AL INVESTMENT from 1 Jan 2007 - 31 May 2007 Volume Deal Count £20,916M 632

The Property Investors Bulletin

J U N E 2 0 0 7 E D I T I O N

TOTAL INVESTMENT FROM 1 Jan 2007 - 31 May 2007 Volume Deal Count £20,916m 632

CONTENTS Total Value of UK Investment Transactions (Year to Date May 2007) SECTOR LISTING...... 2

GEOGRAPHICAL LISTING...... 5 25,000 22,848 21,975 20,916 INVESTOR LISTING...... 11 20,000 THREE MONTH YIELD INDEX...... 14 14,965 ACTIVE PROPERTY INVESTORS...... 16 15,000 INVESTMENT STATISTICS...... 18 10,547 The monthly bulletin is available in hardcopy 10,000 or PDF formats for £395.00 pa (12 issues).

Further information can be found at our m £ Volume Transaction website www.propertydata.com 5,000 The next edition of the bulletin will be published on Monday 2nd July 2007. 0 Copyright (c) 2007. Property Data Ltd. 2003 2004 2005 2006 2007 This report is intended for general information and is based upon material in Year to Date (Jan - May) our possession or supplied to us, which we believe to be reliable. Whilst every effort has been made to ensure its accuracy and Office Retail Industrial Leisure Other Total completeness we cannot offer any warranty that factual errors may not have occurred.

Y-T-D I N V E S T O R A C T I V I T Y 1 Jan 2007 - 31 May 2007 INSTITUTIONS PROPERTY CO'S PRIVATE OVERSEAS OTHER BUY £m 3,751 6,302 1,360 8,389 1,112 SELL £m 4,395 6,759 1,037 3,299 5,425 NET £m -644 -457 323 5,090 -4,313

Y-T-D S E C T O R A C T I V I T Y 1 Jan 2007 - 31 May 2007 OFFICE RETAIL INDUSTRIAL LEISURE OTHER 2007 £m 10,574 5,143 1,323 2,574 1,302 2006 £m 10,551 4,127 2,164 2,827 3,178 DIFFERENCE £m 23 1,016 -841 -253 -1,876

The Property Investors Bulletin - June 2007 Edition Page 1 May 2007 Investment Transactions by Sector

West End Offices TOWN ADDRESS PRICE YIELDPURCHASER NOTES LONDON SW12 Dean Stanley Street £ 23m -Candy & Candy Cromwell House: 2,415m² T:DEFRA - Refurbishment planned LONDON SW127-31 Knightsbridge £ 100m 3.5%Morley Fund Management 6,039m² LONDON SW1130 Wilton Road £ 71.4m 4.3%Hammerson Plc 6,735m² R:£3,100,000 T:Various(3) LEX:2010-2011 LONDON W17 Curzon Street £ 16m 3.85%Clerical Medical 2,508m² T:various (4) LEX:2009-2011 LONDON W137 Maddox Street £ 25m -Middle Eastern investor Prince Frederick House LONDON W13/4 New Burlington St £ 30m -Crown Estate, The 4 interconnecting office buildings - Redevelopment LONDON W11-2 Stephen Street £ 215m -Glebe Holdings Ltd (JV) 22,017m² office + retail - Redevelopment potential LONDON W198-102 Wigmore Street £ 10m -Frogmore RE Partners Inc. 3-5 Duke's Mews T:La Rueda, Argo LEX:2008 Total value of recorded deals: £490m

City Offices TOWN ADDRESS PRICE YIELDPURCHASER NOTES LONDON EC130 Aylesbury Street £ 42.25m 5.5%Morley Fund Management T:Pinsent Masons LL:7.5 years LONDON EC1154 Clerkenwell Road £ 5.225m -Cheshire CC Super Fund 1,253m² T:Assoc Accounting Technicians LEX:09/2007 LONDON EC22 Copthall Avenue £ 11.3m -Salmon Harvester Property T:vacant - Long leasehold expiring 2128 LONDON EC27-11 Finsbury Circus £ 110m 5.5%Mitsubishi Estate Company River Plate House: 13,935m² LONDON EC21 Lothbury £ 115m -Goodbody Stockbrokers 11,148m² forward funding LONDON EC2One Exchange Square £ 406.3m -KanAm Grundinvest Fonds 35,707m² T:European Bank for Reconstruction LL:15.75 LONDON EC23 & 4 South Place £ 18.25m -Unknown Coventry House & Spencer House: 3,343m² T:vacant LONDON EC32 America Square £ 25.1m 5.91%Warner Estate Holdings 4,318m² T:various LONDON EC310 Lloyds Avenue £ 15.25m -Walbrook Land (JV) 2,230m² T:Kennedys LONDON EC4154 Fleet Street £ 21m -Unknown Bouverie House: 5,214m² - Redevelopment opportunity LONDON EC42-4 Tudor Street £ 3.7m -Owner occupier 488m² T:vacant LONDON EC468 Upper Thames Street £ 175m 5%Atlas Capital Group Vintners Place: 24,619m² R:£9.4m T:Sumitomo Total value of recorded deals: £948m

Mid-Town Offices TOWN ADDRESS PRICE YIELDPURCHASER NOTES LONDON WC116 Upper Woburn Place £ 21.755m 5.03%Warner Estate Holdings 3,750m² LONDON WC251 Lincolns Inn Fields £ 9.25m 4.4%Legal & General Property 1,487m² S&L:BCL Burton Copeland T:Various(2) Total value of recorded deals: £31m

Outer London Offices TOWN ADDRESS PRICE YIELDPURCHASER NOTES LONDON E148-16 Canada Square £ 1090m 3.8%Metrovacesa SA 102,190m² R:£42.5m S&L:HSBC LEX:2027 LONDON E141 Park Place £ 52m - Grattan LONDON SW675 Filmer Road £ 4m 4.83%Milton Property Holdings Filmer Mews: 764m² R:£204,496 T:various LONDON SW6126 New Kings Road £ 8.25m -Private trust Elysium Gate: 2,358m² LONDON W6145-155 King Street £ 16m -Irish Life Assurance Plc 2,640m² S&L:Hammersmith & Fulham Council LL:20 TOLWORTHTolworth Tower £ 4.3m -Targetfollow Group Plc Freehold interest Total value of recorded deals: £1,175m

Regional Offices TOWN ADDRESS PRICE YIELDPURCHASER NOTES ABERDEENExcel Centre £ 11.4m 6.75%AWG Property Ltd (JV) 5,853m² T:Accenture BEDFORDTwinwoods Business Park £ 19.72m 6.1%Carlyle EREP (JV) 180 acre business park BIRMINGHAMExchange, Newhall Street £ 6.175m -Maximus Real Estate 1,858m² BRADFORDFieldhead Business Centre £ 8.35m 6.45%Dundas Commercial PF I 10,152m² R:£569,530 T:Multi-let BRISTOLSt Stephen's House £ 3.5m 5.75%Urbis Developments Ltd 2,004m² T:Eldridge Pope CAMBRIDGEVision Park, Endeavour Ho £ 3.3m 6.48%Scottish Widows 1,033m² R:£226,025 T:Chamber of Commerce, Lloyds Bank CARDIFFSt Mellons Business Park £ 6m 7.2%Citicourt Investment Ptnr Campus of nine offices DUNDEEDundee Technology Park £ 1.625m 7.27%Annfield Assets Ltd 372m² T:In Practise Systems + vacant EDINBURGH1 Quartermile Square £ 60m 5%Morley Fund Management 9,662m² T:Maclay Murray & Spens (50%) EDINBURGHTanfield Silvermills £ 23.15m -Carlyle Group (JV) 18,952m² T:vacant CPS:358 GLASGOWContact Centre £ 33.6m 4.37%Harbor Group Intl 9,244m² R:£1.47m T:Norwich Union Central Services LL:25 GUILDFORDAvaya House £ 58.5m 5.38%M&G Property Portfolio 11,148m² HAMILTONHamilton Intl Park £ 26m -Chancery Partnership Fenick House (2,230m²) + Fintry House (3,623.1m²) HARTLEPOOLMandale House £ 1.3m 7.69%Braefoot Cox Ltd 889m² T:various (Hartlepool Primary Care Trust 70%)

Page 2 The Property Investors Bulletin - June 2007 Edition May 2007 Investment Transactions by Sector

Regional Offices TOWN ADDRESS PRICE YIELDPURCHASER NOTES LIVINGSTONWatermark, Alba Campus £ 22m 6.41%Mapeley Ltd 9,476m² R:£1,500,000 T:Scottish Widows Plc NEWCASTLE-UPON-TYNE39 Pilgrim Street £ 12m -Multiplex Developments (JV) Commercial Union House: Part of potential dev scheme NOTTINGHAM9-11 Lowater Street £ 0.385m -HKL Investments Ltd 287m² T:vacant PETERBOROUGHSundance House £ 4m -CAEC Howard Properties 1,858m² T:Abbey, Cambridge CC POOLEConcept Park £ 1.7m 6.25%Erinaceous Investments 697m² T:Rok Building (50%) + rental guarantees POOLENuffield Estate £ 2.4m 6%Clark Estates UK Ltd Sentinel House: 2,574m² T:TDSi LEX:2012 SOUTHEND-ON-SEAAlexander House £ 30m 5.6%Golfrate Properties Ltd 21,349m² T:Secretary of State LEX:2026 ST ALBANSVerulam Point £ 17.9m 5.49%Rockspring Hanover PUT 4,876m² R:£1,049,820 T:Orange, Clydesdale Bank, ARC. ST HELIER, JERSEYCharter Place £ 18.5m 5.4%Propinvest Holdings Ltd 3,263m² TEWKESBURYTewkesbury Business Park £ 3m 7.75%City & Provincial EP Ltd 1,707m² T:TRL Technology R:£245,768 LEX:2009 CPS:77 YORK9 Rougier Street £ 13m 6%Arlington Property Invest Northern House: 5,295m² T:various Total value of recorded deals: £388m

Unit Shops TOWN ADDRESS PRICE YIELDPURCHASER NOTES AIRDRIE48-50 Graham Street £ 0.755m 6.25% Private investor 101m² R:£50,000 T:Birthdays AYR134-136 High Street £ 2.39m 4.89%Unknown 143m² R:£123,650 T:Monsoon Accessorize Ltd BRENTWOOD75 High Street £ 3.3m 4.3%O Twelve Estates Ltd T:Barclays Bank LEX:2026 CARDIFF1 Thornhill Road £ 0.185m 7.8%Private investor 51m² R:£15,650 T:Fourboys Ltd LEX:05/2011 DONCASTERWheatley Hall Trade Park £ 8.15m 5%T3 Unit Trust 4,645m² trade park EDINBURGH2 Hunter Square £ 0.85m 5%Unknown R:£45,000 T:Chocolate Soup HALIFAX1-3 Southgate £ 1.33m 5.1%Unknown 764m² T:Burton / Dorothy Perkins HELENSBURGH57 Sinclair Street £ 0.178m 7% Private investor HUYTONDerby Road/Sherbourne Sq £ 10.5m 7.2%Ventnor Ltd 2,601m² - 29 shops R:£800,000 T:various LEVEN45-47 High Street £ 3.55m 5.64%Unknown 1,846m² T:various LYNDHURST56 High Street £ 0.35m -Frobisher Retail Ltd 111m² - Redevelopment MACCLESFIELD35-35B Market Place £ 1.24m 4.57%Sigma Pension Fund 281m² LL:15 NOTTINGHAM41-47 Mansfield Road £ 0.625m 7.16%NOS Retail Fund R:£47,340 T:Nu Concepts, Coral Estates PORTFOLIOConvenience stations £ 8.125m 5.5%Rockspring Hanover PUT 4 forecourts T:Somerfield Stores Ltd LL:15 PORTFOLIOMalthurst portfolio £ 26.5m 5.5%CIREF Ltd 22 petrol service stations T:Malthurst TRURO9 St Marys Street £ 0.4m 5.4%Unknown 62m² R:£22,500 Total value of recorded deals: £68m

Shopping Centre TOWN ADDRESS PRICE YIELDPURCHASER NOTES EAST KILBRIDEEast Kilbride Shop Centre £ 386m 6% Propinvest Holdings Ltd MAIDENHEADNicholsons Centre £ 85m 5.25%Irish Life Assurance Plc 12,000m² T:Tesco Metro, Argos, Next, WH Smith Total value of recorded deals: £471m

Retail Warehouse TOWN ADDRESS PRICE YIELDPURCHASER NOTES BIRMINGHAMTameside Park, Perry Bar £ 13.45m -AXA Sun Life 4,866m² T:Wickes CARDIFFBrooklands Retail Park £ 26.7m 4.7%Propinvest Holdings Ltd 6,968m² T:Allied Carpets, Burger King, Currys, PC World Total value of recorded deals: £40m

Industrial TOWN ADDRESS PRICE YIELDPURCHASER NOTES BARDONInnovate Logistics unit £ 48m 5.5%Hermes REIM (JV) 38,275m² S&L:Innovate Logistics LL:25 (fixed increases) BARTON NEEDWOODCentre 38 £ 9.5m -Close Brothers 13,935m² T:vacant BATLEYFairway Industrial Park £ 0.895m -Private investor 1,294m² BURTON-UPON-TRENTCumulus £ 10m -Wrenbridge Land 13,935m² T:vacant CHESHAMChess Business Park £ 1.95m 6.3%National Deposit Friendly Unit 1: 1,603m² R:£130,000 T:Croxsons LEX:2021 CRAWLEYGatwick Dist Centre £ 19m 4.8%Morley Fund Management 11,613m² DARLINGTONFaverdale Ind Estate £ 3m -Spencer Holdings Plc 25,362m² - 20 units - Redevelopment planned EDINBURGHBeaverbank Office Park £ 1.525m 5.5%Unknown Unit 1: 513m² R:£88,650 T:Concept Systems ENFIELDMill River Trading Estate £ 9.5m 5.6%O Twelve Estates Ltd 8,826m² T:various GLASGOWBlochairn Ind Estate £ 2.91m 6.45%Stourbridge Properties 5,602m² R:£198,660 T:various (12 units) HAYESSilverdale Ind Estate £ 16.7m 5%CBRE Investors 9,290m²

The Property Investors Bulletin - June 2007 Edition Page 3 May 2007 Investment Transactions by Sector

Industrial TOWN ADDRESS PRICE YIELDPURCHASER NOTES LEAMINGTON SPATachbrook Park - -Craigard Investments LLP Access Point: 4,645m² R:£252,500 T:Canute Haulage LL:10 LEEDSHolbrook Commerce Park £ 1.17m 6.45%Bolmuir Properties Unit 3: 1,394m² R:£79,855 T:Bradley Lomas Electrolock LISBURNKnockmore Ind Estate £ 12m -Private investor 27,870m² warehousing and offices LONDON W6Goldhawk Ind Estate £ 7.75m 3.8%Londonewcastle Capital 11 warehouse units LL:4 - Resi redevelopment potential PORTFOLIOEnergy Portfolio £ 33m -Morley Fund Management 40,644m² PORTFOLIOTornado Portfolio £ 24.5m 6.25%Citicourt Investment Ptnr 3 distribution sheds + 2 industrial estates ROCHDALELittleborough Ind Estate £ 2.015m 6.82%Jaymar Estates Ltd 3,870m² ROCHESTERMedway City Estate £ 4.225m 6.5%Waterbridge Group 5,988m² R:£289,981 T:Pre Seal Board, Swift Book SHEFFIELDDore House Ind Estate £ 7.7m 6.7% Invista REIM (JV) 12,691m² R:£547,842 - 38 units STOCKPORTVauxhall Ind Estate £ 6m 8%Highcross Fund 19,440m² T:various (41) TAMWORTH £ 6m -Wrenbridge Land 18,580m² T:vacant WEST BROMWICHSandwell Business Park £ 3.152m 6.75%British Real Estate Fund 4,694m² R:£225,000 T:APIC UK Ltd, DHL Express (UK) Ltd Total value of recorded deals: £230m

Leisure TOWN ADDRESS PRICE YIELDPURCHASER NOTES BRIDPORTFernhill Hotel £ 0.89m - Private investor HAVANT32 North Street £ 0.23m -NOS Retail Fund 65m² R:£8,000 T:restaurant to two individuals LEX:2015 HEREFORDPomona Place £ 3.3m -Merchant Place Finance 52-bedroom Travelodge KETTERINGKettering Leisure Park £ 12.24m 4.94%CBRE Investors 5,093m² R:£639,153 T:various (inc.Odeon Cinemas) LEEDSElland Road, McDonalds £ 1.655m 4.4%Unknown 279m² PORTFOLIOFolio Hotel Portfolio £ 50m 6.5% Highcross Fund PORTFOLIOMarston Pubs Portfolio £ 82.5m -aAIM 279 pubs PORTFOLIOTravelodge £ 127m 5.5%Prestbury Invest Holdings 17 budget hotels S&L:Travelodge LL:25-35 STOKE-ON-TRENT1-6 Sun Street £ 0.95m -Chambers Estates Ltd 2,019m² LEX:09/2015 RR:Every 7 years Total value of recorded deals: £279m

Scottish TOWN ADDRESS PRICE YIELDPURCHASER NOTES ABERDEENExcel Centre £ 11.4m 6.75%AWG Property Ltd (JV) 5,853m² T:Accenture AIRDRIE48-50 Graham Street £ 0.755m 6.25% Private investor 101m² R:£50,000 T:Birthdays AYR134-136 High Street £ 2.39m 4.89%Unknown 143m² R:£123,650 T:Monsoon Accessorize Ltd DUNDEEDundee Technology Park £ 1.625m 7.27%Annfield Assets Ltd 372m² T:In Practise Systems + vacant EAST KILBRIDEEast Kilbride Shop Centre £ 386m 6% Propinvest Holdings Ltd EDINBURGHBeaverbank Office Park £ 1.525m 5.5%Unknown Unit 1: 513m² R:£88,650 T:Concept Systems EDINBURGH2 Hunter Square £ 0.85m 5%Unknown R:£45,000 T:Chocolate Soup EDINBURGH1 Quartermile Square £ 60m 5%Morley Fund Management 9,662m² T:Maclay Murray & Spens (50%) EDINBURGHTanfield Silvermills £ 23.15m -Carlyle Group (JV) 18,952m² T:vacant CPS:358 GLASGOWBlochairn Ind Estate £ 2.91m 6.45%Stourbridge Properties 5,602m² R:£198,660 T:various (12 units) GLASGOWContact Centre £ 33.6m 4.37%Harbor Group Intl 9,244m² R:£1.47m T:Norwich Union Central Services LL:25 HAMILTONHamilton Intl Park £ 26m -Chancery Partnership Fenick House (2,230m²) + Fintry House (3,623.1m²) HELENSBURGH57 Sinclair Street £ 0.178m 7% Private investor LEVEN45-47 High Street £ 3.55m 5.64%Unknown 1,846m² T:various LIVINGSTONWatermark, Alba Campus £ 22m 6.41%Mapeley Ltd 9,476m² R:£1,500,000 T:Scottish Widows Plc Total value of recorded deals: £576m

Portfolio TOWN ADDRESS PRICE YIELDPURCHASER NOTES PORTFOLIO3 office buildings £ 30.491m 6.32%Wichford Plc 13,973m² - Norwich, Bedford, Birmingham R:£2,020,713 PORTFOLIOConvenience stations £ 8.125m 5.5%Rockspring Hanover PUT 4 forecourts T:Somerfield Stores Ltd LL:15 PORTFOLIOEnergy Portfolio £ 33m -Morley Fund Management 40,644m² PORTFOLIOFolio Hotel Portfolio £ 50m 6.5% Highcross Fund PORTFOLIOMalthurst portfolio £ 26.5m 5.5%CIREF Ltd 22 petrol service stations T:Malthurst PORTFOLIOMarston Pubs Portfolio £ 82.5m -aAIM 279 pubs PORTFOLIOSGS portfolio £ 30m 5.9%Structadene Group 4 industrials + 3 offices + car showroom + trade unit PORTFOLIOTornado Portfolio £ 24.5m 6.25%Citicourt Investment Ptnr 3 distribution sheds + 2 industrial estates PORTFOLIOTravelodge £ 127m 5.5%Prestbury Invest Holdings 17 budget hotels S&L:Travelodge LL:25-35 Total value of recorded deals: £412m Page 4 The Property Investors Bulletin - June 2007 Edition Geographical Listing of UK Investment Transactions During May 2007 COMMENT: A:Anchor L:Lease LEX:Lease Expiry LL:Lease Length R:Rent Per Annum RR:Rent Review SDEX:Stamp Duty Exempt T:Tenant TBO:Tenants Break Option

ADDRESSPRICE/NIY SECTOR PURCHASER(s) VENDOR(s) COMMENT ABERDEEN £11.4m Office AWG Property Ltd (Lambert Smith Hampton) Highcross Group (Knight Frank LLP) 5,853m² T:Accenture Excel Centre 6.75% WG Mitchell Ltd AIRDRIE £0.755m Retail Private investor Undisclosed 101m² R:£50,000 T:Birthdays 48-50 Graham Street 6.25% AYR £2.39m Retail Undisclosed PRUPIM (Culverwell & Co) 143m² R:£123,650 T:Monsoon Accessorize Ltd 134-136 High Street 4.89% BARDON £48m Distribution Hermes REIM Innovate Logistics 38,275m² S&L:Innovate Logistics LL:25 (fixed increases) Innovate Logistics unit 5.5% Warehouse Legal & General Property BARTON NEEDWOOD £9.5m Distribution Close Brothers St Modwen Plc (DTZ Debenham Tie Leung) 13,935m² T:vacant Centre 38 n/a Warehouse ProLogis Developments Ltd (Burbage Realty) BATLEY £0.895m Industrial Private investor Ashtead Plant Hire Co Ltd (DTZ Debenham Tie Leung) 1,294m² Fairway Industrial Park n/a BEDFORD £19.72m Business Carlyle EREP QinetiQ Group Plc (CB Richard Ellis) 180 acre business park Twinwoods Business Park 6.1% Park Skelton Group BIRMINGHAM £6.175m Office Maximus Real Estate Undisclosed (Phoenix Beard / GBR Property) 1,858m² Exchange, Newhall Street n/a BIRMINGHAM £13.45m Retail AXA Sun Life (CB Richard Ellis) Hinton Properties Ltd 4,866m² T:Wickes Tameside Park, Perry Bar n/a Warehouse BRADFORD £8.35m Business Dundas Commercial PF I (Gavin Black) St Martins Properties (Sanderson Weatherall) 10,152m² R:£569,530 T:Multi-let Fieldhead Business Centre 6.45% Park BRENTWOOD £3.3m Retail O Twelve Estates Ltd (Awbery Morris LLP) Prima Equity Partners T:Barclays Bank LEX:2026 75 High Street 4.3% BRIDPORT £0.89m Leisure Private investor Private investor (Christie & Co) Fernhill Hotel n/a BRISTOL £3.5m Office Urbis Developments Ltd Kenmore Group (Knight Frank LLP) 2,004m² T:Eldridge Pope St Stephen's House 5.75% BURTON-UPON-TRENT £10m Industrial Wrenbridge Land Undisclosed 13,935m² T:vacant Cumulus n/a CAMBRIDGE £3.3m Office Scottish Widows (Strutt & Parker) ING REIM UK Ltd (Bidwells) 1,033m² R:£226,025 T:Chamber of Commerce, Lloyds Bank Vision Park, Endeavour Ho 6.48% CARDIFF £26.7m Retail Propinvest Holdings Ltd (HP Four LLP) Legal & General Property (Wilkinson Williams) 6,968m² T:Allied Carpets, Burger King, Currys, PC World Brooklands Retail Park 4.7% Warehouse CARDIFF £6m Office Citicourt Investment Ptnr (Barrs Freer-Smith) GLP Properties (DTZ Debenham Tie Leung) Campus of nine offices St Mellons Business Park 7.2% CARDIFF £0.185m Retail Private investor MEDC Estate (Cooke & Arkwright) 51m² R:£15,650 T:Fourboys Ltd LEX:05/2011 1 Thornhill Road 7.8% CHERTSEY £1.55m Mixed AW Davies Properties Property Invest Holdings (Vail Williams) Laser House: 572m² R:£112,015 75-79 Guildford Street 6.83% CHESHAM £1.95m Industrial National Deposit Friendly Hillview Developments Ltd (Aitchison Rafferty) Unit 1: 1,603m² R:£130,000 T:Croxsons LEX:2021 Chess Business Park 6.3% Space Property Ltd (Stupples & Co) CRAWLEY £19m Distribution Morley Fund Management DTZ Investment Management (DTZ Debenham Tie Leung) 11,613m² Gatwick Dist Centre 4.8% Warehouse

The Property Investors Bulletin - June 2007 Edition Page 5 Geographical Listing of UK Investment Transactions During May 2007 COMMENT: A:Anchor L:Lease LEX:Lease Expiry LL:Lease Length R:Rent Per Annum RR:Rent Review SDEX:Stamp Duty Exempt T:Tenant TBO:Tenants Break Option

ADDRESSPRICE/NIY SECTOR PURCHASER(s) VENDOR(s) COMMENT DARLINGTON £3m Industrial Spencer Holdings Plc Undisclosed 25,362m² - 20 units - Redevelopment planned Faverdale Ind Estate n/a DERBY £12.1m Mixed Private buyer (Allsop & Co) LaSalle Investment Man (Singer Vielle) Offices, workshop/warehouse T:Rolls-Royce Rolls-Royce Centre 5.07% DONCASTER £8.15m Retail T3 Unit Trust Gregory Properties 4,645m² trade park Wheatley Hall Trade Park 5% DUNDEE £1.625m Business Annfield Assets Ltd (Ryden) Lough Foyle Farm Estates 372m² T:In Practise Systems + vacant Dundee Technology Park 7.27% Park EAST KILBRIDE £386m Shopping Propinvest Holdings Ltd (Franc Warwick) Land Securities Plc East Kilbride Shop Centre 6% Centre British Land Plc EDINBURGH £1.525m Industrial Undisclosed Private investor (Culverwell & Co / Frazer Kidd) Unit 1: 513m² R:£88,650 T:Concept Systems Beaverbank Office Park 5.5% EDINBURGH £0.85m Retail Undisclosed Private investor (Culverwell & Co) R:£45,000 T:Chocolate Soup 2 Hunter Square 5% EDINBURGH £60m Office Morley Fund Management (Nelson Bakewell) Gladedale Capital (CB Richard Ellis) 9,662m² T:Maclay Murray & Spens (50%) 1 Quartermile Square 5% Bank of Scotland EDINBURGH £23.15m Office Carlyle Group (City & Wharf) Standard Life (Jones Lang LaSalle) 18,952m² T:vacant CPS:358 Tanfield Silvermills n/a Bellhouse Joseph Property ENFIELD £9.5m Industrial O Twelve Estates Ltd Liverpool Victoria 8,826m² T:various Mill River Trading Estate 5.6% GLASGOW £2.91m Industrial Stourbridge Properties (Drivers Jonas) Private investor (King Sturge) 5,602m² R:£198,660 T:various (12 units) Blochairn Ind Estate 6.45% GLASGOW £33.6m Office Harbor Group Intl aAIM 9,244m² R:£1.47m T:Norwich Union Central Services LL:25 Contact Centre 4.37% GUILDFORD £58.5m Office M&G Property Portfolio (Allsop & Co) IM Properties Plc (CBGA Real Estate Consultants) 11,148m² Avaya House 5.38% HALIFAX £1.33m Retail Undisclosed (Colliers CRE) National Deposit Friendly (Mellersh & Harding) 764m² T:Burton / Dorothy Perkins 1-3 Southgate 5.1% HAMILTON £26m Business Chancery Partnership (Lambert Smith Hampton) HFD Developments Fenick House (2,230m²) + Fintry House (3,623.1m²) Hamilton Intl Park n/a Park HARTLEPOOL £1.3m Office Braefoot Cox Ltd (King Sturge) Dundas Commercial PF I (Dixon Winbush) 889m² T:various (Hartlepool Primary Care Trust 70%) Mandale House 7.69% HAVANT £0.23m Leisure NOS Retail Fund (CB Richard Ellis) Private client (Holloway Iliffe & Mitchell) 65m² R:£8,000 T:restaurant to two individuals LEX:2015 32 North Street n/a HAYES £16.7m Industrial CBRE Investors Lattice Group Pension Sch (AtisReal) 9,290m² Silverdale Ind Estate 5% HELENSBURGH £0.178m Retail Private investor Kemble Estates (Culverwell & Co) 57 Sinclair Street 7% HEREFORD £3.3m Leisure Merchant Place Finance Ethel Austin Properties 52-bedroom Travelodge Pomona Place n/a HUYTON £10.5m Retail Ventnor Ltd Ethel Austin Properties (Capital Retail) 2,601m² - 29 shops R:£800,000 T:various Derby Road/Sherbourne Sq 7.2% Highneal

The Property Investors Bulletin - June 2007 Edition Page 6 Geographical Listing of UK Investment Transactions During May 2007 COMMENT: A:Anchor L:Lease LEX:Lease Expiry LL:Lease Length R:Rent Per Annum RR:Rent Review SDEX:Stamp Duty Exempt T:Tenant TBO:Tenants Break Option

ADDRESSPRICE/NIY SECTOR PURCHASER(s) VENDOR(s) COMMENT KETTERING £12.24m Leisure CBRE Investors (Franc Warwick) Diageo Pension Trust (Savills Commercial Ltd) 5,093m² R:£639,153 T:various (inc.Odeon Cinemas) Kettering Leisure Park 4.94% LEAMINGTON SPA n/a Industrial Craigard Investments LLP (Molyneux Rose / Evans Hardy Undisclosed Access Point: 4,645m² R:£252,500 T:Canute Haulage LL:10 Tachbrook Park n/a Bromwich) LEEDS £1.655m Leisure Undisclosed Undisclosed (Towlers) 279m² Elland Road, McDonalds 4.4% LEEDS £1.17m Industrial Bolmuir Properties (AtisReal) Shepherd Developments (Knight Frank LLP) Unit 3: 1,394m² R:£79,855 T:Bradley Lomas Electrolock Holbrook Commerce Park 6.45% LEVEN £3.55m Retail Undisclosed Kilmartin Properties (Culverwell & Co) 1,846m² T:various 45-47 High Street 5.64% LISBURN £12m Industrial Private investor (DTZ McCombe Pierce) Undisclosed (Tom Magee Estate Agenets) 27,870m² warehousing and offices Knockmore Ind Estate n/a LIVINGSTON £22m Office Mapeley Ltd (King Sturge) IM Properties Plc 9,476m² R:£1,500,000 T:Scottish Widows Plc Watermark, Alba Campus 6.41% LONDON E14 £1090m Office Metrovacesa SA (Colliers CRE) HSBC Bank Plc (CB Richard Ellis) 102,190m² R:£42.5m S&L:HSBC LEX:2027 8-16 Canada Square 3.8% LONDON E14 £52m Office Grattan Grenadier Investments 1 Park Place n/a LONDON EC1 £42.25m Office Morley Fund Management (Kingly Partners LLP) Henderson Investors (Allsop & Co) T:Pinsent Masons LL:7.5 years 30 Aylesbury Street 5.5% LONDON EC1 £5.225m Office Cheshire CC Super Fund (GVA Grimley / G2 Asset Assoc Accounting Tech (Ingleby Trice Kennard / Martyn Levy 1,253m² T:Assoc Accounting Technicians LEX:09/2007 154 Clerkenwell Road n/a Management) Commercial) LONDON EC2 £11.3m Office Salmon Harvester Property (Spring4) Private T:vacant - Long leasehold expiring 2128 2 Copthall Avenue n/a LONDON EC2 £110m Office Mitsubishi Estate Company (Cushman & Wakefield) Meiji Yashuda (CB Richard Ellis) River Plate House: 13,935m² 7-11 Finsbury Circus 5.5% LONDON EC2 £115m Office Goodbody Stockbrokers (Cushman & Wakefield) Welbeck Land Ltd (Drivers Jonas) 11,148m² forward funding 1 Lothbury n/a Barclays Capital (Montagu Evans) LONDON EC2 £406.3m Office KanAm Grundinvest Fonds (Jones Lang LaSalle) British Land Plc (DTZ Debenham Tie Leung) 35,707m² T:European Bank for Reconstruction LL:15.75 One Exchange Square n/a LONDON EC2 £18.25m Office Undisclosed Undisclosed (BH2) Coventry House & Spencer House: 3,343m² T:vacant 3 & 4 South Place n/a LONDON EC3 £25.1m Office Warner Estate Holdings London & Regional Prop 4,318m² T:various 2 America Square 5.91% LONDON EC3 £15.25m Office Walbrook Land (Duncan Allison) Liverpool Victoria (CB Richard Ellis) 2,230m² T:Kennedys 10 Lloyds Avenue n/a GE Real Estate (Newton Perkins) LONDON EC4 £21m Office Undisclosed Undisclosed (BH2) Bouverie House: 5,214m² - Redevelopment opportunity 154 Fleet Street n/a LONDON EC4 £3.7m Office Owner occupier Structadene Group (BH2) 488m² T:vacant 2-4 Tudor Street n/a LONDON EC4 £175m Office Atlas Capital Group (CB Richard Ellis) REIT Asset Management (Franc Warwick) Vintners Place: 24,619m² R:£9.4m T:Sumitomo 68 Upper Thames Street 5% Capmark Investments LP

The Property Investors Bulletin - June 2007 Edition Page 7 Geographical Listing of UK Investment Transactions During May 2007 COMMENT: A:Anchor L:Lease LEX:Lease Expiry LL:Lease Length R:Rent Per Annum RR:Rent Review SDEX:Stamp Duty Exempt T:Tenant TBO:Tenants Break Option

ADDRESSPRICE/NIY SECTOR PURCHASER(s) VENDOR(s) COMMENT LONDON SW1 £23m Office Candy & Candy Credis Immobilien-Fonds (Jones Lang LaSalle) Cromwell House: 2,415m² T:DEFRA - Refurbishment planned 2 Dean Stanley Street n/a LONDON SW1 £100m Office Morley Fund Management (GVA Grimley) Henderson CLOF (Cushman & Wakefield) 6,039m² 27-31 Knightsbridge 3.5% LONDON SW1 £71.4m Office Hammerson Plc (CB Richard Ellis) Middle Eastern investor (DTZ Debenham Tie Leung) 6,735m² R:£3,100,000 T:Various(3) LEX:2010-2011 130 Wilton Road 4.3% LONDON SW6 £4m Office Milton Property Holdings (Colliers CRE) Realdon Property (David Baroukh) Filmer Mews: 764m² R:£204,496 T:various 75 Filmer Road 4.83% LONDON SW6 £8.25m Office Private trust (Savills Commercial Ltd) British Land Plc (Colliers CRE) Elysium Gate: 2,358m² 126 New Kings Road n/a LONDON W1 £16m Office Clerical Medical (King Sturge) London Property Partners (Franc Warwick) 2,508m² T:various (4) LEX:2009-2011 7 Curzon Street 3.85% LONDON W1 £25m Office Middle Eastern investor DTZ Investment Management (CB Richard Ellis) Prince Frederick House 37 Maddox Street n/a LONDON W1 £30m Office Crown Estate, The BlackRock UK Property 4 interconnecting office buildings - Redevelopment 3/4 New Burlington St n/a LONDON W1 £215m Office Glebe Holdings Ltd (Goldenberg & Company) Westbrook Real Estate 22,017m² office + retail - Redevelopment potential 1-2 Stephen Street n/a Bank of Scotland LONDON W1 £10m Office Frogmore RE Partners (Fineman Ross) Westbrook Real Estate Inc. 3-5 Duke's Mews T:La Rueda, Argo LEX:2008 98-102 Wigmore Street n/a LONDON W6 £7.75m Industrial Londonewcastle Capital British Land Plc 11 warehouse units LL:4 - Resi redevelopment potential Goldhawk Ind Estate 3.8% LONDON W6 £16m Office Irish Life Assurance Plc (Morgan Williams) Hammersmith & Fulham (Cushman & Wakefield) 2,640m² S&L:Hammersmith & Fulham Council LL:20 145-155 King Street n/a LONDON WC1 £115m Mixed Hermes REIM Allied London Properties (Cushman & Wakefield) 26,870m² Brunswick Centre 3.5% LONDON WC1 £21.755m Office Warner Estate Holdings Investream 3,750m² 16 Upper Woburn Place 5.03% LONDON WC2 £9.25m Office Legal & General Property (King Sturge) BCL Burton Copeland 1,487m² S&L:BCL Burton Copeland T:Various(2) 51 Lincolns Inn Fields 4.4% LYNDHURST £0.35m Retail Frobisher Retail Ltd Surrey Heath Securities (Goadsby) 111m² - Redevelopment 56 High Street n/a MACCLESFIELD £1.24m Retail Sigma Pension Fund (Robert Nurton Surveyors) Nimogen (Hordern Ryan) 281m² LL:15 35-35B Market Place 4.57% MAIDENHEAD £85m Shopping Irish Life Assurance Plc (Morgan Williams) Boultbee Land (Michael Elliott LLP) 12,000m² T:Tesco Metro, Argos, Next, WH Smith Nicholsons Centre 5.25% Centre NEWCASTLE-UPON-TYNE £12m Office Multiplex Developments Morley Fund Management Commercial Union House: Part of potential dev scheme 39 Pilgrim Street n/a Aldersgate Investment NOTTINGHAM £0.385m Office HKL Investments Ltd Adgroup Ltd (Fisher Hargreaves Proctor) 287m² T:vacant 9-11 Lowater Street n/a NOTTINGHAM £0.625m Retail NOS Retail Fund Geo Akins (Holdings) Ltd (Fisher Hargreaves Proctor) R:£47,340 T:Nu Concepts, Coral Estates 41-47 Mansfield Road 7.16%

The Property Investors Bulletin - June 2007 Edition Page 8 Geographical Listing of UK Investment Transactions During May 2007 COMMENT: A:Anchor L:Lease LEX:Lease Expiry LL:Lease Length R:Rent Per Annum RR:Rent Review SDEX:Stamp Duty Exempt T:Tenant TBO:Tenants Break Option

ADDRESSPRICE/NIY SECTOR PURCHASER(s) VENDOR(s) COMMENT PETERBOROUGH £4m Office CAEC Howard Properties Undisclosed 1,858m² T:Abbey, Cambridge CC Sundance House n/a POOLE £1.7m Business Erinaceous Investments Rok Developments Ltd 697m² T:Rok Building (50%) + rental guarantees Concept Park 6.25% Park POOLE £2.4m Office Clark Estates UK Ltd Handston Developments Ltd Sentinel House: 2,574m² T:TDSi LEX:2012 Nuffield Estate 6% PORTFOLIO £30.491m Office Wichford Plc (Brown Cooper Marples) Undisclosed 13,973m² - Norwich, Bedford, Birmingham R:£2,020,713 3 office buildings 6.32% PORTFOLIO £8.125m Retail Rockspring Hanover PUT (Rapleys) Margram Holdings Plc (Goldenberg & Company) 4 forecourts T:Somerfield Stores Ltd LL:15 Convenience stations 5.5% PORTFOLIO £33m Industrial Morley Fund Management Lattice Group Pension Sch (AtisReal) 40,644m² Energy Portfolio n/a PORTFOLIO £50m Leisure Highcross Fund Private client (Franc Warwick) Folio Hotel Portfolio 6.5% PORTFOLIO £26.5m Retail CIREF Ltd Undisclosed 22 petrol service stations T:Malthurst Malthurst portfolio 5.5% PORTFOLIO £82.5m Leisure aAIM Marston 279 pubs Marston Pubs Portfolio n/a PORTFOLIO £30m Mixed Structadene Group (Eriera Mendoza & Co) Private investors 4 industrials + 3 offices + car showroom + trade unit SGS portfolio 5.9% PORTFOLIO £24.5m Industrial Citicourt Investment Ptnr (David Baroukh) BAe Pension Fund Trustees (Tudor Toone) 3 distribution sheds + 2 industrial estates Tornado Portfolio 6.25% PORTFOLIO £127m Leisure Prestbury Invest Holdings (Franc Warwick) Travelodge (DTZ Debenham Tie Leung) 17 budget hotels S&L:Travelodge LL:25-35 Travelodge 5.5% ROCHDALE £2.015m Industrial Jaymar Estates Ltd (Rock Asset Management) Vita Unit Ttrust (DTZ Debenham Tie Leung) 3,870m² Littleborough Ind Estate 6.82% ROCHESTER £4.225m Industrial Waterbridge Group Protego Real Estate (Strutt & Parker) 5,988m² R:£289,981 T:Pre Seal Board, Swift Book Medway City Estate 6.5% SHEFFIELD £7.7m Industrial Invista REIM Cadbury Schweppes PF (King Sturge) 12,691m² R:£547,842 - 38 units Dore House Ind Estate 6.7% Canmoor Asset Management SLOUGH £9m Misc. LaSalle Investment Man Burford Holdings Ltd (Franc Warwick) Albert Street n/a SOUTHEND-ON-SEA £30m Office Golfrate Properties Ltd (HP Four LLP) Private investor (DTZ Debenham Tie Leung) 21,349m² T:Secretary of State LEX:2026 Alexander House 5.6% ST ALBANS £17.9m Office Rockspring Hanover PUT (Peter Lewis Associates) Church Commissioners (King Sturge) 4,876m² R:£1,049,820 T:Orange, Clydesdale Bank, ARC. Verulam Point 5.49% ST HELIER, JERSEY £18.5m Office Propinvest Holdings Ltd (Citigroup Estates) Royal Bank of Scotland 3,263m² Charter Place 5.4% STOCKPORT £6m Industrial Highcross Fund (DGI Davis George) Undisclosed (King Sturge) 19,440m² T:various (41) Vauxhall Ind Estate 8% STOKE-ON-TRENT £0.95m Leisure Chambers Estates Ltd (Louis Taylor) Falcon Trust (King Sturge) 2,019m² LEX:09/2015 RR:Every 7 years 1-6 Sun Street n/a

The Property Investors Bulletin - June 2007 Edition Page 9 Geographical Listing of UK Investment Transactions During May 2007 COMMENT: A:Anchor L:Lease LEX:Lease Expiry LL:Lease Length R:Rent Per Annum RR:Rent Review SDEX:Stamp Duty Exempt T:Tenant TBO:Tenants Break Option

ADDRESSPRICE/NIY SECTOR PURCHASER(s) VENDOR(s) COMMENT TAMWORTH £6m Industrial Wrenbridge Land Undisclosed 18,580m² T:vacant n/a TEWKESBURY £3m Office City & Provincial EP Ltd (Donaldsons) Robert Hitchins Ltd (King Sturge) 1,707m² T:TRL Technology R:£245,768 LEX:2009 CPS:77 Tewkesbury Business Park 7.75% TOLWORTH £4.3m Office Targetfollow Group Plc St James Trust Freehold interest Tolworth Tower n/a TRURO £0.4m Retail Undisclosed Undisclosed (Miller Commercial) 62m² R:£22,500 9 St Marys Street 5.4% WEST BROMWICH £3.152m Distribution British Real Estate Fund (Cardales) Legal & General Property (Strutt & Parker) 4,694m² R:£225,000 T:APIC UK Ltd, DHL Express (UK) Ltd Sandwell Business Park 6.75% Warehouse WEYBRIDGE £6.5m Mixed McKay Securities Plc Yamaha Motor (UK) Ltd 5,574m² industrial + office S&L:Yamaha LL:5 Brooklands Ind Estate 7.2% WOKINGHAM £6.85m Mixed Citicourt Investment Ptnr (David Baroukh) Power Investments (Franc Warwick) 2,768m² office + retail R:£525,429 Denmark Street 7.2% YORK £13m Office Arlington Property Invest (Hoffman Partners) Oakgate Group Plc (Lawrence Hannah LLP) Northern House: 5,295m² T:various 9 Rougier Street 6%

The Property Investors Bulletin - June 2007 Edition Page 10 Buyers & Sellers During May 2007

Institutions

COMPANYB/S TOWN STREET SECTORPRICE YIELD Arlington Property Invest BUY YORK 9 Rougier StreetOffice £13m 6% AXA Sun Life BUY BIRMINGHAM Tameside Park, Perry BarRetail Warehouse £13.45m N/A BAe Pension Fund Trustees SELL PORTFOLIO Tornado PortfolioIndustrial £24.5m 6.25% BlackRock UK Property SELL LONDON W1 3/4 New Burlington StOffice £30m N/A British Real Estate Fund BUY WEST BROMWICH Sandwell Business ParkDistribution Warehouse £3.152m 6.75% Cadbury Schweppes PF SELL SHEFFIELD Dore House Ind EstateIndustrial £7.7m 6.7% CBRE Investors BUY HAYES Silverdale Ind EstateIndustrial £16.7m 5% CBRE Investors BUY KETTERING Kettering Leisure ParkLeisure £12.24m 4.94% Cheshire CC Super Fund BUY LONDON EC1 154 Clerkenwell RoadOffice £5.225m N/A Church Commissioners SELL ST ALBANS Verulam PointOffice £17.9m 5.49% Clerical Medical BUY LONDON W1 7 Curzon StreetOffice £16m 3.85% Diageo Pension Trust SELL KETTERING Kettering Leisure ParkLeisure £12.24m 4.94% DTZ Investment Management SELL CRAWLEY Gatwick Dist CentreDistribution Warehouse £19m 4.8% DTZ Investment Management SELL LONDON W1 37 Maddox StreetOffice £25m N/A Henderson CLOF SELL LONDON SW1 27-31 KnightsbridgeOffice £100m 3.5% Henderson Investors SELL LONDON EC1 30 Aylesbury StreetOffice £42.25m 5.5% Hermes REIM BUY LONDON WC1 Brunswick CentreMixed £115m 3.5% Hermes REIM (JV) BUY BARDON Innovate Logistics unitDistribution Warehouse £48m 5.5% ING REIM UK Ltd SELL CAMBRIDGE Vision Park, Endeavour HoOffice £3.3m 6.48% Invista REIM (JV) BUY SHEFFIELD Dore House Ind EstateIndustrial £7.7m 6.7% LaSalle Investment Man SELL DERBY Rolls-Royce CentreMixed £12.1m 5.07% LaSalle Investment Man BUY SLOUGH Albert StreetMisc. £9m N/A Lattice Group Pension Sch SELL HAYES Silverdale Ind EstateIndustrial £16.7m 5% Lattice Group Pension Sch SELL PORTFOLIO Energy PortfolioIndustrial £33m N/A Legal & General Property SELL CARDIFF Brooklands Retail ParkRetail Warehouse £26.7m 4.7% Legal & General Property BUY LONDON WC2 51 Lincolns Inn FieldsOffice £9.25m 4.4% Legal & General Property SELL WEST BROMWICH Sandwell Business ParkDistribution Warehouse £3.152m 6.75% Legal & General Property (JV) BUY BARDON Innovate Logistics unitDistribution Warehouse £48m 5.5% Liverpool Victoria SELL ENFIELD Mill River Trading EstateIndustrial £9.5m 5.6% Liverpool Victoria SELL LONDON EC3 10 Lloyds AvenueOffice £15.25m N/A Morley Fund Management BUY CRAWLEY Gatwick Dist CentreDistribution Warehouse £19m 4.8% Morley Fund Management BUY EDINBURGH 1 Quartermile SquareOffice £60m 5% Morley Fund Management BUY LONDON EC1 30 Aylesbury StreetOffice £42.25m 5.5% Morley Fund Management BUY LONDON SW1 27-31 KnightsbridgeOffice £100m 3.5% Morley Fund Management SELL NEWCASTLE-UPON-TYNE 39 Pilgrim StreetOffice £12m N/A Morley Fund Management BUY PORTFOLIO Energy PortfolioIndustrial £33m N/A National Deposit Friendly BUY CHESHAM Chess Business ParkIndustrial £1.95m 6.3% National Deposit Friendly SELL HALIFAX 1-3 SouthgateRetail £1.33m 5.1% PRUPIM SELL AYR 134-136 High StreetRetail £2.39m 4.89% Rockspring Hanover PUT BUY PORTFOLIO Convenience stationsRetail £8.125m 5.5% Rockspring Hanover PUT BUY ST ALBANS Verulam PointOffice £17.9m 5.49% Scottish Widows BUY CAMBRIDGE Vision Park, Endeavour HoOffice £3.3m 6.48% Standard Life SELL EDINBURGH Tanfield SilvermillsOffice £23.15m N/A Property Companies

COMPANYB/S TOWN STREET SECTORPRICE YIELD Aldersgate Investment (JV) BUY NEWCASTLE-UPON-TYNE 39 Pilgrim StreetOffice £12m N/A Allied London Properties SELL LONDON WC1 Brunswick CentreMixed £115m 3.5% Annfield Assets Ltd BUY DUNDEE Dundee Technology ParkBusiness Park £1.625m 7.27% AW Davies Properties BUY CHERTSEY 75-79 Guildford StreetMixed £1.55m 6.83% AWG Property Ltd (JV) BUY ABERDEEN Excel CentreOffice £11.4m 6.75% Bellhouse Joseph Property (JV) BUY EDINBURGH Tanfield SilvermillsOffice £23.15m N/A Bolmuir Properties BUY LEEDS Holbrook Commerce ParkIndustrial £1.17m 6.45%

The Property Investors Bulletin - June 2007 Edition Page 11 Buyers & Sellers During May 2007

Property Companies

COMPANYB/S TOWN STREET SECTORPRICE YIELD Boultbee Land SELL MAIDENHEAD Nicholsons CentreShopping Centre £85m 5.25% Braefoot Cox Ltd BUY HARTLEPOOL Mandale HouseOffice £1.3m 7.69% British Land Plc SELL LONDON EC2 One Exchange SquareOffice £406.3m N/A British Land Plc SELL LONDON SW6 126 New Kings RoadOffice £8.25m N/A British Land Plc SELL LONDON W6 Goldhawk Ind EstateIndustrial £7.75m 3.8% British Land Plc (JV) SELL EAST KILBRIDE East Kilbride Shop CentreShopping Centre £386m 6% Burford Holdings Ltd SELL SLOUGH Albert StreetMisc. £9m N/A CAEC Howard Properties BUY PETERBOROUGH Sundance HouseOffice £4m N/A Candy & Candy BUY LONDON SW1 2 Dean Stanley StreetOffice £23m N/A Canmoor Asset Management (J BUY SHEFFIELD Dore House Ind EstateIndustrial £7.7m 6.7% Chambers Estates Ltd BUY STOKE-ON-TRENT 1-6 Sun StreetLeisure £0.95m N/A CIREF Ltd BUY PORTFOLIO Malthurst portfolioRetail £26.5m 5.5% Citicourt Investment Ptnr BUY CARDIFF St Mellons Business ParkOffice £6m 7.2% Citicourt Investment Ptnr BUY PORTFOLIO Tornado PortfolioIndustrial £24.5m 6.25% Citicourt Investment Ptnr BUY WOKINGHAM Denmark StreetMixed £6.85m 7.2% City & Provincial EP Ltd BUY TEWKESBURY Tewkesbury Business ParkOffice £3m 7.75% Clark Estates UK Ltd BUY POOLE Nuffield EstateOffice £2.4m 6% Craigard Investments LLP BUY LEAMINGTON SPA Tachbrook ParkIndustrial N/A N/A Crown Estate, The BUY LONDON W1 3/4 New Burlington StOffice £30m N/A Ethel Austin Properties SELL HEREFORD Pomona PlaceLeisure £3.3m N/A Ethel Austin Properties (JV) SELL HUYTON Derby Road/Sherbourne SqRetail £10.5m 7.2% Frobisher Retail Ltd BUY LYNDHURST 56 High StreetRetail £0.35m N/A Geo Akins (Holdings) Ltd SELL NOTTINGHAM 41-47 Mansfield RoadRetail £0.625m 7.16% Gladedale Capital (JV) SELL EDINBURGH 1 Quartermile SquareOffice £60m 5% Glebe Holdings Ltd (JV) BUY LONDON W1 1-2 Stephen StreetOffice £215m N/A GLP Properties SELL CARDIFF St Mellons Business ParkOffice £6m 7.2% Gregory Properties SELL DONCASTER Wheatley Hall Trade ParkRetail £8.15m 5% Hammerson Plc BUY LONDON SW1 130 Wilton RoadOffice £71.4m 4.3% Handston Developments Ltd SELL POOLE Nuffield EstateOffice £2.4m 6% HFD Developments SELL HAMILTON Hamilton Intl ParkBusiness Park £26m N/A Highcross Group SELL ABERDEEN Excel CentreOffice £11.4m 6.75% Hillview Developments Ltd (JV) SELL CHESHAM Chess Business ParkIndustrial £1.95m 6.3% Hinton Properties Ltd SELL BIRMINGHAM Tameside Park, Perry BarRetail Warehouse £13.45m N/A HKL Investments Ltd BUY NOTTINGHAM 9-11 Lowater StreetOffice £0.385m N/A IM Properties Plc SELL GUILDFORD Avaya HouseOffice £58.5m 5.38% IM Properties Plc SELL LIVINGSTON Watermark, Alba CampusOffice £22m 6.41% Jaymar Estates Ltd BUY ROCHDALE Littleborough Ind EstateIndustrial £2.015m 6.82% Kemble Estates SELL HELENSBURGH 57 Sinclair StreetRetail £0.178m 7% Kenmore Group SELL BRISTOL St Stephen's HouseOffice £3.5m 5.75% Kilmartin Properties SELL LEVEN 45-47 High StreetRetail £3.55m 5.64% Land Securities Plc (JV) SELL EAST KILBRIDE East Kilbride Shop CentreShopping Centre £386m 6% London & Regional Prop SELL LONDON EC3 2 America SquareOffice £25.1m 5.91% London Property Partners SELL LONDON W1 7 Curzon StreetOffice £16m 3.85% Londonewcastle Capital BUY LONDON W6 Goldhawk Ind EstateIndustrial £7.75m 3.8% Lough Foyle Farm Estates SELL DUNDEE Dundee Technology ParkBusiness Park £1.625m 7.27% Mapeley Ltd BUY LIVINGSTON Watermark, Alba CampusOffice £22m 6.41% Maximus Real Estate BUY BIRMINGHAM Exchange, Newhall StreetOffice £6.175m N/A McKay Securities Plc BUY WEYBRIDGE Brooklands Ind EstateMixed £6.5m 7.2% MEDC Estate SELL CARDIFF 1 Thornhill RoadRetail £0.185m 7.8% Milton Property Holdings BUY LONDON SW6 75 Filmer RoadOffice £4m 4.83% O Twelve Estates Ltd BUY BRENTWOOD 75 High StreetRetail £3.3m 4.3% O Twelve Estates Ltd BUY ENFIELD Mill River Trading EstateIndustrial £9.5m 5.6% Oakgate Group Plc SELL YORK 9 Rougier StreetOffice £13m 6% Page 12 The Property Investors Bulletin - June 2007 Edition Buyers & Sellers During May 2007

Property Companies

COMPANYB/S TOWN STREET SECTORPRICE YIELD Power Investments SELL WOKINGHAM Denmark StreetMixed £6.85m 7.2% Prestbury Invest Holdings BUY PORTFOLIO TravelodgeLeisure £127m 5.5% Property Invest Holdings SELL CHERTSEY 75-79 Guildford StreetMixed £1.55m 6.83% Propinvest Holdings Ltd BUY CARDIFF Brooklands Retail ParkRetail Warehouse £26.7m 4.7% Propinvest Holdings Ltd BUY EAST KILBRIDE East Kilbride Shop CentreShopping Centre £386m 6% Propinvest Holdings Ltd BUY ST HELIER, JERSEY Charter PlaceOffice £18.5m 5.4% Protego Real Estate SELL ROCHESTER Medway City EstateIndustrial £4.225m 6.5% Realdon Property SELL LONDON SW6 75 Filmer RoadOffice £4m 4.83% REIT Asset Management (JV) SELL LONDON EC4 68 Upper Thames StreetOffice £175m 5% Robert Hitchins Ltd SELL TEWKESBURY Tewkesbury Business ParkOffice £3m 7.75% Rok Developments Ltd SELL POOLE Concept ParkBusiness Park £1.7m 6.25% Salmon Harvester Property BUY LONDON EC2 2 Copthall AvenueOffice £11.3m N/A Shepherd Developments SELL LEEDS Holbrook Commerce ParkIndustrial £1.17m 6.45% Skelton Group (JV) BUY BEDFORD Twinwoods Business ParkBusiness Park £19.72m 6.1% Space Property Ltd (JV) SELL CHESHAM Chess Business ParkIndustrial £1.95m 6.3% Spencer Holdings Plc BUY DARLINGTON Faverdale Ind EstateIndustrial £3m N/A St Martins Properties SELL BRADFORD Fieldhead Business CentreBusiness Park £8.35m 6.45% St Modwen Plc (JV) SELL BARTON NEEDWOOD Centre 38Distribution Warehouse £9.5m N/A Stourbridge Properties BUY GLASGOW Blochairn Ind EstateIndustrial £2.91m 6.45% Structadene Group SELL LONDON EC4 2-4 Tudor StreetOffice £3.7m N/A Structadene Group BUY PORTFOLIO SGS portfolioMixed £30m 5.9% Surrey Heath Securities SELL LYNDHURST 56 High StreetRetail £0.35m N/A T3 Unit Trust BUY DONCASTER Wheatley Hall Trade ParkRetail £8.15m 5% Targetfollow Group Plc BUY TOLWORTH Tolworth TowerOffice £4.3m N/A Urbis Developments Ltd BUY BRISTOL St Stephen's HouseOffice £3.5m 5.75% Ventnor Ltd BUY HUYTON Derby Road/Sherbourne SqRetail £10.5m 7.2% Walbrook Land (JV) BUY LONDON EC3 10 Lloyds AvenueOffice £15.25m N/A Warner Estate Holdings BUY LONDON EC3 2 America SquareOffice £25.1m 5.91% Warner Estate Holdings BUY LONDON WC1 16 Upper Woburn PlaceOffice £21.755m 5.03% Waterbridge Group BUY ROCHESTER Medway City EstateIndustrial £4.225m 6.5% Welbeck Land Ltd (JV) SELL LONDON EC2 1 LothburyOffice £115m N/A WG Mitchell Ltd (JV) BUY ABERDEEN Excel CentreOffice £11.4m 6.75% Wichford Plc BUY PORTFOLIO 3 office buildingsOffice £30.491m 6.32% Wrenbridge Land BUY BURTON-UPON-TRENT CumulusIndustrial £10m N/A Wrenbridge Land BUY TAMWORTH Industrial £6m N/A Overseas Investors

COMPANYB/S TOWN STREET SECTORPRICE YIELD Atlas Capital Group BUY LONDON EC4 68 Upper Thames StreetOffice £175m 5% Capmark Investments LP (JV) SELL LONDON EC4 68 Upper Thames StreetOffice £175m 5% Carlyle EREP (JV) BUY BEDFORD Twinwoods Business ParkBusiness Park £19.72m 6.1% Carlyle Group (JV) BUY EDINBURGH Tanfield SilvermillsOffice £23.15m N/A Credis Immobilien-Fonds SELL LONDON SW1 2 Dean Stanley StreetOffice £23m N/A Frogmore RE Partners BUY LONDON W1 98-102 Wigmore StreetOffice £10m N/A GE Real Estate (JV) BUY LONDON EC3 10 Lloyds AvenueOffice £15.25m N/A Golfrate Properties Ltd BUY SOUTHEND-ON-SEA Alexander HouseOffice £30m 5.6% Goodbody Stockbrokers BUY LONDON EC2 1 LothburyOffice £115m N/A Grattan BUY LONDON E14 1 Park PlaceOffice £52m N/A Grenadier Investments SELL LONDON E14 1 Park PlaceOffice £52m N/A Harbor Group Intl BUY GLASGOW Contact CentreOffice £33.6m 4.37% Highcross Fund BUY PORTFOLIO Folio Hotel PortfolioLeisure £50m 6.5% Highcross Fund BUY STOCKPORT Vauxhall Ind EstateIndustrial £6m 8% Irish Life Assurance Plc BUY LONDON W6 145-155 King StreetOffice £16m N/A

The Property Investors Bulletin - June 2007 Edition Page 13 Buyers & Sellers During May 2007

Overseas Investors

COMPANYB/S TOWN STREET SECTORPRICE YIELD Irish Life Assurance Plc BUY MAIDENHEAD Nicholsons CentreShopping Centre £85m 5.25% KanAm Grundinvest Fonds BUY LONDON EC2 One Exchange SquareOffice £406.3m N/A Meiji Yashuda SELL LONDON EC2 7-11 Finsbury CircusOffice £110m 5.5% Metrovacesa SA BUY LONDON E14 8-16 Canada SquareOffice £1090m 3.8% Middle Eastern investor SELL LONDON SW1 130 Wilton RoadOffice £71.4m 4.3% Middle Eastern investor BUY LONDON W1 37 Maddox StreetOffice £25m N/A Mitsubishi Estate Company BUY LONDON EC2 7-11 Finsbury CircusOffice £110m 5.5% Multiplex Developments (JV) BUY NEWCASTLE-UPON-TYNE 39 Pilgrim StreetOffice £12m N/A ProLogis Developments Ltd (JV) SELL BARTON NEEDWOOD Centre 38Distribution Warehouse £9.5m N/A Westbrook Real Estate SELL LONDON W1 1-2 Stephen StreetOffice £215m N/A Westbrook Real Estate SELL LONDON W1 98-102 Wigmore StreetOffice £10m N/A Private Investors / Syndicates / Trusts

COMPANYB/S TOWN STREET SECTORPRICE YIELD aAIM SELL GLASGOW Contact CentreOffice £33.6m 4.37% aAIM BUY PORTFOLIO Marston Pubs PortfolioLeisure £82.5m N/A Chancery Partnership BUY HAMILTON Hamilton Intl ParkBusiness Park £26m N/A Close Brothers BUY BARTON NEEDWOOD Centre 38Distribution Warehouse £9.5m N/A Dundas Commercial PF I BUY BRADFORD Fieldhead Business CentreBusiness Park £8.35m 6.45% Dundas Commercial PF I SELL HARTLEPOOL Mandale HouseOffice £1.3m 7.69% Erinaceous Investments BUY POOLE Concept ParkBusiness Park £1.7m 6.25% Falcon Trust SELL STOKE-ON-TRENT 1-6 Sun StreetLeisure £0.95m N/A Highneal (JV) SELL HUYTON Derby Road/Sherbourne SqRetail £10.5m 7.2% Investream SELL LONDON WC1 16 Upper Woburn PlaceOffice £21.755m 5.03% M&G Property Portfolio BUY GUILDFORD Avaya HouseOffice £58.5m 5.38% Merchant Place Finance BUY HEREFORD Pomona PlaceLeisure £3.3m N/A NOS Retail Fund BUY HAVANT 32 North StreetLeisure £0.23m N/A NOS Retail Fund BUY NOTTINGHAM 41-47 Mansfield RoadRetail £0.625m 7.16% Private SELL LONDON EC2 2 Copthall AvenueOffice £11.3m N/A Private buyer BUY DERBY Rolls-Royce CentreMixed £12.1m 5.07% Private client SELL HAVANT 32 North StreetLeisure £0.23m N/A Private client SELL PORTFOLIO Folio Hotel PortfolioLeisure £50m 6.5% Private investor BUY AIRDRIE 48-50 Graham StreetRetail £0.755m 6.25% Private investor BUY BATLEY Fairway Industrial ParkIndustrial £0.895m N/A Private investor BUY BRIDPORT Fernhill HotelLeisure £0.89m N/A Private investor SELL BRIDPORT Fernhill HotelLeisure £0.89m N/A Private investor BUY CARDIFF 1 Thornhill RoadRetail £0.185m 7.8% Private investor SELL EDINBURGH Beaverbank Office ParkIndustrial £1.525m 5.5% Private investor SELL EDINBURGH 2 Hunter SquareRetail £0.85m 5% Private investor SELL GLASGOW Blochairn Ind EstateIndustrial £2.91m 6.45% Private investor BUY HELENSBURGH 57 Sinclair StreetRetail £0.178m 7% Private investor BUY LISBURN Knockmore Ind EstateIndustrial £12m N/A Private investor SELL SOUTHEND-ON-SEA Alexander HouseOffice £30m 5.6% Private investors SELL PORTFOLIO SGS portfolioMixed £30m 5.9% Private trust BUY LONDON SW6 126 New Kings RoadOffice £8.25m N/A Sigma Pension Fund BUY MACCLESFIELD 35-35B Market PlaceRetail £1.24m 4.57% St James Trust SELL TOLWORTH Tolworth TowerOffice £4.3m N/A Vita Unit Ttrust SELL ROCHDALE Littleborough Ind EstateIndustrial £2.015m 6.82% Occupiers

COMPANYB/S TOWN STREET SECTORPRICE YIELD Adgroup Ltd SELL NOTTINGHAM 9-11 Lowater StreetOffice £0.385m N/A Ashtead Plant Hire Co Ltd SELL BATLEY Fairway Industrial ParkIndustrial £0.895m N/A

Page 14 The Property Investors Bulletin - June 2007 Edition Buyers & Sellers During May 2007

Occupiers

COMPANYB/S TOWN STREET SECTORPRICE YIELD Assoc Accounting Tech SELL LONDON EC1 154 Clerkenwell RoadOffice £5.225m N/A BCL Burton Copeland SELL LONDON WC2 51 Lincolns Inn FieldsOffice £9.25m 4.4% Hammersmith & Fulham SELL LONDON W6 145-155 King StreetOffice £16m N/A HSBC Bank Plc SELL LONDON E14 8-16 Canada SquareOffice £1090m 3.8% Innovate Logistics SELL BARDON Innovate Logistics unitDistribution Warehouse £48m 5.5% Margram Holdings Plc SELL PORTFOLIO Convenience stationsRetail £8.125m 5.5% Marston SELL PORTFOLIO Marston Pubs PortfolioLeisure £82.5m N/A Owner occupier BUY LONDON EC4 2-4 Tudor StreetOffice £3.7m N/A QinetiQ Group Plc SELL BEDFORD Twinwoods Business ParkBusiness Park £19.72m 6.1% Travelodge SELL PORTFOLIO TravelodgeLeisure £127m 5.5% Yamaha Motor (UK) Ltd SELL WEYBRIDGE Brooklands Ind EstateMixed £6.5m 7.2% Financial/Banks

COMPANYB/S TOWN STREET SECTORPRICE YIELD Bank of Scotland (JV) SELL EDINBURGH 1 Quartermile SquareOffice £60m 5% Bank of Scotland (JV) BUY LONDON W1 1-2 Stephen StreetOffice £215m N/A Barclays Capital (JV) SELL LONDON EC2 1 LothburyOffice £115m N/A Prima Equity Partners SELL BRENTWOOD 75 High StreetRetail £3.3m 4.3% Royal Bank of Scotland SELL ST HELIER, JERSEY Charter PlaceOffice £18.5m 5.4%

The Property Investors Bulletin - June 2007 Edition Page 15 Three Month Yield Index

West End Offices Regional Offices TOWN ADDRESS PRICE YIELD DATE TOWN ADDRESS PRICE YIELD DATE LONDON SW14-5 Buckingham Gate £ 5m 3.12% Mar 2007 HARLOWStation Approach £ 12.5m 6.25% Apr 2007 LONDON SW127-31 Knightsbridge £ 100m 3.50% May 2007 POOLEConcept Park £ 1.7m 6.25% May 2007 LONDON W17 Curzon Street £ 16m 3.85% May 2007 SOLIHULL3&4 Highlands Court £ 1.89m 6.25% Apr 2007 LONDON SW1130 Wilton Road £ 71.4m 4.30% May 2007 EAST GRINSTEADGarland Court, Garland £ 3m 6.27% Mar 2007 LONDON SW122 Buckingham Gate £ 4.8m 4.55% Apr 2007 BATHLower Bristol Road £ 2.555m 6.30% Mar 2007 LONDON W146 Portland Place £ 5.5m 4.72% Apr 2007 WARRINGTONLingley Mere Bus Park £ 2.75m 6.37% Mar 2007 Weighted Average Net Initial Yield: 3.86% LIVINGSTONWatermark, Alba Campu £ 22m 6.41% May 2007 TEWKESBURYTewkesbury Business Pa £ 16.35m 6.43% Mar 2007 City Offices BRADFORDFieldhead Business Cent £ 8.35m 6.45% May 2007 TOWN ADDRESS PRICE YIELD DATE CAMBRIDGEVision Park, Endeavour £ 3.3m 6.48% May 2007 LONDON EC4133 Fleet Street £ 355m 4.70% Mar 2007 WELWYN GARDEN CITInspira Ho, Swallowfields £ 4.742m 6.49% Mar 2007 LONDON EC2CityPoint, Ropemaker St £ 660m 4.80% Apr 2007 CRAWLEYGatwick Road, A&B £ 12.25m 6.50% Mar 2007 LONDON EC468 Upper Thames Street £ 175m 5.00% May 2007 PORTSMOUTH10 Guildhall Walk £ 1.65m 6.50% Apr 2007 LONDON SE173-77 Bermondsey Stree £ 5.675m 5.33% Mar 2007 SUNBURY91-105 Staines Road We £ 8.4m 6.74% Apr 2007 LONDON EC130 Aylesbury Street £ 42.25m 5.50% May 2007 ABERDEENExcel Centre £ 11.4m 6.75% May 2007 LONDON EC27-11 Finsbury Circus £ 110m 5.50% May 2007 SWINDON10-12 High Street £ 3.2m 6.75% Mar 2007 LONDON EC32 America Square £ 25.1m 5.91% May 2007 SWINDONPagoda Park £ 6.47m 6.75% Mar 2007 Weighted Average Net Initial Yield: 4.90% PORTFOLIOContour Portfolio £ 14.8m 6.80% Apr 2007 SHEFFIELDParkway Business Centr £ 5.53m 6.88% Apr 2007 Mid-Town Offices BRISTOL38 Victoria Road £ 2.5m 7.00% Mar 2007 TOWN ADDRESS PRICE YIELD DATE BRISTOL42-46 Baldwin Street £ 4.276m 7.10% Mar 2007 LONDON WC227-29 Macklin Street £ 13.2m 4.38% Apr 2007 FALMOUTHFalmouth Business Park £ 1.75m 7.15% Mar 2007 LONDON WC251 Lincolns Inn Fields £ 9.25m 4.40% May 2007 CARDIFFSt Mellons Business Park £ 6m 7.20% May 2007 LONDON WC116 Upper Woburn Place £ 21.755m 5.03% May 2007 DUNDEEDundee Technology Park £ 1.625m 7.27% May 2007 LONDON WC26 Bell Yard £ 3.85m 5.63% Apr 2007 WATFORDThe Orient Centre £ 6.5m 7.50% Mar 2007 Weighted Average Net Initial Yield: 4.78% HARTLEPOOLMandale House £ 1.3m 7.69% May 2007 LICHFIELDFradley Park £ 2.65m 7.70% Mar 2007 Regional Offices TEWKESBURYTewkesbury Business Pa £ 3m 7.75% May 2007 TOWN ADDRESS PRICE YIELD DATE GLOUCESTER67-69 London Road £ 3m 8.00% Mar 2007 GLASGOWContact Centre £ 33.6m 4.37% May 2007 ABERDEENGreenwell Place £ 1.1m 9.00% Apr 2007 SHEFFIELDRiverside Exchange £ 38.35m 4.71% Mar 2007 MANCHESTERHough End Hall, Nell Lan £ 1.23m 9.61% Apr 2007 BOURNEMOUTHWellington Road £ 0.35m 4.90% Mar 2007 Weighted Average Net Initial Yield: 5.73% BRISTOLBridgwater Road £ 29.3m 4.90% Mar 2007 BRACKNELLApex & Hayley House £ 4.5m 5.00% Apr 2007 Unit Shops EDINBURGH1 Quartermile Square £ 60m 5.00% May 2007 TOWN ADDRESS PRICE YIELD DATE GLASGOW55 Blythswood Street £ 24.8m 5.00% Mar 2007 CHESTEREastgate Street £ 2.1m 3.83% Mar 2007 READING181-183 Kings Road £ 1.28m 5.20% Apr 2007 KINGSTON-UPON-THA51/53 Clarence Street £ 16.05m 3.92% Apr 2007 ABERDEEN2-8 Albyn Place £ 4.89m 5.25% Apr 2007 LONDON SW1148-76 St Johns Road £ 25.5m 4.00% Mar 2007 REDHILLWestgate, London Road £ 23.6m 5.31% Apr 2007 LONDON WC2Royal Opera House £ 125m 4.00% Apr 2007 LEEDSYork House, York Place £ 4.8m 5.35% Apr 2007 WINDSOR99-101 Peascod Street £ 4.875m 4.00% Apr 2007 GUILDFORDAvaya House £ 58.5m 5.38% May 2007 BATHUnion Street £ 8m 4.05% Mar 2007 ST HELIER, JERSEYCharter Place £ 18.5m 5.40% May 2007 NEWBURY81-82 Northbrook Street £ 4.56m 4.15% Mar 2007 THEALEArlington Business Park £ 37.7m 5.40% Mar 2007 LIVERPOOL9-15 Church Street £ 35m 4.20% Apr 2007 ST ALBANSVerulam Point £ 17.9m 5.49% May 2007 BRENTWOOD75 High Street £ 3.3m 4.30% May 2007 BASINGSTOKE9-10 Victoria Street £ 2m 5.60% Mar 2007 EDINBURGH17 Raeburn Place £ 0.85m 4.50% Mar 2007 SOUTHEND-ON-SEAAlexander House £ 30m 5.60% May 2007 MACCLESFIELD35-35B Market Place £ 1.24m 4.57% May 2007 BRISTOLSt Stephen's House £ 3.5m 5.75% May 2007 NOTTINGHAMExchange Arcade £ 23.65m 4.63% Mar 2007 ABERDEENSt Magnus House, Guild £ 23.7m 5.76% Apr 2007 BEDFORD5-5a Silver Street £ 3.145m 4.66% Mar 2007 EDINBURGHSouth Gyle Business Par £ 35.5m 5.76% Apr 2007 CAMBRIDGEQuayside, Magdalene St £ 10m 4.70% Mar 2007 MILTON KEYNES301 Midsummer Bouleva £ 8.125m 5.88% Mar 2007 GLASGOW134/138 Drymen Road £ 2.1m 4.70% Mar 2007 CARDIFFElinia House Complex £ 60m 6.00% Mar 2007 HARROW46 St Anns Road £ 4.5m 4.85% Apr 2007 MARLOWMarlow International £ 75m 6.00% Mar 2007 IPSWICHRansomes Europark £ 5.625m 4.85% Mar 2007 POOLENuffield Estate £ 2.4m 6.00% May 2007 AYR134-136 High Street £ 2.39m 4.89% May 2007 YORK9 Rougier Street £ 13m 6.00% May 2007 SHREWSBURY18-19 High Street £ 1.278m 4.96% Apr 2007 DERBYPride Park £ 2.775m 6.09% Mar 2007 BROMLEY64-70 High Street £ 16m 5.00% Mar 2007 BEDFORDTwinwoods Business Par £ 19.72m 6.10% May 2007 DONCASTERWheatley Hall Trade Par £ 8.15m 5.00% May 2007 ABERDEEN15 Union Street £ 4.5m 6.14% Apr 2007 EDINBURGH2 Hunter Square £ 0.85m 5.00% May 2007 WARRINGTONKelvin II, Kelvin Close £ 8.775m 6.14% Apr 2007 LONDON W554-62 The Broadway £ 45.35m 5.00% Mar 2007

Page 16 The Property Investors Bulletin - June 2007 Edition Three Month Yield Index

Unit Shops Industrial TOWN ADDRESS PRICE YIELD DATE TOWN ADDRESS PRICE YIELD DATE HALIFAX1-3 Southgate £ 1.33m 5.10% May 2007 MILTON KEYNESMagna Park £ 72m 4.90% Mar 2007 LONDON SW1922 High Street £ 1.8m 5.13% Apr 2007 MANCHESTERTrafford Park £ 33m 4.99% Apr 2007 ABERDEEN160-162 Union Street £ 1.2m 5.14% Apr 2007 HAYESSilverdale Ind Estate £ 16.7m 5.00% May 2007 TRURO9 St Marys Street £ 0.4m 5.40% May 2007 HINCKLEYRD Park £ 5.1m 5.05% Mar 2007 HOVE28/29 George Street £ 0.885m 5.45% Mar 2007 EXETERMarsh Barton Ind Estate £ 1.396m 5.40% Apr 2007 CANTERBURY32-33 High Street £ 4.25m 5.50% Mar 2007 BARDONInnovate Logistics unit £ 48m 5.50% May 2007 PORTFOLIOConvenience stations £ 8.125m 5.50% May 2007 EDINBURGHBeaverbank Office Park £ 1.525m 5.50% May 2007 PORTFOLIOMalthurst portfolio £ 26.5m 5.50% May 2007 MANCHESTERStakehill Ind Estate £ 28.4m 5.50% Mar 2007 LEVEN45-47 High Street £ 3.55m 5.64% May 2007 PORTFOLIOSt George Portfolio £ 22.25m 5.50% Mar 2007 SOUTHAMPTONWest End £ 0.47m 5.70% Apr 2007 ENFIELDMill River Trading Estate £ 9.5m 5.60% May 2007 DUNDEEMurraygate £ 3.783m 5.75% Mar 2007 LEEDSKirkstall Industrial Park £ 8.4m 5.75% Apr 2007 NEWTOWN51/52 Broad Street £ 0.655m 5.95% Apr 2007 TIVERTONTiverton Trade Centre £ 5.2m 5.75% Apr 2007 TROWBRIDGEPaxcroft Mead £ 2.77m 6.00% Apr 2007 BIRMINGHAM31 Dollman Street £ 2.82m 5.85% Mar 2007 AIRDRIE48-50 Graham Street £ 0.755m 6.25% May 2007 BRISTOLWest End TE, Nailsea £ 2.525m 6.00% Mar 2007 HULLH&L Sites Porfolio £ 6.4m 6.28% Mar 2007 SWANLEYPedham Place Ind Estate £ 25.8m 6.00% Mar 2007 HELENSBURGH57 Sinclair Street £ 0.178m 7.00% May 2007 OLDBURYCrystal Drive, Unit 24 £ 11.4m 6.01% Apr 2007 NOTTINGHAM41-47 Mansfield Road £ 0.625m 7.16% May 2007 PORTFOLIOTornado Portfolio £ 24.5m 6.25% May 2007 HUYTONDerby Road/Sherbourne £ 10.5m 7.20% May 2007 CHESHAMChess Business Park £ 1.95m 6.30% May 2007 LONDON SE15Old Kent Road £ 3.45m 7.20% Mar 2007 GLASGOWBlochairn Ind Estate £ 2.91m 6.45% May 2007 MILFORD HAVEN89 Great North Road £ 0.18m 7.30% Apr 2007 LEEDSHolbrook Commerce Par £ 1.17m 6.45% May 2007 BURY22-40 Market Street £ 3.35m 7.50% Apr 2007 NEWBURYParceline Dist Depot £ 4.45m 6.46% Mar 2007 CARDIFF1 Thornhill Road £ 0.185m 7.80% May 2007 PORTFOLIOMid & Nth Wales Portfolio £ 2.801m 6.46% Mar 2007 Weighted Average Net Initial Yield: 4.64% ROCHESTERMedway City Estate £ 4.225m 6.50% May 2007 SHEFFIELDDore House Ind Estate £ 7.7m 6.70% May 2007 Shopping Centre WEST BROMWICHSandwell Business Park £ 3.152m 6.75% May 2007 TOWN ADDRESS PRICE YIELD DATE GLASGOWTannochside Park £ 1.95m 6.82% Mar 2007 GATESHEADMetro Shopping Centre £ 426m 4.30% Mar 2007 ROCHDALELittleborough Ind Estate £ 2.015m 6.82% May 2007 MAIDENHEADNicholsons Centre £ 85m 5.25% May 2007 WAKEFIELDCalder Vale Road, Horbu £ 4m 7.26% Mar 2007 DAGENHAMMall Shopping Centre £ 18.7m 5.40% Mar 2007 CHELTENHAMVictory Wks, Andoversfor £ 0.95m 7.56% Mar 2007 SOUTHPORTMarble Place Centre £ 16.9m 5.93% Mar 2007 DAVENTRYSopwith Way £ 7.925m 7.70% Apr 2007 EAST KILBRIDEEast Kilbride Shop Centr £ 386m 6.00% May 2007 ABERCYNONSanken Power Systems s £ 2.5m 8.00% Apr 2007 Weighted Average Net Initial Yield: 5.14% STOCKPORTVauxhall Ind Estate £ 6m 8.00% May 2007 BRISTOLChittening Ind Estate £ 5.925m 8.30% Mar 2007 Retail Warehouse Weighted Average Net Initial Yield: 5.61% TOWN ADDRESS PRICE YIELD DATE ROMFORDGrove Farm Retail Park £ 12.6m 3.00% Mar 2007 Leisure WEMBLEYStadium Retail Park £ 21.8m 3.10% Apr 2007 TOWN ADDRESS PRICE YIELD DATE GRIMSBYHigh Point Retail Park £ 11.3m 3.15% Apr 2007 LEEDSElland Road, McDonalds £ 1.655m 4.40% May 2007 ST HELENSRavenhead Retail Park £ 120.6m 3.80% Mar 2007 NEWCASTLE-UPON-TYThe Gate £ 75m 4.75% Mar 2007 LONDON SE14New Cross Gate £ 47.7m 3.90% Apr 2007 KETTERINGKettering Leisure Park £ 12.24m 4.94% May 2007 STOKE-ON-TRENTTunstall £ 22m 4.00% Apr 2007 BRISTOLU Shed, Harbourside £ 8m 5.00% Apr 2007 MANCHESTERWhite City Retail Park £ 87m 4.17% Mar 2007 WINDSORYe Harte & Garter Hotel £ 26m 5.25% Mar 2007 ORPINGTONSpringvale Retail Park £ 82.4m 4.23% Apr 2007 PORTFOLIOTravelodge £ 127m 5.50% May 2007 LONDON N201201 High Road £ 19.6m 4.24% Apr 2007 PORTFOLIOVue Cinema Portfolio £ 71.1m 6.20% Mar 2007 WORCESTERBlackpole Retail Park £ 34.25m 4.56% Apr 2007 PORTFOLIOFolio Hotel Portfolio £ 50m 6.50% May 2007 CARDIFFBrooklands Retail Park £ 26.7m 4.70% May 2007 Weighted Average Net Initial Yield: 5.57% GLASGOWBirkenshaw Retail Park £ 6.1m 4.70% Apr 2007 ASHFORDNorman Road Retail Par £ 17.36m 4.75% Mar 2007 LUTONHatters Way Retail Park £ 40m 5.10% Apr 2007 CARDIFFNewport Road £ 17.2m 5.25% Apr 2007 CHADWELL HEATHWhalebone Lane £ 11.1m 5.60% Apr 2007 SHIPLEYBasildon Bridge RP £ 5.9m 5.81% Apr 2007 Weighted Average Net Initial Yield: 4.20%

Industrial TOWN ADDRESS PRICE YIELD DATE LONDON W6Goldhawk Ind Estate £ 7.75m 3.80% May 2007 CRAWLEYGatwick Dist Centre £ 19m 4.80% May 2007

The Property Investors Bulletin - June 2007 Edition Page 17 New Acquisitions/Disposals

Active Asset Investment Management (aAIM) Comment 100 Piccadilly, London W1J 7NH aAIM, via its AIM listed Piccadilly Licensed Properties, paid £82.5m for 279 pubs from Marston Brewery. Tel: 020 7318 4500 Fax: 020 7318 4501 Email (gen): [email protected] Web: www.aaim.com Stuart Le Gassick (Investment Origination Director)

Bellhouse Joseph Property Services Ltd Comment 5/6 Cork Street, London W1S 4NX Bellhouse Joseph and The Carlyle Group paid Standard Life £23.15m for the freehold of office building, Tel: 020 7440 1870 Tanfield Silvermills, Edinburgh. Currently vacant, the highly specified office building occupies a 4.75 acre site Edward Bellhouse (Director/Chairman) on the northern fringes of Edinburgh City Centre, and comprises 204,000 sq. ft. (18,950 sq. m) of open plan office accommodation on three floors with a capacity for up to 1,800 staff.

Canmoor Asset Management Ltd Comment Aspen House, 25 Dover Street, London W1S 4LX Canmoor has a development portfolio of more than 1.3m sq ft with a completion value of £173m spread over Tel: 020 7495 4115 Fax: 020 7495 4116 10 site in the South-East. Its investment joint ventures are worth around £150m. Email (gen): [email protected] Web: www.canmoor.com Canmoor teamed up with Invista REIM to form a new industrial fund and also acquired the BBC's four acre site Martin Smith (Director) in Park Royal, west London.

Cheshire County Council Superannuation Comment Fund Cheshire County Council acquired the freehold interest in 154 Clerkenwell Road, EC1 for £5.225m. Fund Manager: Rockspring PIM (Regulated) Ltd 166 Sloane Street, London SW1X 9QF Tel: 020 7761 3353 Fax: 020 7761 3401 Email (gen): [email protected] Web: www.rockspringpim.com Guy Bignell (Head of UK Transactions)

CIREF Ltd Comment 2rd Floor, 11 Haymarket, London SW1Y 4BP CIREF acquired a portfolio of 22 petrol service stations throughout England for £26.5m. The portfolio is let to Tel: 020 7811 0100 Fax: 020 7811 0101 Malthurst, a UK filling station operator. The sale reflected a net initial yield of 5.5% and a reversionary yield of Email (gen): [email protected] 7.8%. Web: www.ciref.biz Mike Watters (Director)

Craigard Investments LLP Comment Enterprise House, Ocean Village Craigard Investments purchased a 50,000 sq ft industrial unit in Leamington Spa. The unit, named Access Southampton SO14 3XB Point, sits on Tachbrook Park Industrial Estate and has already been pre-let before the purchase has been Tel: 02380 574557 Fax: 02380 574558 completed to Canute Haulage at a rent of £252,500 pa. Email (gen): [email protected] Web: www.craigard.biz Paul Foster (Managing Partner)

First Property Group plc Comment 17 Quayside Lodge, William Morris Way The AIM-listed property asset manager bought three office blocks in Poland, Romania and the UK, with an London SW6 2UZ aggregate value of €90m (£61m). The properties are let to Prokom Software, one of Poland's leading listed Tel: 020 7731 2844 Fax: 020 7731 8644 companies, Millennium Bank S.A. and Cadbury Schweppes respectively. Email (gen): [email protected] This more than doubles assets under management from €132m (£90m) in November 2006 to €222m (£151m). Web: www.fprop.com Martyn Pryce (Property Director)

Glebe Holdings Ltd Comment 63a South Audley Street, London W1K 2QS Glebe formed a £1bn central London investment fund - Glebe London. Bank of Scotland, which owns 30% of Tel: 020 7409 3740 Fax: 020 7409 3750 Glebe, is the cornerstone investor in the fund. The rest of the money will be raised from private wealthy Email (gen): [email protected] investors, rather than institutions. The fund will be 65% geared. Web: www.glebe.com David Phillips (Chairman) Glebe London bought Central Cross, which is on Stephen Street off Tottenham Court Road, W1 for £215m US fund manager Westbrook.

Page 18 The Property Investors Bulletin - June 2007 Edition New Acquisitions/Disposals

Legal & General UK Property Unit TrustComment Requirements Fund Manager: Legal & General Property Ltd The net asset value of the fund was £163m (30/09/06) Central London offices and retail parks. Lot sizes £5m - £20m Bucklesbury House, 3 Queen Victoria Street (04/07) London EC4N 8NH Tel: 020 7528 6500 Fax: 020 7528 6848 05/07 - Legal & General UK Property Unit Trust paid Email (gen): [email protected] £9.25m for 51 Lincolns Inn Fields, WC2 in a sale & Web: www.lgim.co.uk leaseback from BCL Burton Copeland. Matt Jarvis (Fund Manager)

MAXIMUS Real Estate Comment The Estate Office, Thorngrove, Sinton Green Maximus paid £6.175m for the Grade I listed The Exchange on Newhall Street, Birmingham. Worcester WR2 6NP Tel: 01905 640640 Fax: 01905 640082 Email (gen): [email protected] Web: www.maximus.uk.com Paul Jones (Managing Director)

Prestbury Investment Holdings Ltd Comment Cavendish House, 19 Cavendish Square Prestbury paid £128m for 17 budget Travelodge hotels. London W1G 0PJ Tel: 020 7647 7647 Email (gen): [email protected] Nick Leslau (Chairman/Chief Executive)

Latest Investors to the Market

Moor Park Capital Partners LLP Comment 1st Floor, 73 Watling Street, London EC4M 9BJ Moor Park focuses on pan-European (including Central and Eastern Europe) corporate and government Tel: 0207 152 1152 Fax: 0207 152 1153 divestitures, sale & leasebacks, structured sales, sale and managebacks and OpCo / PropCo transactions to Web: www.moorparkcapital.com create above average returns from real estate backed value enhancement opportunities. Gary Wilder (Managing Partner)

UK Logistics Fund Comment Bucklesbury House, 3 Queen Victoria Street The UK Logistics Fund was established when Hermes and Legal & General pooled 11 investment properties London EC4N 8NH and two development schemes to set up the £530m fund. (12/06) The fund's target size is £1 billion. Tel: 020 7528 6500 Fax: 020 7528 6848 Email (gen): [email protected] The fund paid £48m for the Innovate Logistics unit in Bardon, Leicestershire. Web: www.theuklogisticsfund.com Jonathan Holland (Fund Manager)

Current Requirements

Alburn Ltd Comment 3 Arkle Road, Sandyford, Dublin, Ireland 18 Alburn owns properties in London, Glasgow and Dublin and in 2007 completed a commercial mortgage- Tel: 00 353 1 661 55 Fax: 00 353 1 662 21 backed securitisation of its £250m UK office portfolio in a deal with investment bank Rothschild. Email (gen): [email protected] Web: www.alburn.com Nigel Kinnaird (Property Director)

Salmon Harvester Properties Ltd Comment 46 Mount Street, London W1K 2HH Salmon Developments in combination with NFU Mutual launched a separate £150m opportunity fund. The Tel: 020 7499 4378 Fax: 020 7499 1317 Salmon Harvester Opportunity Fund LLP will initially be seeded with equity provided by NFU Mutual, with Email (gen): [email protected] Salmon Harvester co-investing. Web: www.salmondevelopments.com When geared up, the seven-year life fund will have an initial buying power of £150m, and will look at all Rorie Henderson (Managing Director) sectors nationwide, targeting ideal lot sizes of between £10m and £25m. The fund will not focus on the development side that Salmon Harvester Properties targets.

The Property Investors Bulletin - June 2007 Edition Page 19 SECTOR STATISTICS

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

2005.Q2 3,304 1,600 762 911 1,126 908 597 752 9,960 2005.Q3 3,949 1,835 1,887 991 1,221 1,604 520 2,668 14,675 2005.Q4 5,378 2,210 2,827 1,315 987 1,682 1,712 3,021 19,132 2006.Q1 4,054 2,291 792 1,384 947 961 1,566 2,608 14,603 2006.Q2 4,271 1,784 934 380 979 1,616 1,551 1,087 12,602 2006.Q3 3,855 2,976 1,059 1,792 790 1,563 919 1,983 14,937 2006.Q4 5,014 3,352 3,452 1,184 1,342 1,417 3,073 1,573 20,407 2007.Q1 3,548 1,710 988 680 1,365 750 1,637 758 11,436 2007.Q2 4,045 1,271 656 1,075 379 573 937 556 9,492 to end May 2007 Last 12 months 17,617 10,003 6,923 4,837 4,291 4,716 6,856 5,375 60,618 Last 6 months 9,403 3,962 3,323 2,500 2,596 1,819 4,639 1,509 29,751 Last 3 months 4,816 1,864 1,193 1,361 1,339 823 1,287 756 13,439 Calender year to date 7,593 2,982 1,644 1,755 1,743 1,323 2,574 1,314 20,928

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

2005.Q2 83 140 24 38 131 115 33 35 599 2005.Q3 92 145 30 44 118 130 37 49 645 2005.Q4 106 158 41 66 145 120 36 56 728 2006.Q1 78 176 20 41 97 97 22 31 562 2006.Q2 102 170 16 30 114 101 23 25 581 2006.Q3 123 197 23 42 102 129 27 44 687 2006.Q4 108 218 35 39 113 133 35 33 714 2007.Q1 64 116 15 18 84 59 28 20 404 2007.Q2 43 58 4 17 38 37 16 16 229 to end May 2007 Last 12 months 372 661 87 127 375 401 117 119 2,259 Last 6 months 157 248 38 56 172 148 59 45 923 Last 3 months 61 102 8 22 65 57 23 24 362 Calender year to date 107 174 19 35 122 96 44 35 632

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

2005.Q2 33.2 16.1 7.7 9.1 11.3 9.1 6.0 7.6 100.0 2005.Q3 26.9 12.5 12.9 6.8 8.3 10.9 3.5 18.2 100.0 2005.Q4 28.1 11.6 14.8 6.9 5.2 8.8 8.9 15.8 100.0 2006.Q1 27.8 15.7 5.4 9.5 6.5 6.6 10.7 17.9 100.0 2006.Q2 33.9 14.2 7.4 3.0 7.8 12.8 12.3 8.6 100.0 2006.Q3 25.8 19.9 7.1 12.0 5.3 10.5 6.2 13.3 100.0 2006.Q4 24.6 16.4 16.9 5.8 6.6 6.9 15.1 7.7 100.0 2007.Q1 31.0 15.0 8.6 5.9 11.9 6.6 14.3 6.6 100.0 2007.Q2 42.6 13.4 6.9 11.3 4.0 6.0 9.9 5.9 100.0 to end May 2007 Last 12 months 29.1 16.5 11.4 8.0 7.1 7.8 11.3 8.9 100.0 Last 6 months 31.6 13.3 11.2 8.4 8.7 6.1 15.6 5.1 100.0 Last 3 months 35.8 13.9 8.9 10.1 10.0 6.1 9.6 5.6 100.0 Calender year to date 36.3 14.2 7.9 8.4 8.3 6.3 12.3 6.3 100.0 Figures are subject to rounding and future revision

Page 20 The UK Property Investors Bulletin - June 2007 Edition INVESTOR STATISTICS

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

2005.Q2 2,471 1,560 1,908 2,683 606 25058 423 9,959 2005.Q3 4,527 1,428 2,789 3,842 1,257 11475 642 14,674 2005.Q4 4,496 1,440 3,726 6,333 2,022 41112 964 19,133 2006.Q1 3,426 455 2,996 4,046 1,961 2431,048 429 14,604 2006.Q2 3,225 622 2,185 3,993 1,188 233991 165 12,602 2006.Q3 4,524 2,651 2,762 2,947 1,352 18273 447 14,937 2006.Q4 4,248 1,010 4,506 6,893 1,990 640278 843 20,407 2007.Q1 2,230 1,961 1,693 3,994 802 36838 349 11,436 2007.Q2 1,521 965 1,684 4,395 571 68108 181 9,493 to end May 2007 Last 12 months 13,940 6,865 11,302 19,556 5,210 1,321496 1,928 60,617 Last 6 months 5,656 3,175 4,846 11,405 2,497 736306 1,130 29,751 Last 3 months 2,097 1,692 2,426 5,693 686 412108 325 13,438 Calender year to date 3,751 2,926 3,377 8,389 1,360 436146 531 20,916

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

2005.Q2 1,619 1,182 2,802 1,607 711 1,193114 732 9,959 2005.Q3 3,145 1,206 3,845 2,608 1,267 1,148337 1,118 14,674 2005.Q4 4,458 1,569 4,942 3,893 1,415 1,788327 740 19,133 2006.Q1 2,553 1,927 3,363 3,661 746 970853 531 14,604 2006.Q2 1,017 1,238 3,998 2,816 1,173 1,73490 536 12,602 2006.Q3 3,677 1,754 3,406 2,862 1,282 952264 739 14,937 2006.Q4 3,232 1,303 3,643 5,469 1,539 2,3861,789 1,047 20,407 2007.Q1 2,715 1,403 1,772 1,613 790 2,71091 342 11,436 2007.Q2 1,680 1,453 2,144 1,686 247 1,936109 238 9,493 to end May 2007 Last 12 months 11,879 6,245 12,599 12,109 4,522 8,3442,331 2,589 60,617 Last 6 months 6,097 3,224 5,128 4,836 1,632 5,8821,809 1,143 29,751 Last 3 months 2,282 2,176 2,860 2,308 542 2,846117 306 13,438 Calender year to date 4,395 2,856 3,903 3,299 1,037 4,646200 580 20,916

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

2005.Q2 851 378 -893 1,076 -105 -943-55 -309 0 2005.Q3 1,382 221 -1,056 1,234 -10 -1,034-262 -476 0 2005.Q4 38 -130 -1,216 2,439 608 -1,747-216 224 0 2006.Q1 872 -1,473 -367 386 1,215 -727195 -102 0 2006.Q2 2,208 -616 -1,813 1,176 16 -1,501901 -371 0 2006.Q3 846 896 -644 85 70 -770-191 -292 0 2006.Q4 1,017 -293 863 1,424 450 -1,746-1,512 -204 0 2007.Q1 -486 558 -79 2,381 13 -2,342-53 8 0 2007.Q2 -159 -488 -460 2,709 324 -1,868-2 -57 0 to end May 2007 Last 12 months 2,061 620 -1,297 7,447 688 -7,023-1,835 -661 0 Last 6 months -441 -49 -282 6,569 865 -5,146-1,503 -13 0 Last 3 months -185 -484 -434 3,385 143 -2,434-10 19 0 Calender year to date -644 70 -526 5,090 324 -4,209-54 -49 0 Figures are subject to rounding and future revision

The Property Investors Bulletin - June 2007 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-May 2007 Institutional Investment results to end-May 2007

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

Last month 4,620 115 4.79 Last month 550 437 113 4.47

Last three months 13,438 362 4.82 Last three months 2,097 2,282 -185 4.76

Last six months 29,751 923 4.90 Last six months 5,656 6,097 -441 4.81

Last twelve months 60,617 2,259 5.03 Last twelve months 13,940 11,879 2,061 4.87

Calender year to date 20,916 632 4.88 Calender year to date 3,751 4,395 -644 4.88

Key Sectors and Purchaser Breakdown for Calender Year to Date Ending May 2007

8,000 7,593

7,000

6,000

5,000

4,000 2,982 3,000 2,574 Transaction Volume £ m 1,755 1,743 2,000 1,644 1,323

1,000

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

Year to Date (Jan - May)

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 22 The Property Investors Bulletin - June 2007 Edition