% Clement Harris (Dev) Ltd BUY BOGNOR REGIS 128 Middleton RoadRetail £0.265m 8.82% CLS Holdings Plc SELL LONDON W1 2 Deanery StreetOffice £2.23m N/A Clyde Property Ltd SELL GLASGOW Craighall Bus ParkBusiness Park £1.1m N/A Crown Estate, The BUY LONDON SW1 4-12 Regent StreetOffice £34m 12% Devonshire Property Inv (JV) SELL LONDON W1 34-35 Sackville StreetMixed £9.05m N/A Durngate Estates SELL FARNHAM Coxbridge Business ParkBusiness Park £0.63m N/A F&C Reit Asset Management BUY GLASGOW 25 Coddington CrescentIndustrial £7.85m 7.95% F&C Reit Asset Management BUY MOSSEND ScotPowerIndustrial £7.85m 7.95% Golden Gate Properties SELL BOGNOR REGIS 128 Middleton RoadRetail £0.265m 8.82% Gould Asset Management BUY ALRESFORD Bennett House, The DeanIndustrial N/A N/A Great Portland Estates (JV) SELL LONDON W1 266-270 Regent StreetMixed £22.9m 4.91% Hamilton Portfolio (JV) BUY GLASGOW Strathclyde Business ParkBusiness Park £4m N/A Hammerson Plc SELL OXFORD Seacourt Retail ParkRetail Warehouse £27.13m 8.31% Hawkins Developments BUY STEVENAGE Stevenage Ent CentreIndustrial £2m 10% Helical Bar Plc SELL LONDON SW1 4-12 Regent StreetOffice £34m 12% Hildane Properties BUY WARWICK Opus 40 Business ParkBusiness Park £14.4m 8.25% ING Real Estate Dev SELL NOTTINGHAM Castle Bridge VillageBusiness Park £4.74m 10.25% ING UK REIT SELL DOUGLAS, ISLE OF MAN Isle of Man Business ParkOffice £7.1m N/A Knight Property Group SELL ABERDEEN Three developmentsIndustrial £14m 8%

The Property Investors Bulletin - September 2009 Edition Page 13 Buyers & Sellers During August 2009

Property Companies

COMPANY B/S TOWN STREET SECTOR PRICE YIELD Local property company BUY SWANSEA Enterprise ParkIndustrial £0.342m 11% London & Devonshire Trust SELL EXETER Marsh Barton Trad EstateDistribution Warehouse £4.1m 7.5% Longford Investment Ltd BUY PORTFOLIO Methyr / BlackwoodIndustrial £3m 10% Lousada Plc BUY DAVENTRY Royal Oak Ind EstateIndustrial £1.46m 10.17% Lunn Property Ventures (JV) BUY HARROGATE The Royal BathsLeisure £4m 9% Max Property Group BUY PORTFOLIO Industrious portfolioIndustrial £232.1m 10.3% Milton Group BUY CHESSINGTON Mount House, Mount RoadOffice £4.4m 9.24% Mucklow Group, A&J Plc SELL WOLVERHAMPTON Paul StreetIndustrial £1.25m N/A Nottingham based propco BUY NOTTINGHAM 34-40 Clumber StreetRetail £6m 6.9% Opus Land SELL WARWICK Opus 40 Business ParkBusiness Park £14.4m 8.25% Palmer Capital Partners (JV) SELL CREWE The Star, CrocoRetail £2.1m 6.98% Palmer Capital Partners (JV) SELL LEEDS The Star, RoundhayRetail £1.88m 6.27% Palmer Capital Partners (JV) SELL PORTFOLIO Star Stations PortfolioRetail £5m 6.89% Palmer Capital Partners (JV) SELL PORTFOLIO Star Stations PortfolioRetail £6.32m 6.4% Palmer Capital Partners (JV) SELL PORTFOLIO Texaco PortfolioRetail £14.37m 7% Peveril Securities (JV) BUY MANCHESTER Heaton Retail ParkRetail Warehouse £5.7m N/A Private developer SELL OSSETT Tesco ExpressRetail £1.0625m 5% Private investment co BUY ROMSEY 20a The HundredRetail £0.375m 6.3% Private investment co SELL SWANSEA Enterprise ParkIndustrial £0.342m 11% Protego Real Estate BUY TAUNTON 26-27 Fore StreetRetail £5.605m 6.9% R20 Ltd SELL BIRMINGHAM 2 Colmore CircusOffice £18m 4.5% Salmon Harvester Property BUY LEIGH Former radiator factoryIndustrial N/A N/A Skelton Group BUY TOTTON Hounsdown Business ParkIndustrial £9.075m 9.05% TAP Income Trust Ltd SELL NORTHAMPTON Weedon Road Ind EstateRetail Warehouse £2m 8.96% TAP Income Trust Ltd SELL PORTFOLIO Halfords PortfolioRetail Warehouse £4.826m 8.9% Terrace Hill Group Plc (JV) BUY MANCHESTER Heaton Retail ParkRetail Warehouse £5.7m N/A Townson Estates BUY BLACKPOOL Squires Gate Ind EstateIndustrial £1.45m 8.5% Unite Group Plc SELL PORTFOLIO Unite 2010 PortfolioMisc. £88.2m 8% Urban Splash Ltd BUY WOLVERHAMPTON Paul StreetIndustrial £1.25m N/A Wallop Estates Ltd BUY CROYDON Beddington Farm RoadDistribution Warehouse £4.55m 9.5% West Register Ltd BUY CRAWLEY Mitre CourtOffice £4.75m 3% Wrenbridge Land SELL IPSWICH Mariner Ho, Handford RdOffice £2.81m 7.13% Overseas Investors

COMPANY B/S TOWN STREET SECTOR PRICE YIELD Anglo-Omani Society BUY LONDON W1 34-35 Sackville StreetMixed £9.05m N/A Aprirose REI BUY CARDIFF Crickhowell HouseOffice £31.22m 6.23% AREA Property Partners (JV) BUY MIDDLEWICH Midpoint 18Distribution Warehouse £16.55m 9.3% Bank of Ireland Asset Man SELL LONDON SW1 42-50 Victoria StreetOffice £116m 5.73% Bargina BUY LONDON EC2 2-6 Austin FriarsOffice £16.65m 10.78% Bargina BUY LONDON EC2 13-14 Basinghall StreetOffice £2.98m 8.52% BVK International BUY LONDON WC2 61 AldwychOffice £128m 7.1% Calzedonia Spa BUY LONDON W1 266-270 Regent StreetMixed £22.9m 4.91% EjendomsInvest SELL REDDITCH Stop Inn SouthcrestLeisure £1.2m N/A Goodman International SELL OXFORD Oxford Business ParkBusiness Park £14.05m 8.3% HERALD European RPF BUY WILMSLOW Stanley Green Retail ParkRetail Warehouse £35.6m 7% London & Oriental BUY LONDON SW1 42-50 Victoria StreetOffice £116m 5.73% Oasis Capital Bank BUY PORTFOLIO Unite 2010 PortfolioMisc. £88.2m 8% Overseas investor BUY LONDON W1 193-201 Regent StreetMixed £30m 5.46% ProLogis Developments Ltd SELL GLASGOW Newhouse Ind EstateDistribution Warehouse £28m 8.5% Quinn Group SELL LEIGH Former radiator factoryIndustrial N/A N/A Tishman Speyer Properties SELL LONDON WC2 61 AldwychOffice £128m 7.1% Triangle Investments BUY LONDON W1 56-60 Conduit StreetMixed £35.5m 6.7%

Page 14 The Property Investors Bulletin - September 2009 Edition Buyers & Sellers During August 2009

Overseas Investors

COMPANY B/S TOWN STREET SECTOR PRICE YIELD Valad Property Group SELL HUDDERSFIELD Crossley MillsIndustrial £1.28m 10.92% Warburg-Henderson KAG BUY WATFORD Waterfields Retail ParkRetail Warehouse £41m 7.13% Private Investors / Syndicates / Trusts

COMPANY B/S TOWN STREET SECTOR PRICE YIELD Ashby London PP Trustees SELL WOLVERHAMPTON Dixon StreetIndustrial £0.45m N/A Bobath Charity BUY GLASGOW Craighall Bus ParkBusiness Park £1.1m N/A Carnell Investments (JV) BUY PORTFOLIO 3 non-core propertiesMisc. £5.7m N/A Casbridge LLP BUY NOTTINGHAM Castle Bridge VillageBusiness Park £4.74m 10.25% Guernsey investment co BUY ST HELIER, JERSEY 45-47 EsplanadeOffice £15.5m 7.52% HKIP (JV) BUY GLASGOW Strathclyde Business ParkBusiness Park £4m N/A Lawrence Wosskow (JV) BUY HARROGATE The Royal BathsLeisure £4m 9% Local investor BUY WOLVERHAMPTON Dixon StreetIndustrial £0.45m N/A Malcom Paul Atkins BUY LONDON W1 2 Deanery StreetOffice £2.23m N/A New Star PUT SELL LONDON EC1 99 Charterhouse StreetOffice £5.35m N/A Peter Landa BUY NOTTINGHAM Apex Court, City LinkOffice £9.025m N/A Prime Oak Investments (JV) BUY PORTFOLIO 3 non-core propertiesMisc. £5.7m N/A Private BUY LONDON SE5 66 Wells WayIndustrial £1.035m 7.75% Private client BUY CREWE The Star, CrocoRetail £2.1m 6.98% Private individual SELL WAKEFIELD Chapelthorpe HallOffice £1.1m N/A Private investor BUY AYLESBURY High StreetRetail £1.9m 9.5% Private investor SELL BOURNEMOUTH Holdenhurst RoadRetail £2.63m 7% Private investor BUY BOURNEMOUTH Holdenhurst RoadRetail £2.63m 7% Private investor BUY CHELTENHAM Neptune Business CentreIndustrial £2.11m N/A Private investor BUY EDINBURGH Craigmillar ParkLeisure N/A N/A Private investor BUY EXETER Marsh Barton Trad EstateDistribution Warehouse £4.1m 7.5% Private investor BUY HARROGATE 15 James StreetRetail £2.365m 5.55% Private investor BUY HARROGATE 2 James StreetRetail £3.9m 6% Private investor BUY HERTFORD 130 Fore StreetLeisure £1.21m 7.04% Private investor SELL HERTFORD 130 Fore StreetLeisure £1.21m 7.04% Private investor BUY HUDDERSFIELD Crossley MillsIndustrial £1.28m 10.92% Private investor BUY LEICESTER 6-8 Market StreetMixed £1.15m 7.4% Private investor BUY LEIGHTON BUZZARD 28 High StreetRetail £2.175m 6.74% Private investor SELL LEIGHTON BUZZARD 28 High StreetRetail £2.175m 6.74% Private investor BUY LONDON E3 Bow Road, CatfordRetail £2.575m 7% Private investor SELL LONDON E3 Bow Road, CatfordRetail £2.575m 7% Private investor SELL LONDON SE1 24 New Globe WalkRetail £5.675m N/A Private investor BUY LONDON SE16 Texaco, CatfordRetail £2.575m 7% Private investor SELL LONDON SE16 Texaco, CatfordRetail £2.575m 7% Private investor BUY LONDON W2 4/5 Inverness MewsOffice £1.05m N/A Private investor SELL LONDON W2 4/5 Inverness MewsOffice £1.05m N/A Private investor BUY NORMANTON ASDA DistributionDistribution Warehouse £18.65m 7.25% Private investor BUY NOTTINGHAM Market SquareRetail £2.4m 6.7% Private investor BUY OSSETT Tesco ExpressRetail £1.0625m 5% Private investor SELL PERSHORE 9 Goodwood RoadIndustrial £0.215m 12.6% Private investor BUY PORTFOLIO Coral PortfolioRetail £2.03m 8% Private investor BUY PORTFOLIO Texaco PortfolioRetail £14.37m 7% Private syndicate SELL DUNDEE Riverside DriveRetail £4.3m 7.75% Private UK BUY LONDON W1 55 Greek StreetMixed £6.575m 8% Private UK investor BUY CROYDON 145-147 North EndRetail £2.6m 7.09% Willowdale Investments (JV) BUY PORTFOLIO 3 non-core propertiesMisc. £5.7m N/A Wittington BUY MANCHESTER 90-100 Market StreetRetail £14.875m 7.31%

The Property Investors Bulletin - September 2009 Edition Page 15 Buyers & Sellers During August 2009

Occupiers

COMPANY B/S TOWN STREET SECTOR PRICE YIELD Carillion Plc SELL BRISTOL Temple Quay, The SquareOffice £8.75m 7.88% Co-operative Group SELL PORTFOLIO Co-Op PortfolioRetail £40.665m 6.25% Coral Bookmakers SELL PORTFOLIO Coral PortfolioRetail £2.03m 8% House of Fraser Plc (JV) SELL CAMBERLEY 45-51 Park StreetRetail £11.664m 8.75% Littlestar Services Ltd BUY LONDON SW1 32/33 St James's PlaceOffice £6.16m N/A PHS Group Plc SELL LONDON SE5 66 Wells WayIndustrial £1.035m 7.75% Royal London 360 BUY DOUGLAS, ISLE OF MAN Isle of Man Business ParkOffice £7.1m N/A Southcrest Manor BUY REDDITCH Stop Inn SouthcrestLeisure £1.2m N/A Staffordshire CC Super F SELL LONDON SW1 32/33 St James's PlaceOffice £6.16m N/A Tesco Plc SELL POOLE Tesco SupermarketRetail £17.25m 5.29% Tesco Plc SELL PORTFOLIO Tesco SupermarketsRetail £121.7m 5.29% Tesco Plc SELL PORTFOLIO Tesco SupermarketsRetail £78m 5.29% Tesco Plc SELL PORTFOLIO Tesco SupermarketsRetail £36m 5.25% West Midlands Police BUY BIRMINGHAM 2 Colmore CircusOffice £18m 4.5% WK Thomas & Co Ltd SELL CHESSINGTON Mount House, Mount RoadOffice £4.4m 9.24% Financial/Banks

COMPANY B/S TOWN STREET SECTOR PRICE YIELD Hinckley & Rugby BS SELL LEICESTER 6-8 Market StreetMixed £1.15m 7.4% LPA Receivers SELL CRAWLEY Mitre CourtOffice £4.75m 3% Receivers SELL CHELTENHAM Neptune Business CentreIndustrial £2.11m N/A Receivers - Ernst & Young SELL PORTFOLIO Industrious portfolioIndustrial £232.1m 10.3%

Page 16 The Property Investors Bulletin - September 2009 Edition Three Month Yield Index

West End Offices Regional Offices TOWN ADDRESS PRICE YIELD DATE TOWN ADDRESS PRICE YIELD DATE LONDON SW1123 Pall Mall £ 3.05m 2.02% Jun 2009 SUNDERLANDDoxford Business Park £ 4.3m 7.40% Jun 2009 LONDON SW150 St James Street £ 43m 4.50% Jul 2009 CHEADLECheadle Royal Bus Park £ 8.7m 7.50% Aug 2009 LONDON W140 Park Street £ 13.75m 5.00% Jul 2009 ST HELIER, JERSEY45-47 Esplanade £ 15.5m 7.52% Aug 2009 LONDON SW11-3 The Sanctuary £ 5m 5.70% Jun 2009 STRATFORD-UPON-ACygnet Court, Unit 36 £ 1.5m 7.61% Jun 2009 LONDON SW142-50 Victoria Street £ 116m 5.73% Aug 2009 DENHAMBroadwater Park £ 28m 7.85% Jul 2009 LONDON SW127-31 Knightsbridge £ 56m 6.20% Jun 2009 BRISTOLTemple Quay, The Square £ 8.75m 7.88% Aug 2009 LONDON W173-75 Grosvenor Street £ 23.05m 6.20% Jul 2009 TORQUAYRegal Ho, Castle Circus £ 2.85m 7.90% Jun 2009 LONDON W17-8 Midford Place £ 2.6m 6.22% Jun 2009 CARDIFF4 Callaghan Square £ 14.04m 8.05% Jul 2009 LONDON SW120 Carlton House Terrace £ 66.5m 6.34% Jun 2009 NEWCASTLE-UPON-T1 St James Gate £ 14.5m 8.20% Aug 2009 LONDON SW119 Buckingham Gate £ 4.2m 6.43% Jun 2009 WARWICKOpus 40 Business Park £ 14.4m 8.25% Aug 2009 LONDON W113-17 Fitzroy Street £ 60m 7.03% Jul 2009 NEWTON AYCLIFFE5 Parsons Court £ 0.6m 8.27% Jun 2009 LONDON SW125/27 Haymarket £ 20.05m 7.17% Jun 2009 OXFORDOxford Business Park £ 14.05m 8.30% Aug 2009 LONDON W120 North Audley Street £ 54m 7.50% Jul 2009 WARRINGTONWebster Court, Unit 1 £ 0.63m 8.34% Jul 2009 LONDON W15-7 Golden Square £ 16.5m 7.65% Jul 2009 LEEDSTrevelyan Square £ 18.2m 8.50% Jun 2009 LONDON W179 New Cavendish Street £ 13m 8.00% Jun 2009 CORBYHeadway Business Park £ 1.3m 8.60% Jul 2009 LONDON W18 Bourdon Street £ 8.25m 8.29% Jul 2009 MANCHESTERPiccadilly Basin, Dale St £ 7m 8.80% Jul 2009 LONDON SW14-12 Regent Street £ 34m 12.00% Aug 2009 LIVERPOOL10 Hurricane Court £ 0.34m 8.84% Jun 2009 Weighted Average Net Initial Yield: 6.67% LIVERPOOL10 Hurricane Court £ 0.34m 8.84% Jun 2009 REDDITCHRavensbank Business Park £ 7.3m 8.87% Jul 2009 City Offices BEDFORDSims Centre, Priory BP £ 2.26m 8.95% Jun 2009 TOWN ADDRESS PRICE YIELD DATE BASINGSTOKEGlobal House £ 2.35m 9.00% Jul 2009 LONDON EC215 King Street £ 14.5m 6.20% Jul 2009 MAIDENHEADArena Court, Crown Lane £ 9.68m 9.00% Jun 2009 LONDON EC225 Moorgate £ 46m 6.73% Jul 2009 CARDIFF3 Callaghan Square £ 8.56m 9.25% Jul 2009 LONDON EC338 Lombard Street £ 5.45m 6.75% Jul 2009 BRISTOLAztec West, Quadrant £ 12.75m 9.35% Jun 2009 LONDON EC2Wood Street, One £ 105.5m 6.80% Jul 2009 WARRINGTONDaresbury Park £ 1m 9.93% Jul 2009 LONDON EC361-65 Crutched Friars £ 42.646m 6.95% Jun 2009 SOUTHAMPTONNice House, Tollbar Way £ 4.85m 10.00% Jun 2009 LONDON EC2131 Finsbury Pavement £ 45.5m 7.00% Jul 2009 NOTTINGHAMCastle Bridge Village £ 4.74m 10.25% Aug 2009 LONDON EC210 Gresham Street £ 141.55m 7.18% Jul 2009 BRISTOLEmersons Green £ 8.4m 10.75% Jun 2009 LONDON E11-10 Bishops Square £ 333.75m 7.30% Jun 2009 BRISTOL9/12 St James Parade £ 5.63m 10.90% Jul 2009 LONDON EC2Milton Gate, Moor Lane £ 127m 7.46% Jun 2009 BIRMINGHAMBristol Road South £ 1.75m 13.00% Jun 2009 LONDON EC460 Cannon Street £ 21.38m 8.23% Jun 2009 Weighted Average Net Initial Yield: 7.88% LONDON EC213-14 Basinghall Street £ 2.98m 8.52% Aug 2009 LONDON EC336 Leadenhall Street £ 11.65m 8.75% Jun 2009 Unit Shops LONDON EC4100 Cannon Street £ 18.2m 9.87% Jun 2009 TOWN ADDRESS PRICE YIELD DATE LONDON EC421-26 Garlick Hill £ 6.425m 10.77% Jun 2009 HARROGATE17 James Street £ 1.7m 4.75% Jun 2009 LONDON EC22-6 Austin Friars £ 16.65m 10.78% Aug 2009 GUILDFORD64 High Street £ 1.365m 4.85% Jun 2009 LONDON EC35/7 St Helens Place £ 3.2m 21.80% Jun 2009 OSSETTTesco Express £ 1.0625m 5.00% Aug 2009 Weighted Average Net Initial Yield: 7.40% LONDON SW18Star, Garratt Lane £ 1.3m 5.30% Jun 2009 BATH18 Union Street £ 1.3m 5.50% Jun 2009 Mid-Town Offices YORK29-30 Parliament Street £ 1.9m 5.50% Jun 2009 TOWN ADDRESS PRICE YIELD DATE HARROGATE15 James Street £ 2.365m 5.55% Aug 2009 LONDON WC264-65 Long Acre £ 10.22m 6.96% Jun 2009 BIRMINGHAMStar, £ 1.2m 5.74% Jun 2009 LONDON WC261 Aldwych £ 128m 7.10% Aug 2009 SEVENOAKS131-133 High Street £ 1.63m 5.79% Jun 2009 LONDON WC229/30 Leicester Square £ 34.5m 7.62% Jul 2009 RICHMOND-UPON-TH21 George Street £ 1.44m 5.91% Aug 2009 LONDON WC198 Theobalds Road £ 43m 8.56% Jul 2009 HARROGATE4/16 Cambridge Road £ 7.81m 5.95% Jul 2009 LONDON WC252 Lincolns Inn Fields £ 8.8m 8.60% Jul 2009 HARROGATEJames Street £ 3.9m 6.00% Jul 2009 Weighted Average Net Initial Yield: 7.51% HARROGATE2 James Street £ 3.9m 6.00% Aug 2009 LEEDS48 Albion Street £ 3.15m 6.00% Jun 2009 Regional Offices LONDON SW465-79 Clapham High St £ 5.33m 6.16% Jul 2009 DERBY33 East Street £ 1.85m 6.25% Jul 2009 TOWN ADDRESS PRICE YIELD DATE NEWPORT, IOW119/119a High Street £ 1m 6.25% Jun 2009 CRAWLEYMitre Court £ 4.75m 3.00% Aug 2009 PORTFOLIOCo-Op Portfolio £ 40.665m 6.25% Aug 2009 BIRMINGHAM2 Colmore Circus £ 18m 4.50% Aug 2009 LEEDSThe Star, Roundhay £ 1.88m 6.27% Aug 2009 CARDIFFCrickhowell House £ 31.22m 6.23% Aug 2009 ROMSEY20a The Hundred £ 0.375m 6.30% Aug 2009 MANCHESTERDeansgate £ 1.75m 7.00% Jul 2009 SHEFFIELD127-133 Pinstone Street £ 2.388m 6.30% Jun 2009 IPSWICHMariner Ho, Handford Rd £ 2.81m 7.13% Aug 2009 LANCASTER19-21 Penny Street £ 4.505m 6.32% Jul 2009 BRISTOLRivergate, Temple Quay £ 21.45m 7.28% Aug 2009 LISKEARDBay Tree Hill £ 0.3m 6.36% Jun 2009 BASINGSTOKESouthern Cross £ 0.855m 7.30% Aug 2009 PORTFOLIOStar Stations Portfolio £ 6.32m 6.40% Aug 2009 The Property Investors Bulletin - September 2009 Edition Page 17 Three Month Yield Index

Unit Shops Shopping Centre TOWN ADDRESS PRICE YIELD DATE TOWN ADDRESS PRICE YIELD DATE SWINDON6 Regent Street £ 1.715m 6.40% Aug 2009 Weighted Average Net Initial Yield: 8.38% SOUTHAMPTONStar, Thornhill £ 1.43m 6.42% Jun 2009 EXETER231/231a High Street £ 5.8m 6.44% Jul 2009 Retail Warehouse WILMSLOWStar, Lindow £ 1.97m 6.50% Jun 2009 TOWN ADDRESS PRICE YIELD DATE HUNGERFORDStar, Riverside £ 2.46m 6.51% Jun 2009 MALVERNMalvern Retail Park £ 47m 6.50% Jul 2009 MANCHESTERMersey Lights Service £ 2.42m 6.60% Jun 2009 PRESTONDeepdale Retail Park £ 57m 7.00% Aug 2009 SOUTHAMPTONStar, West End £ 1.67m 6.64% Jun 2009 WILMSLOWStanley Green Retail Park £ 35.6m 7.00% Aug 2009 NOTTINGHAMMarket Square £ 2.4m 6.70% Aug 2009 WATFORDWaterfields Retail Park £ 41m 7.13% Aug 2009 PORTFOLIOHighcliffe / New Milton £ 0.325m 6.70% Jul 2009 WIGANMarus Bridge Retail Park £ 26.5m 7.25% Jul 2009 LEIGHTON BUZZARD28 High Street £ 2.175m 6.74% Aug 2009 LEICESTERSnibston Drive, Unit A £ 0.468m 7.45% Jun 2009 BRIGHTON181-185 Western Road £ 9.52m 6.75% Jun 2009 BRISTOLEastgate Retail Park £ 18.37m 7.50% Aug 2009 PORTFOLIOStar Stations Portfolio £ 5m 6.89% Aug 2009 NOTTINGHAMVictoria Retail Park £ 35m 7.50% Jun 2009 NOTTINGHAM34-40 Clumber Street £ 6m 6.90% Aug 2009 EXETERRydon Lane Retail Park £ 29.4m 8.09% Aug 2009 TAUNTON26-27 Fore Street £ 5.605m 6.90% Aug 2009 EDMONTONRavenside Retail Park £ 36.85m 8.20% Jul 2009 CREWEThe Star, Croco £ 2.1m 6.98% Aug 2009 OXFORDSeacourt Retail Park £ 27.13m 8.31% Aug 2009 HOLMES CHAPELTexaco Filling Station £ 2.2m 6.98% Jul 2009 ENFIELDMollison Avenue £ 8.05m 8.35% Jul 2009 BOURNEMOUTHHoldenhurst Road £ 2.63m 7.00% Aug 2009 CLACTON-ON-SEABrook Retail Park £ 11.5m 8.46% Aug 2009 LONDON E3Bow Road, Catford £ 2.575m 7.00% Aug 2009 EASTLEIGHB&Q store £ 8.2m 8.50% Jun 2009 LONDON N7442-446 Holloway Road £ 2.8m 7.00% Jul 2009 LIVERPOOLRacecourse Retail Park £ 60.928m 8.50% Jun 2009 LONDON SE16Texaco, Catford £ 2.575m 7.00% Aug 2009 ENFIELDEnfield Retail Park £ 38.35m 8.52% Jun 2009 PORTFOLIOTexaco Portfolio £ 14.37m 7.00% Aug 2009 COLCHESTERHythe Riverside Park £ 14.25m 8.83% Jun 2009 CROYDON145-147 North End £ 2.6m 7.09% Aug 2009 PORTFOLIOHalfords Portfolio £ 4.826m 8.90% Aug 2009 STOCKTON-ON-TEESConcorde Way £ 2.35m 7.10% Jul 2009 NORTHAMPTONWeedon Road Ind Estate £ 2m 8.96% Aug 2009 MANCHESTEREastlands £ 5.56m 7.25% Jul 2009 CASTLEFORDCastleford Retail Park £ 3.4m 9.00% Jun 2009 SHEFFIELD42-46 Fargate £ 4.89m 7.25% Jun 2009 PENRITHTebay Retail Park, Tebay £ 4.48m 9.00% Jul 2009 MANCHESTER90-100 Market Street £ 14.875m 7.31% Aug 2009 PRESTONBamber Bridge £ 15.3m 9.21% Jul 2009 EDINBURGH129-130 Princes Street £ 9.65m 7.45% Jun 2009 PLYMOUTHFriary Centre £ 11.5m 9.50% Jun 2009 NORWICH9/11 Davey Place £ 2.25m 7.50% Jun 2009 MILTON KEYNESCentral & Rooksley Parks £ 19.85m 10.00% Jun 2009 LONDON SW16Streatham High Road £ 4.11m 7.60% Jul 2009 SWANSEAPontarddulais Retail Park £ 13.5m 10.00% Jul 2009 YORK4&6 Market Street £ 1.25m 7.64% Jun 2009 YORKClifton Moor Retail Park £ 3.55m 10.32% Jul 2009 EDINBURGH127 & 128 Princes Street £ 10.041m 7.65% Jun 2009 BOLTONTrinity Retail Park £ 7.8m 10.69% Aug 2009 DUNDEERiverside Drive £ 4.3m 7.75% Aug 2009 Weighted Average Net Initial Yield: 7.99% PORTFOLIOCoral Portfolio £ 3.5m 7.75% Jun 2009 PORTFOLIOCoral Portfolio £ 2.03m 8.00% Aug 2009 Industrial 8.17% KINGS HEATH109/117 High Street £ 3.94m Jun 2009 TOWN ADDRESS PRICE YIELD DATE SWINDON10-17&19a Regent Street £ 15.134m 8.25% Jun 2009 WEST DRAYTON241 Horton Road £ 1.45m 6.00% Jun 2009 WEST BROMWICHKings Square Shop Centre £ 2.2m 8.34% Jun 2009 CAMBRIDGE25 St Neots Road £ 2.36m 6.44% Jun 2009 HARROW82-84 St Anns Road £ 4.6m 8.40% Jul 2009 LONDON SE1Tower Bridge Bus Park £ 21m 6.45% Jul 2009 CHICHESTER12/18 West Street £ 8.38m 8.50% Jul 2009 DENBIGHColomendy Ind Estate £ 0.538m 7.00% Jul 2009 CAMBERLEY45-51 Park Street £ 11.664m 8.75% Aug 2009 NORMANTONASDA Distribution £ 18.65m 7.25% Aug 2009 LONDON W2208 Edgware Road £ 1.6m 8.75% Jun 2009 HAMILTONHamiliton Intl Park £ 1.8m 7.45% Aug 2009 BRIGHTON55-56 & 59 East Street £ 6.5m 8.80% Jun 2009 CHRISTCHURCHTravis Perkins Depot £ 1.55m 7.50% Jun 2009 BOGNOR REGIS128 Middleton Road £ 0.265m 8.82% Aug 2009 CIRENCESTERLove Lane £ 1.5m 7.50% Jun 2009 GRIMSBY19-21 Victoria Street £ 10.5m 8.87% Jul 2009 EXETERMarsh Barton Trad Estate £ 4.1m 7.50% Aug 2009 CRAWLEY33/35 Queensway £ 1.205m 8.99% Aug 2009 LONDON SE566 Wells Way £ 1.035m 7.75% Aug 2009 CARLISLE26-40 English Street £ 10.5m 9.26% Jul 2009 CRAYFORDOptima Park, Unit 24 £ 3.85m 7.79% Aug 2009 HARROW342/352 Station Road £ 2.1m 9.34% Jun 2009 BRENTFORDKew Bridge Dist Centre £ 7.5m 7.95% Jul 2009 MANCHESTERRoyal Buildings £ 9.65m 9.37% Jun 2009 GLASGOW25 Coddington Crescent £ 7.85m 7.95% Aug 2009 AYLESBURYHigh Street £ 1.9m 9.50% Aug 2009 MOSSENDScotPower £ 7.85m 7.95% Aug 2009 DERBY1-6 Albion Street £ 10m 9.60% Jun 2009 ABERDEENThree developments £ 14m 8.00% Aug 2009 Weighted Average Net Initial Yield: 7.32% HULLMelton Park £ 0.65m 8.00% Jun 2009 PORTFOLIOPHS Portfolio £ 3.685m 8.00% Jul 2009 Shopping Centre LONDON W3Western Avenue Bus Park £ 22.35m 8.20% Jul 2009 TOWN ADDRESS PRICE YIELD DATE BIRMINGHAMBromford Central Ind Est £ 8.96m 8.50% Aug 2009 CAMBRIDGEGrand Arcade £ 22.3m 7.13% Jul 2009 BLACKPOOLSquires Gate Ind Estate £ 1.45m 8.50% Aug 2009 MAIDSTONEFremlin Walk £ 69m 8.50% Jun 2009 BRISTOLSt Philips £ 4.85m 8.50% Jul 2009 LEICESTERHaymarket Towers £ 26.225m 8.79% Jul 2009 GLASGOWNewhouse Ind Estate £ 28m 8.50% Aug 2009 HOUNSLOWTreaty Centre £ 15m 9.00% Jun 2009 Page 18 The Property Investors Bulletin - September 2009 Edition Three Month Yield Index

Industrial TOWN ADDRESS PRICE YIELD DATE PORTFOLIOMenzies Portfolio £ 3.52m 8.52% Jun 2009 LIVERPOOLWavertree, Units 14/15 £ 1.1m 8.60% Jul 2009 WELLINGBOROUGHPark Farm Ind Estate £ 19.6m 8.65% Jun 2009 PORTFOLIOEquiton Portfolio £ 196m 8.70% Aug 2009 NOTTINGHAMBlenheim Ind Estate £ 2.06m 8.85% Jun 2009 PORTFOLIOPrologis Estates £ 64.4m 8.89% Jun 2009 DAVENTRYDIRFT Logistics Park £ 17.25m 9.05% Jul 2009 TOTTONHounsdown Business Park £ 9.075m 9.05% Aug 2009 MAIDSTONE20/20 Industrial Estate £ 13.035m 9.25% Jul 2009 MIDDLEWICHMidpoint 18 £ 16.55m 9.30% Aug 2009 LIVERPOOLErskine Street £ 1.25m 9.34% Jul 2009 CROYDONBeddington Farm Road £ 4.55m 9.50% Aug 2009 MILTON KEYNESLibra Industrial Estate £ 6.95m 9.50% Aug 2009 KNOWSLEYSchool Lane £ 0.42m 9.51% Jul 2009 HIGH WYCOMBECressex Industrial Estate £ 11.94m 9.58% Jul 2009 EAST KILBRIDEColvilles Park £ 3.4m 9.60% Jun 2009 MILTON KEYNESGrafton Court £ 2.8m 9.70% Aug 2009 EASTLEIGHBoyatt Wood Ind Estate £ 3.1m 9.76% Jul 2009 LEEDSSilver Court £ 3.31m 9.93% Jul 2009 BLACKPOOLBlackpool Trade Park £ 1.5m 10.00% Jul 2009 PORTFOLIOMethyr / Blackwood £ 3m 10.00% Aug 2009 PORTFOLIOSEGRO portfolio £ 103.75m 10.00% Jun 2009 STEVENAGEStevenage Ent Centre £ 2m 10.00% Aug 2009 SWANSEACwmdu Trade Park £ 7.2m 10.00% Jun 2009 WIGANGolborne Enterprise Park £ 1.6m 10.04% Jul 2009 DAVENTRYRoyal Oak Ind Estate £ 1.46m 10.17% Aug 2009 PORTFOLIOIndustrious portfolio £ 232.1m 10.30% Aug 2009 BLACKBURNGreenbank Ind Estate £ 1.95m 10.40% Jul 2009 PORTFOLIOSWIP industrial portfolio £ 140m 10.50% Jun 2009 WARRINGTONGreys & Court £ 2m 10.50% Jul 2009 STAFFORDTollgate Ind Estate £ 2.5m 10.61% Jun 2009 KILWINNINGAshgrove Workshops £ 0.5m 10.87% Jun 2009 HUDDERSFIELDCrossley Mills £ 1.28m 10.92% Aug 2009 SWANSEAEnterprise Park £ 0.342m 11.00% Aug 2009 ARBROATHLindsay Street £ 0.26m 11.09% Jul 2009 ST HELENSLea Green £ 1.74m 11.20% Jul 2009 IRVINEWest Bowhouse Ind Estate £ 0.27m 11.92% Aug 2009 NEWCASTLE-UNDER-Parkhouse Ind Estate £ 3m 12.00% Jun 2009 BRADFORDMountleigh Close, Unit 3 £ 1.057m 12.50% Aug 2009 PERSHORE9 Goodwood Road £ 0.215m 12.60% Aug 2009 WARRINGTON1-12 Tatton Court £ 1.7m 13.63% Jun 2009 ROTHERHAMBarbot Hall Ind Estate £ 0.7m 15.60% Aug 2009 Weighted Average Net Initial Yield: 9.41%

Leisure TOWN ADDRESS PRICE YIELD DATE BIRMINGHAMNewhall Square £ 6.025m 6.43% Jun 2009 LONDON N8Star, Crouch End, Hornsey £ 2.48m 6.51% Jun 2009 EASTLEIGH28/30 Road £ 0.6m 6.88% Jun 2009 HERTFORD130 Fore Street £ 1.21m 7.04% Aug 2009 TAUNTONHollywood Bowl £ 2.74m 8.50% Jul 2009 HARROGATEThe Royal Baths £ 4m 9.00% Aug 2009 NEWCASTLE-UPON-TGosforth Business Park £ 3.9m 9.80% Jul 2009 Weighted Average Net Initial Yield: 7.88%

The Property Investors Bulletin - September 2009 Edition Page 19 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

2007.Q3 7,137 2,329 1,552 455 1,310 1,094 1,129 1,394 16,400 2007.Q4 1,958 1,202 795 279 597 1,027 537 1,489 7,884 2008.Q1 2,522 1,397 540 767 1,350 637 975 481 8,669 2008.Q2 1,722 837 558 709 647 446 282 496 5,697 2008.Q3 1,036 448 459 312 1,251 725 106 740 5,077 2008.Q4 1,718 575 185 312 949 611 16 371 4,737 2009.Q1 873 360 806 277 505 476 202 808 4,307 2009.Q2 1,552 619 84 448 1,056 735 69 127 4,690 2009.Q3 3,013 689 334 642 727 935 134 323 6,797 to end August 2009 Last 12 months 6,056 2,041 1,203 1,605 3,206 2,828 306 1,729 18,974 Last 6 months 3,587 1,205 290 1,073 1,964 1,636 258 1,002 11,015 Last 3 months 2,397 528 133 597 1,284 1,123 38 181 6,281 Calendar year to date 8,464 2,896 2,115 2,183 3,897 3,016 581 2,307 25,459

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

2007.Q3 100 148 23 21 112 103 24 31 562 2007.Q4 70 119 18 17 90 101 27 26 468 2008.Q1 72 102 11 28 106 84 20 27 450 2008.Q2 44 99 6 28 88 73 9 19 366 2008.Q3 41 48 5 15 79 66 7 24 285 2008.Q4 37 54 3 14 44 55 2 12 221 2009.Q1 33 57 6 13 75 48 13 16 261 2009.Q2 57 72 2 26 108 63 13 16 357 2009.Q3 60 58 5 33 76 80 16 20 348 to end August 2009 Last 12 months 181 238 15 77 305 250 37 63 1,166 Last 6 months 112 142 8 54 201 135 31 36 719 Last 3 months 68 66 4 32 102 81 13 16 382 Calendar year to date 130 172 10 59 236 168 35 42 852

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

2007.Q3 4.62 5.76 4.51 4.41 4.29 5.70 5.68 n/a 4.92 2007.Q4 4.87 5.92 5.40 4.90 5.17 6.14 5.25 n/a 5.50 2008.Q1 5.54 6.54 6.34 6.02 5.04 6.99 5.62 n/a 5.88 2008.Q2 5.70 6.83 6.07 5.73 4.97 6.96 3.36 n/a 5.90 2008.Q3 5.79 7.54 7.01 6.46 5.15 7.16 5.89 n/a 6.28 2008.Q4 6.35 7.41 0.00 7.10 5.62 7.84 4.00 n/a 6.75 2009.Q1 7.52 8.18 6.99 8.31 6.89 8.30 7.53 n/a 7.45 2009.Q2 7.39 7.97 8.59 8.70 6.05 9.41 6.60 n/a 7.60 2009.Q3 6.98 8.07 7.38 7.68 5.96 9.09 8.00 n/a 7.40 to end August 2009 Last 12 months 6.98 7.85 7.16 7.83 6.11 8.70 7.09 n/a 7.31 Last 6 months 7.25 7.89 8.12 8.20 6.20 9.19 7.55 n/a 7.54 Last 3 months 7.10 8.15 8.38 7.99 5.94 9.42 7.88 n/a 7.49 Calendar year to date 7.23 8.03 7.20 8.23 6.25 9.05 7.34 n/a 7.52 Figures are subject to rounding and future revision

Page 20 The UK Property Investors Bulletin - September 2009 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

2007.Q3 2,551 1,203 2,762 6,323 1,999 589210 763 16,399 2007.Q4 1,743 648 1,809 1,450 1,026 36419 825 7,884 2008.Q1 720 115 2,516 2,899 1,214 60173 532 8,669 2008.Q2 1,118 95 1,176 2,115 608 3950 190 5,697 2008.Q3 1,410 159 694 1,514 508 2335 554 5,078 2008.Q4 1,038 6 745 633 474 1,4510 390 4,737 2009.Q1 520 383 861 1,636 370 3110 227 4,306 2009.Q2 751 132 692 1,845 555 4240 290 4,689 2009.Q3 1,647 335 538 3,186 565 1790 348 6,797 to end August 2009 Last 12 months 3,781 770 2,875 5,853 2,042 2,3460 1,307 18,974 Last 6 months 2,283 377 1,717 4,086 1,172 7440 635 11,015 Last 3 months 1,644 329 693 2,257 639 3890 329 6,280 Calendar year to date 2,475 760 1,910 4,726 1,317 8500 729 12,767

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

2007.Q3 2,725 2,078 3,581 1,983 1,570 1,2302,437 796 16,399 2007.Q4 2,482 1,189 1,164 628 397 568868 587 7,884 2008.Q1 3,566 1,178 1,270 534 458 864184 615 8,669 2008.Q2 3,023 1,281 455 201 153 3999 177 5,697 2008.Q3 2,226 679 316 408 151 97820 300 5,078 2008.Q4 1,201 875 291 1,088 132 59186 473 4,737 2009.Q1 1,767 1,087 186 7 132 205743 179 4,306 2009.Q2 1,782 1,183 362 438 138 64017 130 4,689 2009.Q3 2,144 2,338 517 671 174 535265 152 6,797 to end August 2009 Last 12 months 6,932 4,038 1,177 2,237 517 1,9591,088 1,024 18,974 Last 6 months 4,069 2,288 727 996 360 1,206978 391 11,015 Last 3 months 2,162 1,469 420 666 160 991252 159 6,280 Calendar year to date 4,805 3,080 815 1,003 375 1,2431,002 446 12,767

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

2007.Q3 -174 -875 -819 4,340 429 -641-2,227 -33 0 2007.Q4 -739 -541 645 821 628 -204-849 238 0 2008.Q1 -2,846 -1,063 1,246 2,364 756 -264-111 -83 0 2008.Q2 -1,905 -1,187 722 1,914 455 -4-9 13 0 2008.Q3 -817 -520 378 1,107 358 -745-15 254 0 2008.Q4 -163 -869 454 -455 341 860-86 -83 0 2009.Q1 -1,247 -704 674 1,629 237 105-743 48 0 2009.Q2 -1,031 -1,052 330 1,407 418 -216-17 161 0 2009.Q3 -497 -2,004 21 2,515 391 -356-265 195 0 to end August 2009 Last 12 months -3,151 -3,268 1,698 3,616 1,525 387-1,088 282 0 Last 6 months -1,786 -1,910 991 3,089 812 -462-978 244 0 Last 3 months -518 -1,139 273 1,590 479 -602-252 170 0 Calendar year to date -2,330 -2,320 1,096 3,723 942 -393-1,002 283 0 Figures are subject to rounding and future revision

The Property Investors Bulletin - September 2009 Edition Page 21 The Property Investors Bulletin

Sector Statistics INVESTMENT TRANSACTION STATISTICS on Page 20 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 21 extensive direct deal research with many of the UK's leading investment agents.

Key results to end-August 2009 Institutional Investment results to end-August 2009

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

Last month 2,011 122 7.58 Last month 804 730 74 7.04

Last three months 6,280 382 7.49 Last three months 1,644 2,162 -518 7.05

Last six months 11,015 719 7.54 Last six months 2,283 4,069 -1,786 7.41

Last twelve months 18,974 1,166 7.31 Last twelve months 3,781 6,932 -3,151 7.07

Calendar year to date 12,767 852 7.52 Calendar year to date 2,475 4,805 -2,330 7.43

Key Sectors and Purchaser Breakdown for Calendar Year to Date Ending August 2009

4,500 3,919 4,000

3,500

3,000

2,500 2,109 1,936 2,000

1,371 1,500 Transaction Volume £ m £ Volume Transaction 1,125 938 1,000

500 290

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

Year to Date (Jan - Aug)

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 22 The Property Investors Bulletin - September 2009 Edition