A - IVBL Front Cover - Property DataLONDON W1 £ 11.75m 3.15% 2,497m² - 1,308m² retail + 1,188m²...

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

The Property Investors Bulletin

TOTAL INVESTMENT FROM 1 Jan 2006 - 31 Oct 2006

1,525Deal Count

£40,439mVolume

Property Data recorded 131 investment transactions during October 2006 with a total value of £3.94bn.

Office investment has been the dominant sector during 2006. Office deals represent 46% of the value of this year's total sales, opposed to 36% for 2005. Central London appears on track to break last year's record figure of £16bn. The value of City investment has already exceeded 2005's figure of £6.4bn, and is on course to reach close to £10bn for the year. The West End appears somewhat constrained by supply, which has caused average transaction yields to fall from 5.2% in 2005 to 4.3% in 2006.

Outside of London the country's major cities have also seen increased turnover in the office sector. For example Bristol sales for the year-to-date are £390m (2005: £212m) and Manchester £448m (2006: £361m).

The next edition of the bulletin will be published on Tuesday 5th December.

TRANSACTION NOTES

23,097 22,110

31,803

44,07840,439

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

2002 2003 2004 2005 2006

Tran

sact

ion V

olum

e £

m

Office Retail Industrial Leisure Other Total

Total Value of UK Investment Transactions (Year to Date October 2006)

Year to Date (Jan - Oct)

10,6076,7223,885

11,27714,477-3,200

4,2933,0771,216

10,9899,5791,410

BUY £mSELL £mNET £m

1 Jan 2006 - 31 Oct 2006

Y-T-D I N V E S T O R A C T I V I T Y

INSTITUTIONS PROPERTY CO'S PRIVATE OVERSEAS3,2736,585-3,312

OTHER

18,53016,9011,629

9,23313,742-4,509

3,6433,568

75

4,3633,573790DIFFERENCE £m

1 Jan 2006 - 31 Oct 2006

Y-T-D S E C T O R A C T I V I T Y

OFFICE RETAIL INDUSTRIAL LEISURE4,6696,294-1,625

OTHER2006 £m2005 £m

The Property Investors Bulletin - November 2006 Edition


Contents

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

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

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

Listing by sector of net initial yields recorded during the last three months19 - 21Three Month Yield Index

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

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

Copyright © 2006. Property Data. All rights reserved.

No part of THE PROPERTY INVESTORS BULLETIN may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of the publishers.

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


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

October 2006 Investment Transactions by Sector

West EndPURCHASERTOWN ADDRESS PRICE YIELD NOTES

Legal & General Property50 Pall MallLONDON SW1 £ 49.5m 4.6% 3,159m² Heron International333 Vauxhall Bridge RoadLONDON SW1 £ 13m - Abford House: 13,000m² - 50% interestPrivate investor73 Baker StreetLONDON W1 £ 3.75m - 469m² R:£190,000 T:Tenon LL:5 RR:04/2006Berkeley Square Estates46 Berkeley SquareLONDON W1 £ 1.75m -Henderson CLOF50 Jermyn StreetLONDON W1 £ 11.75m 3.15% 2,497m² - 1,308m² retail + 1,188m² office - LeaseholdArlington Property Invest4-8 Maple StreetLONDON W1 £ 12.1m 4.45% 1,700m² T:National Patient Safety Agency LEX:2014WELPUT7 & 8-9 Stratton StreetLONDON W1 £ 18.3m - 1,440m² T:various LL:Short leases - Redevelopment

£110mTotal value of recorded deals:

City / City FringePURCHASERTOWN ADDRESS PRICE YIELD NOTES

Kenmore GroupBraham Street, Beagle HoLONDON E1 £ 44.6m 6.75% 8,268m² R:£3,185,000Greycoat CLOD Fund30 Crown PlaceLONDON EC2 £ 57m - Development siteRockpoint CapitalCutlers Gardens EstateLONDON EC2 £ 410m 4.7% 55,740m² R:£22m T:Aon, Prudential-Bache, HammondsVladimir Chernukhin27-35 PoultryLONDON EC2 £ 72m - 14,957m² - Grade II listed T:HSBC R:£1m LEX:2007Catalyst Capital (JV)1 America SquareLONDON EC3 £ 117m 6% 18,580m² - head leasehold interestSchroder Properties Ltd10 Furnival StreetLONDON EC4 £ 58.8m - Chancery Exchange: 7,525m²Threadneedle Property4 & 5 Paris GardensLONDON SE1 £ 17.5m 5.6% T:Sungard LL:13.75


Mid-TownPURCHASERTOWN ADDRESS PRICE YIELD NOTES

Conygar Investment Co PlcBuckingham StreetLONDON WC2 £ 33.9m - 5,017m² - 8 buildings T:various(20) (1,672m² vacant)Unknown99/103 Long AcreLONDON WC2 £ 17.5m 3.7%


Outer / Greater LondonPURCHASERTOWN ADDRESS PRICE YIELD NOTES

Stanton Properties72-74 St Ann's RoadHARROW £ 2.8m 4.74% T:JD Sports (on assignment from Halfords) LEX:09/2012Robson AssociatesHartman StreetLONDON E16 £ 12.58m - T:Travelodge (London City Airport)Private client50 Cross StreetLONDON N1 £ 0.595m 5.71%Invista REIM90/92 Queens GateLONDON SW7 £ 8.55m 5%ING Lionbrook PropertyWest Five Centre, ActonLONDON W3 £ 49.5m 4.4% T:B&Q, StaplesStandard LifeMerlin House/Belmont HoLONDON W4 £ 4.9m -Frogmore RE Partners32-38 Uxbridge RoadLONDON W5 £ 20m - Westel House : 6,979m² S&L:Thames Valley UniversityPalmer Active Value Fund (JV)Apex Tower, High StreetNEW MALDEN £ 24m - 10,219m² T:AMS


Regional OfficesPURCHASERTOWN ADDRESS PRICE YIELD NOTES

Helmsley Group PlcThe Village, Mansfield RdALFRETON £ 0.9m 6.28% 378m² R:£60,000 T:Yell Ltd LL:10 TBO:5Institutional InvestorSpringfield HouseBARNSLEY £ 3.5m 6.78%Propinvest Holdings LtdSigma HouseBASILDON - - 15,050m² LaSalle Investment Man58-62 Hagley RoadBIRMINGHAM £ 9.525m 5.46% Lyndon House: 6,317m²New Star PUT5 St Phillips PlaceBIRMINGHAM £ 49m 4.25% 6,252m² R:£2.25m T:Dept of Communities & Local GovPrivate clientsBoston West Business ParkBOSTON £ 2m - R:£124,000 T:Capio Healthcare Medical CentreGwyn Williams Ltd6 Old Field RoadBRIDGEND £ 0.54m - 294m²T:Illium Claims Services LtdMorley Fund ManagementBrotherswood CourtBRISTOL £ 13.425m 6.81% 5,658m² R:£967,145 T:various CPS:245Ashfield Land LtdParklands, Hambrook LaneBRISTOL £ 5m - 2,508m² R:£265,000 T:Crest Nicholson plc LEX:03/2016Urbina Ltd (JV)Tower WharfBRISTOL £ 30m - 6,503m² T:Various (2,787m² vacant)Private purchaserOcean Bldg, Bute CrescentCARDIFF £ 0.522m 6.34% 160m² R:£35,000 T:NCMA LEX:06/2015Private Irish clientsBarlborough LinksCHESTERFIELD £ 4.2m 6.17% 2,878m² R:£274,443 T:Lynx Technology Ltd LEX:05/2027Wrenbridge LandCollwyn House, Sheepen PlCOLCHESTER £ 0.2m - 1,914m² T:vacant - redevelopment plannedDawnay Day Properties5 Warwick RowCOVENTRY £ 1.055m 7.92% The Reform Club: 1,240m²Mr & Mrs ManceyTollgate Business ParkEASTLEIGH £ 0.55m 6.28% 255m² T:Barclays Mercantile CPS:9 LEX:06/2015Greenhills Real EstateSolent Business ParkFAREHAM £ 26.718m 7.86% Buildings 1000, 1100 & 1200: 13,953m²MJG DevelopmentsBuchanan Gate, SteppsGLASGOW £ 4.981m 5.6% LL:15Resolution Asset Man68-80 Gordon StreetGLASGOW £ 20m 5% Grosvenor building: 5,574m² T:various



Regional OfficesPURCHASERTOWN ADDRESS PRICE YIELD NOTES

Kenmore GroupHamilton Intl Tech ParkGLASGOW £ 2.55m - 5,606m²Presbyterian Mutual25 Tyndrum StreetGLASGOW £ 12.75m 5.25% Citypoint 2: 3,902m²Irish Life Assurance PlcCity ParkHOVE £ 69.2m 5.15% 18,580m² R:£3.769mLightstone Properties PlcRawdon House, Green LaneLEEDS £ 4m 6.5% 3,159m² Mutley PropertiesForest Business ParkLEICESTER £ 1.6m 6.5% 805m² R:£110,235 CPS:47Legal & General Property991 Doddington RoadLINCOLN £ 8.5m 5.8% 3,809m² T:Simons LEX:10/2021Invista REIMKirkton CampusLIVINGSTON £ 8.26m - Mixed Use Office / Development PortfolioPension FundMaidstone Business EstateMAIDSTONE £ 4.285m - 1,684m² R:£321,844 T:Various (4) CPS:73 LL:25Ask Investment FundGrand Island, CastlefieldMANCHESTER £ 26.5m - 10,684m² T:British Telecom LEX:2007 RedevelopmentCapital Hatton Limited23 New Mount StreetMANCHESTER £ 6.075m 6.54% 3,066m²Stanton PropertiesNewcastle Business ParkNEWCASTLE-UPON-TYNE £ 3.295m 6.16% 1,588m² R:£199,750 T:Northumbria Ambulance NHS

LEX:2016Palmer Active Value FundOXFORD £ 9m - Phased office refurbishmentMapeley LtdLynch Wood ParkPETERBOROUGH £ 65m - Pearl Centre: 31,958m² R:£4.13m T:Diligenta LL:12(RPI)Stourbridge PropertiesKilnbrook HouseREADING £ 1.5m 6.93% 584m² R:£110,000 T:Travis Perkins LEX:2013Morley Fund ManagementOmnibus BuildingREIGATE £ 27m 5.35% 5,969m² Private clientWaterside Court, LangleySLOUGH £ 5.8m 6.5% 1,904m² T:HSBC, ChubbCIREF Ltd (JV)26 EsplanadeST HELIER, JERSEY £ 27.1m 5.9% 5,481m² - Forward fundingMcKay Securities PlcCaptains/ Watermans HouseSTAINES £ 5.25m 5.4% 1,017m² R:£301,670 T:Rayovac Europe LEX:2015Big Jay DevelopmentSterry House, BredburySTOCKPORT £ 1.15m -Private investorRoseline Ho, Wylam WharfSUNDERLAND £ 0.685m 7.11% 765m² Morley Fund ManagementSwansea Enterprise ParkSWANSEA £ 16.5m - 11,705m² - 2 separate transactionsAWG Property Ltd (JV)Tannochside ParkUDDINGSTON £ 3.3m - 2,787m² LL:15Zurich AssuranceCroxley Business ParkWATFORD £ 6.1m 7.5% Croxley Gateway: 2,537m² - 2 year rental guaranteeArtesian Property Part39-43 Monument HillWEYBRIDGE £ 1.81m 7% Lancashire House: 650m²Bond Wolfe Plc31 Waterloo RoadWOLVERHAMPTON - - Norwich Union House: 3,967m² R:£397,000


Unit ShopsPURCHASERTOWN ADDRESS PRICE YIELD NOTES

Private investor6 Station ParadeBEACONSFIELD £ 0.488m 3.7% 126m² Private Irish investorTemple & Essex HouseBIRMINGHAM £ 23.55m 4.1% 2,681m² - part of the Caxtongate developmentPrivate Irish25 Union StreetBIRMINGHAM £ 6.33m -AXA UK Pensions TrusteesGloucester RoadCHELTENHAM £ 3.81m 5.96% 1,898m² R:£240,000 T:Amethyst Motor CompanyMerchant Investors Prop20-22 High StreetEVESHAM £ 0.86m 4.95% 22m² R:£45,000 LL:15 RR:5 yearly upward onlyWentworth Estates Ltd12-16 High StreetFORDINGBRIDGE £ 0.215m - R:£11,000 T:Coral Bookmakers, hairdressing salonStanton Properties72-74 St Ann's RoadHARROW £ 2.8m 4.74% T:JD Sports (on assignment from Halfords) LEX:09/2012Private client50 Cross StreetLONDON N1 £ 0.595m 5.71%Unknown99/103 Long AcreLONDON WC2 £ 17.5m 3.7%Private Israeli investorKendals, DeansgateMANCHESTER £ 77m 4.15% R:£3.3mNFU Mutual Insurance54-58 Northumberland StNEWCASTLE-UPON-TYNE £ 31.4m 4.25% 3,883m² T:JD Sports, HMVUnknown662 Mansfield RoadNOTTINGHAM £ 0.18m 6.2% 69m² R:£11,500 T:Nottingham Hospice Ltd LEX:2008Flodrive HoldingsSpencer PortfolioPORTFOLIO £ 67m 4.75% 24 prime high street retails S&L:BarclaysRoyal Liver Assurance86, 87, 87a Broad StreetREADING £ 8.1m 4.13%Ellandi Property Ltd47-50 Woodfield StreetSWANSEA £ 2.2m - 3,126m² R:£170,000 T:Wilkinsons LL:20 - FundingUnknown24 Victoria SquareTRURO £ 1.05m 5.12% R:£56,800 RR:06/2007 T:Adams Childrenswear Ltd


Shopping CentrePURCHASERTOWN ADDRESS PRICE YIELD NOTES

Standard LifeAtrium Shopping CentreCAMBERLEY £ 130m - 22,946m² - Forward fundingCBRE InvestorsBritannia Shopping CentreHINCKLEY £ 18.7m 5% 7,246m² T:Wilkinsons, Boots, New Look, ArgosUBS Wealth ManagementButtermarket CentreIPSWICH £ 50.5m 5.35% 25,083m² CPS:430Propinvest Holdings LtdAiredale CentreKEIGHLEY - - 18,580m² Capital Shopping CentresThe Centre:MKMILTON KEYNES £ 200m - 120,770m² - 28% stakePrivate Irish investorLemon QuayTRURO £ 54m 4.5% 13,006m² T:Marks & Spencer (8,546.8m²), DebenhamsCIREF Ltd (JV)Trinity WalkWAKEFIELD £ 215m - 60,385m² - Forward funding




Retail WarehousePURCHASERTOWN ADDRESS PRICE YIELD NOTES

Joint Properties, The2 Balnagask RoadABERDEEN £ 6.08m 4.5% 1,989m² R:£279,070ING Lionbrook PropertyWest Five Centre, ActonLONDON W3 £ 49.5m 4.4% T:B&Q, StaplesTriton Property FundForbury ParkREADING £ 39m 4.7% 8,864m² Triton Property FundGreat Eastern WayROTHERHAM £ 48.48m - 15,886m² Institutional investor30/39 Stourbridge RoadSTOURBRIDGE £ 4.3m 4.5% T:B&QThe Junction LPMorfa Shopping ParkSWANSEA £ 105m 4% 24,619m² mixed Open A1/Bulky Goods


IndustrialPURCHASERTOWN ADDRESS PRICE YIELD NOTES

Trustees - CCS PensionMeadow Land Ind EstateALFRETON £ 0.33m - Units 1&2: 557m² R:£24,000 LEX:2007Palmer Active Value Fund (JV)Centrum 100BURTON-UPON-TRENT £ 23m - 27,870m² S&L:Littlewoods - 13,935m² extension plannedRREEFPenarth RoadCARDIFF £ 8.65m 7.15% 13,270m² R:£653,351 T:variousSt Julians Estate Ltd10A Newhouse ParkCHEPSTOW £ 2.055m 6% 3,166m² T:Amari Metals Ltd LEX:2011 RR:11/2006Warner Estate Holdings (JV)DIRFT Logistics ParkDAVENTRY £ 17.95m 6.45% Unit 1E: 20,903m² T:Vacant (guarantee from Rosemound)CBRE InvestorsHigh March Ind EstateDAVENTRY £ 3.2m 6.8% 5,022m² R:£229,840 T:VariousFalcon Property TrustOrchard ParkGRANTHAM £ 4.25m 6.5% 7,989m² - six modern warehouse unitsSapcote DevelopmentsAhed Depot, Kennel LaneHORLEY £ 3.6m - 5,295m² R:£66,695Brixton PlcGreen LaneHOUNSLOW £ 0.7m 5.7% 3,670m² R:£344,000 T:Dunwoody Airline Services LL:1APP EstatesCosgrove Way Ind EstateLUTON £ 1.9m 5.88% Units 12-14: 2,908m² R:£118,256Pickering Properties LtdMagna ParkLUTTERWORTH £ 33m - 2 distribution units (yields 5.35% + 6.12%)CBRE InvestorsWates Way Ind EstateMITCHAM £ 13.83m 5.25% 12,151m² - 18-unit schemeWarner Estate Holdings (JV)BrackmillsNORTHAMPTON £ 41.7m 5.94% 44,871m² R:£2.5m T:MFI (Howdens Joinery) LL:15Millfield Estates1-8 Kingfisher CourtNORTHWICH £ 0.9m -M&G Property PortfolioBlenheim Ind EstateNOTTINGHAM £ 6.637m 5.9% 7,345m² T:Health Stores(Wholesale) Ltd LL:15Anglo Clough LPDeva PortfolioPORTFOLIO £ 11.33m -Anglo Clough LPTrinity PortfolioPORTFOLIO £ 39.5m -Rugby Estates PlcGunstore RoadPORTSMOUTH £ 1.8m 7.8% 3,337m² R:£155,000 T:Heyward Williams Group LL:8Close BrothersBerkeley CourtRUNCORN £ 6.63m -Warner Estate Holdings (JV)Radial PointSTOKE-ON-TRENT £ 14.3m 6.08% 17,001m² R:£918,750 T:Marks & Spencer LL:10Friends ProvidentDirect Wines WarehouseTHEALE £ 13.14m 5.36% R:£745,000 T:Direct Wines Ltd LEX:2023O Twelve Estates LtdQueen Elizabeth Dist ParkTHURROCK £ 9.8m 7.3% Unit Q: 10,405m² T:Harrow Green + 5,202.4m² vacantInvestec Private BankWIDNES £ 80m - 92,900m² - forward funding R:£6m T:Exel


LeisurePURCHASERTOWN ADDRESS PRICE YIELD NOTES

Crescent TrusteesWinchester RoadBASINGSTOKE £ 1.08m 4.6% 383m² R:£52,000 T:PizzaExpress Restaurants RR:2AXA REIMBelfast Road, HollywoodBELFAST £ 7.6m 5.75% Mertoun Hall, 106 Belfast Road: T:EsportaPrivate investorSheffield RoadCHESTERFIELD £ 3.95m 5% 2,667m² T:Fitness FirstWG Mitchell Ltd61 & 31-35 GrassmarketEDINBURGH £ 54m - 2 hotels S&L:Apex Hotels Ltd - 175 roomsUnknown348 Morningside RoadEDINBURGH £ 0.344m 5% 75m² R:£18,000 T:Espresso Mondo LtdRobson AssociatesHartman StreetLONDON E16 £ 12.58m - T:Travelodge (London City Airport)Tonstate LtdHilton HotelsPORTFOLIO £ 417m - 1054 room London Metropole + 794 room Hilton BirminghamPropinvest Holdings LtdTotal Fitness gymsPORTFOLIO £ 30m 6.15% 3 gyms - Preston, Wrexham, Lincoln R:£1.84m LL:22Miller DevelopmentsVue Cinema PortfolioPORTFOLIO £ 80m - Six cinemas inc. the 6,038.5m² Vue Leicester Square


ScottishPURCHASERTOWN ADDRESS PRICE YIELD NOTES

Joint Properties, The2 Balnagask RoadABERDEEN £ 6.08m 4.5% 1,989m² R:£279,070WG Mitchell Ltd61 & 31-35 GrassmarketEDINBURGH £ 54m - 2 hotels S&L:Apex Hotels Ltd - 175 roomsUnknown348 Morningside RoadEDINBURGH £ 0.344m 5% 75m² R:£18,000 T:Espresso Mondo LtdMJG DevelopmentsBuchanan Gate, SteppsGLASGOW £ 4.981m 5.6% LL:15Resolution Asset Man68-80 Gordon StreetGLASGOW £ 20m 5% Grosvenor building: 5,574m² T:variousKenmore GroupHamilton Intl Tech ParkGLASGOW £ 2.55m - 5,606m²Presbyterian Mutual25 Tyndrum StreetGLASGOW £ 12.75m 5.25% Citypoint 2: 3,902m²Invista REIMKirkton CampusLIVINGSTON £ 8.26m - Mixed Use Office / Development Portfolio



ScottishPURCHASERTOWN ADDRESS PRICE YIELD NOTES

AWG Property Ltd (JV)Tannochside ParkUDDINGSTON £ 3.3m - 2,787m² LL:15£112mTotal value of recorded deals:

PortfolioPURCHASERTOWN ADDRESS PRICE YIELD NOTES

First InvestmentsPORTFOLIO £ 100m - 139,350m² - four industrial + business park portfoliosAnglo Clough LPDeva PortfolioPORTFOLIO £ 11.33m -Tonstate LtdHilton HotelsPORTFOLIO £ 417m - 1054 room London Metropole + 794 room Hilton BirminghamMaybrook PropertiesMJ Gleeson PortfolioPORTFOLIO £ 6.8m - 3 offices - London Wall, City, Salisbury & SunburyAckerman GroupRoyal PortfolioPORTFOLIO £ 187m 5% 54% retail, 20% office, 23% industrial, 3% hotel R:£10mFlodrive HoldingsSpencer PortfolioPORTFOLIO £ 67m 4.75% 24 prime high street retails S&L:BarclaysPropinvest Holdings LtdTotal Fitness gymsPORTFOLIO £ 30m 6.15% 3 gyms - Preston, Wrexham, Lincoln R:£1.84m LL:22Anglo Clough LPTrinity PortfolioPORTFOLIO £ 39.5m -Miller DevelopmentsVue Cinema PortfolioPORTFOLIO £ 80m - Six cinemas inc. the 6,038.5m² Vue Leicester Square



Geographical Listing of UK Investment Transactions During October 2006COMMENT: 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

PRICE/NIY SECTOR COMMENTADDRESS PURCHASER(s) VENDOR(s)

2 Balnagask Road£6.08m4.5%

1,989m² R:£279,070Joint Properties, The (Savills Commercial Ltd) Halladale Group Plc (Culverwell & Co / Ryden)ABERDEEN RetailWarehouse

Meadow Land Ind Estate£0.33mn/a

Units 1&2: 557m² R:£24,000 LEX:2007Trustees - CCS Pension Adams Group Ltd (Fisher Hargreaves Proctor)ALFRETON Industrial

The Village, Mansfield Rd£0.9m6.28%

378m² R:£60,000 T:Yell Ltd LL:10 TBO:5Helmsley Group Plc (Hague Nicholls) Private pension fund (Fisher Hargreaves Proctor)ALFRETON BusinessPark

Springfield House£3.5m6.78%

Institutional Investor Undisclosed (GVA Grimley)BARNSLEY Office

Sigma Housen/an/a

15,050m² Propinvest Holdings Ltd Undisclosed BASILDON Office

Winchester Road£1.08m4.6%

383m² R:£52,000 T:PizzaExpress Restaurants RR:2Crescent Trustees (Goadsby) Undisclosed BASINGSTOKE Leisure

6 Station Parade£0.488m3.7%

126m² Private investor Private investor (Philip Marsh Hardings Deung)BEACONSFIELD Retail

Belfast Road, Hollywood£7.6m5.75%

Mertoun Hall, 106 Belfast Road: T:EsportaAXA REIM (GVA Grimley) Undisclosed BELFAST Leisure

58-62 Hagley Road£9.525m5.46%

Lyndon House: 6,317m²LaSalle Investment Man (Jones Lang LaSalle) St Modwen Plc (Grenville Smith Duncan)BIRMINGHAM Office

5 St Phillips Place£49m4.25%

6,252m² R:£2.25m T:Dept of Communities & Local GovNew Star PUT (King Sturge) Bank of Ireland Asset Man (CB Richard Ellis)BIRMINGHAM Office

Temple & Essex House£23.55m4.1%

2,681m² - part of the Caxtongate developmentPrivate Irish investor (Morgan Williams) Land Securities Plc (Knight Frank LLP)BIRMINGHAM Retail

25 Union Street£6.33mn/a

Private Irish BBC Pension Trust (GVA Grimley)BIRMINGHAM Retail

Boston West Business Park£2mn/a

R:£124,000 T:Capio Healthcare Medical CentrePrivate clients (Davis Coffer Lyons) Undisclosed BOSTON Office

6 Old Field Road£0.54mn/a

294m²T:Illium Claims Services LtdGwyn Williams Ltd Macob Construction (DTZ Debenham Tie Leung / Emanuel Jones)

BRIDGEND Office

Brotherswood Court£13.425m6.81%

5,658m² R:£967,145 T:various CPS:245Morley Fund Management (Jones Lang LaSalle) Midos Group (AtisReal)BRISTOL Office

Parklands, Hambrook Lane£5mn/a

2,508m² R:£265,000 T:Crest Nicholson plc LEX:03/2016Ashfield Land Ltd (NAI Fuller Peiser) Undisclosed (Goldenberg & Company)BRISTOL Office

Tower Wharf£30mn/a

6,503m² T:Various (2,787m² vacant)Urbina Ltd (King Sturge)Rockspring PIM Ltd

HBG Properties (Hartnell Taylor Cook)BRISTOL Office

Centrum 100£23mn/a

27,870m² S&L:Littlewoods - 13,935m² extension plannedPalmer Active Value Fund Opus Land

Littlewoods BURTON-UPON-TRENT DistributionWarehouse

Atrium Shopping Centre£130mn/a

22,946m² - Forward fundingStandard Life (Montagu Evans) Crest Nicholson (Colliers CRE)CAMBERLEY ShoppingCentre

Ocean Bldg, Bute Crescent£0.522m6.34%

160m² R:£35,000 T:NCMA LEX:06/2015Private purchaser (AtisReal) JR Smart Building Ltd (Cooke & Arkwright)CARDIFF Office

Penarth Road£8.65m7.15%

13,270m² R:£653,351 T:variousRREEF (James Boardman & Partners Ltd) Burford Delta Ltd (Franc Warwick)CARDIFF Industrial




Gloucester Road£3.81m5.96%

1,898m² R:£240,000 T:Amethyst Motor CompanyAXA UK Pensions Trustees (Alder King) Amethyst Holdings SA (AtisReal)CHELTENHAM Retail

162/164 High Street£4.15mn/a

Irish Examiner Pension (GVA Grimley) Undisclosed CHELTENHAM Mixed

10A Newhouse Park£2.055m6%

3,166m² T:Amari Metals Ltd LEX:2011 RR:11/2006St Julians Estate Ltd (Legat Corbishley) ING REIM UK Ltd (DTZ Debenham Tie Leung)CHEPSTOW Industrial

Barlborough Links£4.2m6.17%

2,878m² R:£274,443 T:Lynx Technology Ltd LEX:05/2027Private Irish clients (DTZ Debenham Tie Leung) Private client (Landswood de Coy)CHESTERFIELD BusinessPark

Sheffield Road£3.95m5%

2,667m² T:Fitness FirstPrivate investor (Huggins Edwards & Sharp) Private investor (Christie & Co)CHESTERFIELD Leisure

Collwyn House, Sheepen Pl£0.2mn/a

1,914m² T:vacant - redevelopment plannedWrenbridge Land (Lambert Smith Hampton) Dawnay Day Properties (Whybrow Chartered Surveyors)COLCHESTER Office

5 Warwick Row£1.055m7.92%

The Reform Club: 1,240m²Dawnay Day Properties Kilmartin Properties (Singer Vielle)COVENTRY Office

DIRFT Logistics Park£17.95m6.45%

Unit 1E: 20,903m² T:Vacant (guarantee from Rosemound)Warner Estate Holdings Bank of Scotland

GE Real Estate DAVENTRY DistributionWarehouse

High March Ind Estate£3.2m6.8%

5,022m² R:£229,840 T:VariousCBRE Investors (Strutt & Parker) Private investor (Lambert Smith Hampton)DAVENTRY Industrial

Tollgate Business Park£0.55m6.28%

255m² T:Barclays Mercantile CPS:9 LEX:06/2015Mr & Mrs Mancey (Hughes Ellard) Borvale Properties Ltd (Vail Williams)EASTLEIGH BusinessPark

61 & 31-35 Grassmarket£54mn/a

2 hotels S&L:Apex Hotels Ltd - 175 roomsWG Mitchell Ltd (Savills Commercial Ltd / Philips Lockhart) Apex Hotels Ltd (Storey Sons & Parker)EDINBURGH Leisure

348 Morningside Road£0.344m5%

75m² R:£18,000 T:Espresso Mondo LtdUndisclosed Annfield Assets Ltd (Culverwell & Co)EDINBURGH Leisure

20-22 High Street£0.86m4.95%

22m² R:£45,000 LL:15 RR:5 yearly upward onlyMerchant Investors Prop (King Sturge) Mobax Securities Ltd (Savills Commercial Ltd)EVESHAM Retail

Solent Business Park£26.718m7.86%

Buildings 1000, 1100 & 1200: 13,953m²Greenhills Real Estate (Tudor Toone) AXA Sun Life (Strutt & Parker)FAREHAM BusinessPark

12-16 High Street£0.215mn/a

R:£11,000 T:Coral Bookmakers, hairdressing salonWentworth Estates Ltd (Goadsby) Private investor (Myddleton & Major)FORDINGBRIDGE Retail

31-37 Station Road£5.85mn/a

3,252m² office, retail + residential T:Short leasesFrontier Estates Ltd (Rapleys)Chubb Common Inv Fund

Oakridge Homes (Duncan & Bailey-Kennedy)GERRARDS CROSS Mixed

Buchanan Gate, Stepps£4.981m5.6%

LL:15MJG Developments (Montagu Evans) Scarborough Development (Donaldsons)GLASGOW Office

68-80 Gordon Street£20m5%

Grosvenor building: 5,574m² T:variousResolution Asset Man (King Sturge) KP UK A/S (Cushman & Wakefield)GLASGOW Office

Hamilton Intl Tech Park£2.55mn/a

5,606m²Kenmore Group AWG Property Ltd HF Developments

GLASGOW Office

25 Tyndrum Street£12.75m5.25%

Citypoint 2: 3,902m²Presbyterian Mutual (Gilfillan Paterson) WG Mitchell Ltd (Knight Frank LLP)AWG Property Ltd (Lambert Smith Hampton)

GLASGOW Office

Orchard Park£4.25m6.5%

7,989m² - six modern warehouse unitsFalcon Property Trust (Knight Frank LLP) Kindale Ltd (King Sturge)GRANTHAM DistributionWarehouse




72-74 St Ann's Road£2.8m4.74%

T:JD Sports (on assignment from Halfords) LEX:09/2012Stanton Properties (Donaldsons) Clerical Medical (Jackson Criss)HARROW Retail

Britannia Shopping Centre£18.7m5%

7,246m² T:Wilkinsons, Boots, New Look, ArgosCBRE Investors (Colliers CRE) Lehman Brothers RE (Michael Elliott)HINCKLEY ShoppingCentre

Ahed Depot, Kennel Lane£3.6mn/a

5,295m² R:£66,695Sapcote Developments Ahed (Nelson Bakewell)HORLEY Industrial

Green Lane£0.7m5.7%

3,670m² R:£344,000 T:Dunwoody Airline Services LL:1Brixton Plc Gleeson Properties HOUNSLOW Industrial

City Park£69.2m5.15%

18,580m² R:£3.769mIrish Life Assurance Plc (Savills Commercial Ltd) Mountgrange Capital (Franc Warwick)HOVE BusinessPark

Buttermarket Centre£50.5m5.35%

25,083m² CPS:430UBS Wealth Management (Michael Elliott) Prime Commercial Property IPSWICH ShoppingCentre

Airedale Centren/an/a

18,580m² Propinvest Holdings Ltd CIT KEIGHLEY ShoppingCentre

85-97 The Parade£10.35m4.97%

Regent Square House: T:VariousRoyal London Exempt PUT (Knight Frank LLP) Church Commissioners (Whitmarsh Holt Young)LEAMINGTON SPA Mixed

Rawdon House, Green Lane£4m6.5%

3,159m² Lightstone Properties Plc (Grenville Smith Duncan) Private local investor LEEDS Office

Forest Business Park£1.6m6.5%

805m² R:£110,235 CPS:47Mutley Properties (Fisher Hargreaves Proctor) Undisclosed LEICESTER BusinessPark

991 Doddington Road£8.5m5.8%

3,809m² T:Simons LEX:10/2021Legal & General Property (Knight Frank LLP) Lincoln Corn Exchange (Banks Long & Co)LINCOLN Office

Kirkton Campus£8.26mn/a

Mixed Use Office / Development PortfolioInvista REIM (GVA Grimley) Undisclosed LIVINGSTON BusinessPark

Braham Street, Beagle Ho£44.6m6.75%

8,268m² R:£3,185,000Kenmore Group (Doherty Baines) Private client (CBGA Real Estate Consultants)LONDON E1 Office

Hartman Street£12.58mn/a

T:Travelodge (London City Airport)Robson Associates (GVA Grimley) Undisclosed LONDON E16 Leisure

30 Crown Place£57mn/a

Development siteGreycoat CLOD Fund (Jones Lang LaSalle) City Assets (Savills Commercial Ltd)LONDON EC2 Office

Cutlers Gardens Estate£410m4.7%

55,740m² R:£22m T:Aon, Prudential-Bache, HammondsRockpoint Capital JP Morgan (BH2)O'Connor Capital Partners

LONDON EC2 Office

27-35 Poultry£72mn/a

14,957m² - Grade II listed T:HSBC R:£1m LEX:2007Vladimir Chernukhin Rock Investment Holdings (Knight Frank LLP / Edward Charles & Partners)

LONDON EC2 Office

1 America Square£117m6%

18,580m² - head leasehold interestCatalyst Capital (DTZ Debenham Tie Leung)Rockpoint Capital

Gulf State of Qatar (Savills Commercial Ltd)LONDON EC3 Office

10 Furnival Street£58.8mn/a

Chancery Exchange: 7,525m²Schroder Properties Ltd (Cushman & Wakefield) City & Provincial Sec (Allsop & Co)Macquarie Global PA

LONDON EC4 Office

50 Cross Street£0.595m5.71%

Private client Private trust (Kinleigh Folkard & Hayward)LONDON N1 Retail

4 & 5 Paris Gardens£17.5m5.6%

T:Sungard LL:13.75Threadneedle Property Private investor (Strutt & Parker)LONDON SE1 Office




50 Pall Mall£49.5m4.6%

3,159m² Legal & General Property (Strutt & Parker) Redevco UK (King Sturge)LONDON SW1 Office

333 Vauxhall Bridge Road£13mn/a

Abford House: 13,000m² - 50% interestHeron International CIS Properties LONDON SW1 Office

90/92 Queens Gate£8.55m5%

Invista REIM (GVA Grimley) Undisclosed LONDON SW7 Office

73 Baker Street£3.75mn/a

469m² R:£190,000 T:Tenon LL:5 RR:04/2006Private investor (Eriera Mendoza & Co) Private investor (Robert Irving & Burns)LONDON W1 Office

46 Berkeley Square£1.75mn/a

Berkeley Square Estates (GVA Grimley) GE Real Estate LONDON W1 Office

50 Jermyn Street£11.75m3.15%

2,497m² - 1,308m² retail + 1,188m² office - LeaseholdHenderson CLOF (CB Richard Ellis) Undisclosed LONDON W1 Office

4-8 Maple Street£12.1m4.45%

1,700m² T:National Patient Safety Agency LEX:2014Arlington Property Invest (Colliers CRE) Undisclosed LONDON W1 Office

7 & 8-9 Stratton Street£18.3mn/a

1,440m² T:various LL:Short leases - RedevelopmentWELPUT (GVA Grimley) Private owner (Godfrey Vaughan)LONDON W1 Office

West Five Centre, Acton£49.5m4.4%

T:B&Q, StaplesING Lionbrook Property (King Sturge / HP Four LLP) Lanebridge Property Fund LONDON W3 RetailWarehouse

Merlin House/Belmont Ho£4.9mn/a

Standard Life (GVA Grimley) Undisclosed LONDON W4 Office

32-38 Uxbridge Road£20mn/a

Westel House : 6,979m² S&L:Thames Valley UniversityFrogmore RE Partners (Montagu Evans / Savills Commercial Ltd)

Thames Valley University (Drivers Jonas)LONDON W5 Office

Buckingham Street£33.9mn/a

5,017m² - 8 buildings T:various(20) (1,672m² vacant)Conygar Investment Co Plc (Godfrey Vaughan) Dawnay Day Properties (Lewis & Partners)LONDON WC2 Office

99/103 Long Acre£17.5m3.7%

Undisclosed ISIS Property Trust 2 Ltd LONDON WC2 Retail

Cosgrove Way Ind Estate£1.9m5.88%

Units 12-14: 2,908m² R:£118,256APP Estates (Cobbetts) Sepoc Holdings Ltd (Carter Jonas / SR Wood & Son)LUTON Industrial

Magna Park£33mn/a

2 distribution units (yields 5.35% + 6.12%)Pickering Properties Ltd (Legat Corbishley) Gazeley Properties (Strutt & Parker / Burbage Realty)LUTTERWORTH DistributionWarehouse

Maidstone Business Estate£4.285mn/a

1,684m² R:£321,844 T:Various (4) CPS:73 LL:25Pension Fund (Matthew Pellereau & Co) Private investor (Dunlop Haywards)MAIDSTONE Office

Grand Island, Castlefield£26.5mn/a

10,684m² T:British Telecom LEX:2007 RedevelopmentAsk Investment Fund Henderson Investors MANCHESTER Office

Kendals, Deansgate£77m4.15%

R:£3.3mPrivate Israeli investor Sloane Capital (Cushman & Wakefield)MANCHESTER Retail

23 New Mount Street£6.075m6.54%

3,066m²Capital Hatton Limited Your Space Plc (DLB Estates / Michael Elliott)MANCHESTER Office

The Centre:MK£200mn/a

120,770m² - 28% stakeCapital Shopping Centres Hermes Property Asset Man (Cushman & Wakefield)MILTON KEYNES ShoppingCentre

Wates Way Ind Estate£13.83m5.25%

12,151m² - 18-unit schemeCBRE Investors (Michael Elliott) Mucklow Group, A&J Plc (DTZ Debenham Tie Leung)MITCHAM Industrial




Apex Tower, High Street£24mn/a

10,219m² T:AMSPalmer Active Value Fund Cantium Developments

Undisclosed NEW MALDEN Office

Newcastle Business Park£3.295m6.16%

1,588m² R:£199,750 T:Northumbria Ambulance NHS LEX:2016

Stanton Properties (King Sturge) Primary Health Properties (Dunlop Haywards)NEWCASTLE-UPON-TYNE Office

54-58 Northumberland St£31.4m4.25%

3,883m² T:JD Sports, HMVNFU Mutual Insurance PRUPIM (Storey Sons & Parker)NEWCASTLE-UPON-TYNE Retail

Brackmills£41.7m5.94%

44,871m² R:£2.5m T:MFI (Howdens Joinery) LL:15Warner Estate Holdings Bank of Scotland

Undisclosed NORTHAMPTON DistributionWarehouse

1-8 Kingfisher Court£0.9mn/a

Millfield Estates Private investor (GVA Grimley)NORTHWICH Industrial

Blenheim Ind Estate£6.637m5.9%

7,345m² T:Health Stores(Wholesale) Ltd LL:15M&G Property Portfolio Wilson Bowden Properties (Fisher Hargreaves Proctor)NOTTINGHAM DistributionWarehouse

662 Mansfield Road£0.18m6.2%

69m² R:£11,500 T:Nottingham Hospice Ltd LEX:2008Undisclosed Private investor (Fisher Hargreaves Proctor)NOTTINGHAM Retail

£9mn/a

Phased office refurbishmentPalmer Active Value Fund Undisclosed OXFORD Office

Lynch Wood Park£65mn/a

Pearl Centre: 31,958m² R:£4.13m T:Diligenta LL:12(RPI)Mapeley Ltd Pearl Group PETERBOROUGH BusinessPark

£100mn/a

139,350m² - four industrial + business park portfoliosFirst Investments Jersey-based investor PORTFOLIO Mixed

Deva Portfolio£11.33mn/a

Anglo Clough LP Samuel Properties (GVA Grimley)PORTFOLIO Industrial

Hilton Hotels£417mn/a

1054 room London Metropole + 794 room Hilton BirminghamTonstate Ltd (CB Richard Ellis) Hilton Hotels Corporation (Christie & Co)PORTFOLIO Leisure

MJ Gleeson Portfolio£6.8mn/a

3 offices - London Wall, City, Salisbury & SunburyMaybrook Properties (John Miles & Co) MJ Gleeson Plc PORTFOLIO Office

Royal Portfolio£187m5%

54% retail, 20% office, 23% industrial, 3% hotel R:£10mAckerman Group (GVA Grimley) Philips Pension Fund (Jones Lang LaSalle)PORTFOLIO Mixed

Spencer Portfolio£67m4.75%

24 prime high street retails S&L:BarclaysFlodrive Holdings (Franc Warwick) Barclays Bank (Jones Lang LaSalle)PORTFOLIO Retail

Total Fitness gyms£30m6.15%

3 gyms - Preston, Wrexham, Lincoln R:£1.84m LL:22Propinvest Holdings Ltd (Brown Cooper Marples) Private Irish investor (Colliers Capital UK)PORTFOLIO Leisure

Trinity Portfolio£39.5mn/a

Anglo Clough LP Samuel Properties (GVA Grimley)PORTFOLIO Industrial

Vue Cinema Portfolio£80mn/a

Six cinemas inc. the 6,038.5m² Vue Leicester SquareMiller Developments (Hartnell Taylor Cook) Vue Cinemas (HP Four LLP)PORTFOLIO Leisure

Gunstore Road£1.8m7.8%

3,337m² R:£155,000 T:Heyward Williams Group LL:8Rugby Estates Plc (Vail Williams) W H Estates (AtisReal)PORTSMOUTH Industrial

86, 87, 87a Broad Street£8.1m4.13%

Royal Liver Assurance Norwich Union (GVA Grimley)READING Retail

Forbury Park£39m4.7%

8,864m² Triton Property Fund (Churston Heard) Scottish Amicable (Jones Lang LaSalle)READING RetailWarehouse




Kilnbrook House£1.5m6.93%

584m² R:£110,000 T:Travis Perkins LEX:2013Stourbridge Properties Reading Concrete Products (Fryer Holt)READING Office

Omnibus Building£27m5.35%

5,969m² Morley Fund Management (Michael Rogers Whitehouse) Private investor (Savills Commercial Ltd)REIGATE Office

Great Eastern Way£48.48mn/a

15,886m² Triton Property Fund (Churston Heard) Stadium Group (Stockford Staunton)ROTHERHAM RetailWarehouse

Berkeley Court£6.63mn/a

Close Brothers ING REIM UK Ltd (GVA Grimley)RUNCORN Industrial

Waterside Court, Langley£5.8m6.5%

1,904m² T:HSBC, ChubbPrivate client (King Sturge) Good Harvest Properties (Leighton Goldhill)SLOUGH Office

26 Esplanade£27.1m5.9%

5,481m² - Forward fundingCIREF Ltd Undisclosed

Undisclosed ST HELIER, JERSEY Office

Captains/ Watermans House£5.25m5.4%

1,017m² R:£301,670 T:Rayovac Europe LEX:2015McKay Securities Plc (Lewis & Tucker) Private vendor STAINES Office

Sterry House, Bredbury£1.15mn/a

Big Jay Development Trustmarks Investments (GVA Grimley)STOCKPORT Office

Radial Point£14.3m6.08%

17,001m² R:£918,750 T:Marks & Spencer LL:10Warner Estate Holdings Bank of Scotland

British Airways Pensions STOKE-ON-TRENT DistributionWarehouse

30/39 Stourbridge Road£4.3m4.5%

T:B&QInstitutional investor Private Danish (GVA Grimley)STOURBRIDGE RetailWarehouse

Roseline Ho, Wylam Wharf£0.685m7.11%

765m² Private investor (Gavin Black) Rivergreen Developments (Storey Sons & Parker)SUNDERLAND Office

Morfa Shopping Park£105m4%

24,619m² mixed Open A1/Bulky GoodsThe Junction LP (Wilkinson Williams) Capital & Regional SWANSEA RetailWarehouse

Swansea Enterprise Park£16.5mn/a

11,705m² - 2 separate transactionsMorley Fund Management (AtisReal) Private investor (AtisReal)Arlington Greene PEP Ltd

SWANSEA BusinessPark

47-50 Woodfield Street£2.2mn/a

3,126m² R:£170,000 T:Wilkinsons LL:20 - FundingEllandi Property Ltd Somerfield Plc (Mason Owen & Partners)SWANSEA Retail

Direct Wines Warehouse£13.14m5.36%

R:£745,000 T:Direct Wines Ltd LEX:2023Friends Provident (CB Richard Ellis) BBC Pension Trust THEALE DistributionWarehouse

Queen Elizabeth Dist Park£9.8m7.3%

Unit Q: 10,405m² T:Harrow Green + 5,202.4m² vacantO Twelve Estates Ltd (D E & J Levy) O'Connor Capital Partners (Knight Frank LLP / CB Richard Ellis)

THURROCK DistributionWarehouse

Lemon Quay£54m4.5%

13,006m² T:Marks & Spencer (8,546.8m²), DebenhamsPrivate Irish investor (DTZ Debenham Tie Leung) Herbert Group (Mason & Partners)TRURO ShoppingCentre

24 Victoria Square£1.05m5.12%

R:£56,800 RR:06/2007 T:Adams Childrenswear LtdUndisclosed Private investor (Miller Commercial)TRURO Retail

Tannochside Park£3.3mn/a

2,787m² LL:15AWG Property Ltd (Knight Frank LLP)HF Developments

Kwik Fit (Lambert Smith Hampton)UDDINGSTON BusinessPark

Trinity Walk£215mn/a

60,385m² - Forward fundingCIREF Ltd (Capital Retail)Modus Properties Ltd

Simons Estates Ltd (DTZ Debenham Tie Leung)WAKEFIELD ShoppingCentre

Croxley Business Park£6.1m7.5%

Croxley Gateway: 2,537m² - 2 year rental guaranteeZurich Assurance (Jones Lang LaSalle) Shell Pensions Trust (Strutt & Parker)WATFORD BusinessPark




39-43 Monument Hill£1.81m7%

Lancashire House: 650m²Artesian Property Part Halladale Group Plc (Cyril Leonard & Co)WEYBRIDGE Office

£80mn/a

92,900m² - forward funding R:£6m T:ExelInvestec Private Bank Drawbridge Securities WIDNES DistributionWarehouse

31 Waterloo Roadn/an/a

Norwich Union House: 3,967m² R:£397,000Bond Wolfe Plc Undisclosed WOLVERHAMPTON Office


Buyers & Sellers During October 2006

InstitutionsCOMPANY TOWN STREETB/S SECTOR YIELDPRICE

BUY LONDON W1Arlington Property Invest 4-8 Maple Street £12.1m 4.45%OfficeBUY BELFASTAXA REIM Belfast Road, Hollywood £7.6m 5.75%LeisureSELL FAREHAMAXA Sun Life Solent Business Park £26.718m 7.86%Business ParkBUY CHELTENHAMAXA UK Pensions Trustees Gloucester Road £3.81m 5.96%RetailSELL BIRMINGHAMBBC Pension Trust 25 Union Street £6.33m N/ARetailSELL THEALEBBC Pension Trust Direct Wines Warehouse £13.14m 5.36%Distribution WarehouseSELL STOKE-ON-TRENTBritish Airways Pensions Radial Point £14.3m 6.08%Distribution WarehouseBUY DAVENTRYCBRE Investors High March Ind Estate £3.2m 6.8%IndustrialBUY HINCKLEYCBRE Investors Britannia Shopping Centre £18.7m 5%Shopping CentreBUY MITCHAMCBRE Investors Wates Way Ind Estate £13.83m 5.25%IndustrialBUY GERRARDS CROSSChubb Common Inv Fund (JV) 31-37 Station Road £5.85m N/AMixedSELL LEAMINGTON SPAChurch Commissioners 85-97 The Parade £10.35m 4.97%MixedSELL LONDON SW1CIS Properties 333 Vauxhall Bridge Road £13m N/AOfficeSELL HARROWClerical Medical 72-74 St Ann's Road £2.8m 4.74%RetailBUY GRANTHAMFalcon Property Trust Orchard Park £4.25m 6.5%Distribution WarehouseBUY THEALEFriends Provident Direct Wines Warehouse £13.14m 5.36%Distribution WarehouseBUY LONDON EC2Greycoat CLOD Fund 30 Crown Place £57m N/AOfficeBUY LONDON W1Henderson CLOF 50 Jermyn Street £11.75m 3.15%OfficeSELL MANCHESTERHenderson Investors Grand Island, Castlefield £26.5m N/AOfficeSELL MILTON KEYNESHermes Property Asset Man The Centre:MK £200m N/AShopping CentreBUY LONDON W3ING Lionbrook Property West Five Centre, Acton £49.5m 4.4%Retail WarehouseSELL CHEPSTOWING REIM UK Ltd 10A Newhouse Park £2.055m 6%IndustrialSELL RUNCORNING REIM UK Ltd Berkeley Court £6.63m N/AIndustrialBUY BARNSLEYInstitutional Investor Springfield House £3.5m 6.78%OfficeBUY STOURBRIDGEInstitutional investor 30/39 Stourbridge Road £4.3m 4.5%Retail WarehouseBUY LIVINGSTONInvista REIM Kirkton Campus £8.26m N/ABusiness ParkBUY LONDON SW7Invista REIM 90/92 Queens Gate £8.55m 5%OfficeBUY BIRMINGHAMLaSalle Investment Man 58-62 Hagley Road £9.525m 5.46%OfficeBUY LINCOLNLegal & General Property 991 Doddington Road £8.5m 5.8%OfficeBUY LONDON SW1Legal & General Property 50 Pall Mall £49.5m 4.6%OfficeBUY BRISTOLMorley Fund Management Brotherswood Court £13.425m 6.81%OfficeBUY REIGATEMorley Fund Management Omnibus Building £27m 5.35%OfficeBUY SWANSEAMorley Fund Management Swansea Enterprise Park £16.5m N/ABusiness ParkBUY NEWCASTLE-UPON-TYNENFU Mutual Insurance 54-58 Northumberland St £31.4m 4.25%RetailSELL READINGNorwich Union 86, 87, 87a Broad Street £8.1m 4.13%RetailBUY MAIDSTONEPension Fund Maidstone Business Estate £4.285m N/AOfficeSELL PORTFOLIOPhilips Pension Fund Royal Portfolio £187m 5%MixedSELL NEWCASTLE-UPON-TYNEPRUPIM 54-58 Northumberland St £31.4m 4.25%RetailBUY GLASGOWResolution Asset Man 68-80 Gordon Street £20m 5%OfficeBUY BRISTOLRockspring PIM Ltd (JV) Tower Wharf £30m N/AOfficeBUY READINGRoyal Liver Assurance 86, 87, 87a Broad Street £8.1m 4.13%RetailBUY LEAMINGTON SPARoyal London Exempt PUT 85-97 The Parade £10.35m 4.97%MixedBUY CARDIFFRREEF Penarth Road £8.65m 7.15%IndustrialBUY LONDON EC4Schroder Properties Ltd 10 Furnival Street £58.8m N/AOfficeSELL READINGScottish Amicable Forbury Park £39m 4.7%Retail WarehouseSELL WATFORDShell Pensions Trust Croxley Business Park £6.1m 7.5%Business ParkBUY CAMBERLEYStandard Life Atrium Shopping Centre £130m N/AShopping CentreBUY LONDON W4Standard Life Merlin House/Belmont Ho £4.9m N/AOfficeBUY SWANSEAThe Junction LP Morfa Shopping Park £105m 4%Retail WarehouseBUY LONDON SE1Threadneedle Property 4 & 5 Paris Gardens £17.5m 5.6%OfficeBUY READINGTriton Property Fund Forbury Park £39m 4.7%Retail WarehouseBUY ROTHERHAMTriton Property Fund Great Eastern Way £48.48m N/ARetail WarehouseBUY LONDON W1WELPUT 7 & 8-9 Stratton Street £18.3m N/AOffice



InstitutionsCOMPANY TOWN STREETB/S SECTOR YIELDPRICE

BUY WATFORDZurich Assurance Croxley Business Park £6.1m 7.5%Business Park

Property CompaniesCOMPANY TOWN STREETB/S SECTOR YIELDPRICE

BUY PORTFOLIOAckerman Group Royal Portfolio £187m 5%MixedSELL EDINBURGHAnnfield Assets Ltd 348 Morningside Road £0.344m 5%LeisureBUY LUTONAPP Estates Cosgrove Way Ind Estate £1.9m 5.88%IndustrialBUY WEYBRIDGEArtesian Property Part 39-43 Monument Hill £1.81m 7%OfficeBUY BRISTOLAshfield Land Ltd Parklands, Hambrook Lane £5m N/AOfficeSELL GLASGOWAWG Property Ltd (JV) Hamilton Intl Tech Park £2.55m N/AOfficeSELL GLASGOWAWG Property Ltd (JV) 25 Tyndrum Street £12.75m 5.25%OfficeBUY UDDINGSTONAWG Property Ltd (JV) Tannochside Park £3.3m N/ABusiness ParkBUY STOCKPORTBig Jay Development Sterry House, Bredbury £1.15m N/AOfficeBUY WOLVERHAMPTONBond Wolfe Plc 31 Waterloo Road N/A N/AOfficeSELL EASTLEIGHBorvale Properties Ltd Tollgate Business Park £0.55m 6.28%Business ParkBUY HOUNSLOWBrixton Plc Green Lane £0.7m 5.7%IndustrialSELL CARDIFFBurford Delta Ltd Penarth Road £8.65m 7.15%IndustrialBUY NEW MALDENCantium Developments (JV) Apex Tower, High Street £24m N/AOfficeSELL SWANSEACapital & Regional Morfa Shopping Park £105m 4%Retail WarehouseBUY MANCHESTERCapital Hatton Limited 23 New Mount Street £6.075m 6.54%OfficeBUY MILTON KEYNESCapital Shopping Centres The Centre:MK £200m N/AShopping CentreBUY ST HELIER, JERSEYCIREF Ltd (JV) 26 Esplanade £27.1m 5.9%OfficeBUY WAKEFIELDCIREF Ltd (JV) Trinity Walk £215m N/AShopping CentreSELL LONDON EC4City & Provincial Sec (JV) 10 Furnival Street £58.8m N/AOfficeSELL LONDON EC2City Assets 30 Crown Place £57m N/AOfficeBUY LONDON WC2Conygar Investment Co Plc Buckingham Street £33.9m N/AOfficeSELL CAMBERLEYCrest Nicholson Atrium Shopping Centre £130m N/AShopping CentreSELL COLCHESTERDawnay Day Properties Collwyn House, Sheepen Pl £0.2m N/AOfficeBUY COVENTRYDawnay Day Properties 5 Warwick Row £1.055m 7.92%OfficeSELL LONDON WC2Dawnay Day Properties Buckingham Street £33.9m N/AOfficeSELL WIDNESDrawbridge Securities £80m N/ADistribution WarehouseBUY SWANSEAEllandi Property Ltd 47-50 Woodfield Street £2.2m N/ARetailBUY PORTFOLIOFirst Investments £100m N/AMixedBUY PORTFOLIOFlodrive Holdings Spencer Portfolio £67m 4.75%RetailBUY GERRARDS CROSSFrontier Estates Ltd (JV) 31-37 Station Road £5.85m N/AMixedSELL LUTTERWORTHGazeley Properties Magna Park £33m N/ADistribution WarehouseSELL HOUNSLOWGleeson Properties Green Lane £0.7m 5.7%IndustrialSELL SLOUGHGood Harvest Properties Waterside Court, Langley £5.8m 6.5%OfficeBUY FAREHAMGreenhills Real Estate Solent Business Park £26.718m 7.86%Business ParkSELL ABERDEENHalladale Group Plc 2 Balnagask Road £6.08m 4.5%Retail WarehouseSELL WEYBRIDGEHalladale Group Plc 39-43 Monument Hill £1.81m 7%OfficeBUY ALFRETONHelmsley Group Plc The Village, Mansfield Rd £0.9m 6.28%Business ParkSELL TRUROHerbert Group Lemon Quay £54m 4.5%Shopping CentreBUY LONDON SW1Heron International 333 Vauxhall Bridge Road £13m N/AOfficeSELL GLASGOWHF Developments (JV) Hamilton Intl Tech Park £2.55m N/AOfficeBUY UDDINGSTONHF Developments (JV) Tannochside Park £3.3m N/ABusiness ParkSELL LONDON WC2ISIS Property Trust 2 Ltd 99/103 Long Acre £17.5m 3.7%RetailBUY ABERDEENJoint Properties, The 2 Balnagask Road £6.08m 4.5%Retail WarehouseSELL CARDIFFJR Smart Building Ltd Ocean Bldg, Bute Crescent £0.522m 6.34%OfficeBUY GLASGOWKenmore Group Hamilton Intl Tech Park £2.55m N/AOfficeBUY LONDON E1Kenmore Group Braham Street, Beagle Ho £44.6m 6.75%OfficeSELL COVENTRYKilmartin Properties 5 Warwick Row £1.055m 7.92%OfficeSELL GRANTHAMKindale Ltd Orchard Park £4.25m 6.5%Distribution Warehouse



Property CompaniesCOMPANY TOWN STREETB/S SECTOR YIELDPRICE

SELL BIRMINGHAMLand Securities Plc Temple & Essex House £23.55m 4.1%RetailBUY LEEDSLightstone Properties Plc Rawdon House, Green Lane £4m 6.5%OfficeSELL BRIDGENDMacob Construction 6 Old Field Road £0.54m N/AOfficeBUY PETERBOROUGHMapeley Ltd Lynch Wood Park £65m N/ABusiness ParkBUY PORTFOLIOMaybrook Properties MJ Gleeson Portfolio £6.8m N/AOfficeBUY STAINESMcKay Securities Plc Captains/ Watermans House £5.25m 5.4%OfficeSELL BRISTOLMidos Group Brotherswood Court £13.425m 6.81%OfficeBUY PORTFOLIOMiller Developments Vue Cinema Portfolio £80m N/ALeisureBUY NORTHWICHMillfield Estates 1-8 Kingfisher Court £0.9m N/AIndustrialSELL PORTFOLIOMJ Gleeson Plc MJ Gleeson Portfolio £6.8m N/AOfficeSELL EVESHAMMobax Securities Ltd 20-22 High Street £0.86m 4.95%RetailBUY WAKEFIELDModus Properties Ltd (JV) Trinity Walk £215m N/AShopping CentreSELL HOVEMountgrange Capital City Park £69.2m 5.15%Business ParkSELL MITCHAMMucklow Group, A&J Plc Wates Way Ind Estate £13.83m 5.25%IndustrialBUY LEICESTERMutley Properties Forest Business Park £1.6m 6.5%Business ParkBUY THURROCKO Twelve Estates Ltd Queen Elizabeth Dist Park £9.8m 7.3%Distribution WarehouseSELL GERRARDS CROSSOakridge Homes 31-37 Station Road £5.85m N/AMixedBUY BURTON-UPON-TRENTOpus Land (JV) Centrum 100 £23m N/ADistribution WarehouseSELL PETERBOROUGHPearl Group Lynch Wood Park £65m N/ABusiness ParkBUY LUTTERWORTHPickering Properties Ltd Magna Park £33m N/ADistribution WarehouseSELL NEWCASTLE-UPON-TYNEPrimary Health Properties Newcastle Business Park £3.295m 6.16%OfficeSELL IPSWICHPrime Commercial Property Buttermarket Centre £50.5m 5.35%Shopping CentreBUY BASILDONPropinvest Holdings Ltd Sigma House N/A N/AOfficeBUY KEIGHLEYPropinvest Holdings Ltd Airedale Centre N/A N/AShopping CentreBUY PORTFOLIOPropinvest Holdings Ltd Total Fitness gyms £30m 6.15%LeisureSELL SUNDERLANDRivergreen Developments Roseline Ho, Wylam Wharf £0.685m 7.11%OfficeSELL LONDON EC2Rock Investment Holdings 27-35 Poultry £72m N/AOfficeBUY PORTSMOUTHRugby Estates Plc Gunstore Road £1.8m 7.8%IndustrialSELL PORTFOLIOSamuel Properties Deva Portfolio £11.33m N/AIndustrialSELL PORTFOLIOSamuel Properties Trinity Portfolio £39.5m N/AIndustrialBUY HORLEYSapcote Developments Ahed Depot, Kennel Lane £3.6m N/AIndustrialSELL GLASGOWScarborough Development Buchanan Gate, Stepps £4.981m 5.6%OfficeSELL LUTONSepoc Holdings Ltd Cosgrove Way Ind Estate £1.9m 5.88%IndustrialSELL WAKEFIELDSimons Estates Ltd Trinity Walk £215m N/AShopping CentreSELL BIRMINGHAMSt Modwen Plc 58-62 Hagley Road £9.525m 5.46%OfficeSELL ROTHERHAMStadium Group Great Eastern Way £48.48m N/ARetail WarehouseBUY HARROWStanton Properties 72-74 St Ann's Road £2.8m 4.74%RetailBUY NEWCASTLE-UPON-TYNEStanton Properties Newcastle Business Park £3.295m 6.16%OfficeBUY READINGStourbridge Properties Kilnbrook House £1.5m 6.93%OfficeBUY PORTFOLIOTonstate Ltd Hilton Hotels £417m N/ALeisureSELL STOCKPORTTrustmarks Investments Sterry House, Bredbury £1.15m N/AOfficeBUY BRISTOLUrbina Ltd (JV) Tower Wharf £30m N/AOfficeSELL PORTSMOUTHW H Estates Gunstore Road £1.8m 7.8%IndustrialBUY DAVENTRYWarner Estate Holdings (JV) DIRFT Logistics Park £17.95m 6.45%Distribution WarehouseBUY NORTHAMPTONWarner Estate Holdings (JV) Brackmills £41.7m 5.94%Distribution WarehouseBUY STOKE-ON-TRENTWarner Estate Holdings (JV) Radial Point £14.3m 6.08%Distribution WarehouseBUY FORDINGBRIDGEWentworth Estates Ltd 12-16 High Street £0.215m N/ARetailBUY EDINBURGHWG Mitchell Ltd 61 & 31-35 Grassmarket £54m N/ALeisureSELL GLASGOWWG Mitchell Ltd (JV) 25 Tyndrum Street £12.75m 5.25%OfficeSELL NOTTINGHAMWilson Bowden Properties Blenheim Ind Estate £6.637m 5.9%Distribution WarehouseBUY COLCHESTERWrenbridge Land Collwyn House, Sheepen Pl £0.2m N/AOfficeSELL MANCHESTERYour Space Plc 23 New Mount Street £6.075m 6.54%Office



Overseas InvestorsCOMPANY TOWN STREETB/S SECTOR YIELDPRICE

SELL CHELTENHAMAmethyst Holdings SA Gloucester Road £3.81m 5.96%RetailBUY PORTFOLIOAnglo Clough LP Deva Portfolio £11.33m N/AIndustrialBUY PORTFOLIOAnglo Clough LP Trinity Portfolio £39.5m N/AIndustrialBUY MANCHESTERAsk Investment Fund Grand Island, Castlefield £26.5m N/AOfficeSELL BIRMINGHAMBank of Ireland Asset Man 5 St Phillips Place £49m 4.25%OfficeBUY LONDON W1Berkeley Square Estates 46 Berkeley Square £1.75m N/AOfficeBUY LONDON EC3Catalyst Capital (JV) 1 America Square £117m 6%OfficeSELL KEIGHLEYCIT Airedale Centre N/A N/AShopping CentreBUY LONDON W5Frogmore RE Partners 32-38 Uxbridge Road £20m N/AOfficeSELL DAVENTRYGE Real Estate DIRFT Logistics Park £17.95m 6.45%Distribution WarehouseSELL LONDON W1GE Real Estate 46 Berkeley Square £1.75m N/AOfficeSELL LONDON EC3Gulf State of Qatar 1 America Square £117m 6%OfficeSELL BRISTOLHBG Properties Tower Wharf £30m N/AOfficeBUY CHELTENHAMIrish Examiner Pension 162/164 High Street £4.15m N/AMixedBUY HOVEIrish Life Assurance Plc City Park £69.2m 5.15%Business ParkSELL LONDON EC2JP Morgan (JV) Cutlers Gardens Estate £410m 4.7%OfficeSELL GLASGOWKP UK A/S 68-80 Gordon Street £20m 5%OfficeSELL HINCKLEYLehman Brothers RE Britannia Shopping Centre £18.7m 5%Shopping CentreSELL LONDON EC4Macquarie Global PA (JV) 10 Furnival Street £58.8m N/AOfficeSELL THURROCKO'Connor Capital Partners Queen Elizabeth Dist Park £9.8m 7.3%Distribution WarehouseSELL LONDON EC2O'Connor Capital Partners (JV) Cutlers Gardens Estate £410m 4.7%OfficeBUY GLASGOWPresbyterian Mutual 25 Tyndrum Street £12.75m 5.25%OfficeSELL STOURBRIDGEPrivate Danish 30/39 Stourbridge Road £4.3m 4.5%Retail WarehouseBUY BIRMINGHAMPrivate Irish 25 Union Street £6.33m N/ARetailBUY CHESTERFIELDPrivate Irish clients Barlborough Links £4.2m 6.17%Business ParkBUY BIRMINGHAMPrivate Irish investor Temple & Essex House £23.55m 4.1%RetailSELL PORTFOLIOPrivate Irish investor Total Fitness gyms £30m 6.15%LeisureBUY TRUROPrivate Irish investor Lemon Quay £54m 4.5%Shopping CentreBUY MANCHESTERPrivate Israeli investor Kendals, Deansgate £77m 4.15%RetailSELL LONDON SW1Redevco UK 50 Pall Mall £49.5m 4.6%OfficeBUY LONDON EC2Rockpoint Capital Cutlers Gardens Estate £410m 4.7%OfficeBUY LONDON EC3Rockpoint Capital (JV) 1 America Square £117m 6%OfficeSELL MANCHESTERSloane Capital Kendals, Deansgate £77m 4.15%RetailBUY LONDON EC2Vladimir Chernukhin 27-35 Poultry £72m N/AOffice

Private Investors / Syndicates / TrustsCOMPANY TOWN STREETB/S SECTOR YIELDPRICE

SELL SWANSEAArlington Greene PEP Ltd (JV) Swansea Enterprise Park £16.5m N/ABusiness ParkBUY RUNCORNClose Brothers Berkeley Court £6.63m N/AIndustrialBUY BASINGSTOKECrescent Trustees Winchester Road £1.08m 4.6%LeisureBUY BRIDGENDGwyn Williams Ltd 6 Old Field Road £0.54m N/AOfficeSELL PORTFOLIOJersey-based investor £100m N/AMixedSELL LONDON W3Lanebridge Property Fund West Five Centre, Acton £49.5m 4.4%Retail WarehouseBUY NOTTINGHAMM&G Property Portfolio Blenheim Ind Estate £6.637m 5.9%Distribution WarehouseBUY EVESHAMMerchant Investors Prop 20-22 High Street £0.86m 4.95%RetailBUY EASTLEIGHMr & Mrs Mancey Tollgate Business Park £0.55m 6.28%Business ParkBUY BIRMINGHAMNew Star PUT 5 St Phillips Place £49m 4.25%OfficeBUY OXFORDPalmer Active Value Fund £9m N/AOfficeBUY BURTON-UPON-TRENTPalmer Active Value Fund (JV) Centrum 100 £23m N/ADistribution WarehouseBUY NEW MALDENPalmer Active Value Fund (JV) Apex Tower, High Street £24m N/AOfficeSELL CHESTERFIELDPrivate client Barlborough Links £4.2m 6.17%Business ParkSELL LONDON E1Private client Braham Street, Beagle Ho £44.6m 6.75%OfficeBUY LONDON N1Private client 50 Cross Street £0.595m 5.71%Retail



Private Investors / Syndicates / TrustsCOMPANY TOWN STREETB/S SECTOR YIELDPRICE

BUY SLOUGHPrivate client Waterside Court, Langley £5.8m 6.5%OfficeBUY BOSTONPrivate clients Boston West Business Park £2m N/AOfficeBUY BEACONSFIELDPrivate investor 6 Station Parade £0.488m 3.7%RetailSELL BEACONSFIELDPrivate investor 6 Station Parade £0.488m 3.7%RetailBUY CHESTERFIELDPrivate investor Sheffield Road £3.95m 5%LeisureSELL CHESTERFIELDPrivate investor Sheffield Road £3.95m 5%LeisureSELL DAVENTRYPrivate investor High March Ind Estate £3.2m 6.8%IndustrialSELL FORDINGBRIDGEPrivate investor 12-16 High Street £0.215m N/ARetailSELL LONDON SE1Private investor 4 & 5 Paris Gardens £17.5m 5.6%OfficeBUY LONDON W1Private investor 73 Baker Street £3.75m N/AOfficeSELL LONDON W1Private investor 73 Baker Street £3.75m N/AOfficeSELL MAIDSTONEPrivate investor Maidstone Business Estate £4.285m N/AOfficeSELL NORTHWICHPrivate investor 1-8 Kingfisher Court £0.9m N/AIndustrialSELL NOTTINGHAMPrivate investor 662 Mansfield Road £0.18m 6.2%RetailSELL REIGATEPrivate investor Omnibus Building £27m 5.35%OfficeBUY SUNDERLANDPrivate investor Roseline Ho, Wylam Wharf £0.685m 7.11%OfficeSELL TRUROPrivate investor 24 Victoria Square £1.05m 5.12%RetailSELL SWANSEAPrivate investor (JV) Swansea Enterprise Park £16.5m N/ABusiness ParkSELL LEEDSPrivate local investor Rawdon House, Green Lane £4m 6.5%OfficeSELL LONDON W1Private owner 7 & 8-9 Stratton Street £18.3m N/AOfficeSELL ALFRETONPrivate pension fund The Village, Mansfield Rd £0.9m 6.28%Business ParkBUY CARDIFFPrivate purchaser Ocean Bldg, Bute Crescent £0.522m 6.34%OfficeSELL LONDON N1Private trust 50 Cross Street £0.595m 5.71%RetailSELL STAINESPrivate vendor Captains/ Watermans House £5.25m 5.4%OfficeBUY LONDON E16Robson Associates Hartman Street £12.58m N/ALeisureBUY CHEPSTOWSt Julians Estate Ltd 10A Newhouse Park £2.055m 6%IndustrialBUY ALFRETONTrustees - CCS Pension Meadow Land Ind Estate £0.33m N/AIndustrialBUY IPSWICHUBS Wealth Management Buttermarket Centre £50.5m 5.35%Shopping Centre

OccupiersCOMPANY TOWN STREETB/S SECTOR YIELDPRICE

SELL ALFRETONAdams Group Ltd Meadow Land Ind Estate £0.33m N/AIndustrialSELL HORLEYAhed Ahed Depot, Kennel Lane £3.6m N/AIndustrialSELL EDINBURGHApex Hotels Ltd 61 & 31-35 Grassmarket £54m N/ALeisureSELL PORTFOLIOBarclays Bank Spencer Portfolio £67m 4.75%RetailSELL PORTFOLIOHilton Hotels Corporation Hilton Hotels £417m N/ALeisureSELL UDDINGSTONKwik Fit Tannochside Park £3.3m N/ABusiness ParkSELL BURTON-UPON-TRENTLittlewoods Centrum 100 £23m N/ADistribution WarehouseSELL READINGReading Concrete Products Kilnbrook House £1.5m 6.93%OfficeSELL SWANSEASomerfield Plc 47-50 Woodfield Street £2.2m N/ARetailSELL LONDON W5Thames Valley University 32-38 Uxbridge Road £20m N/AOfficeSELL PORTFOLIOVue Cinemas Vue Cinema Portfolio £80m N/ALeisure

Financial/BanksCOMPANY TOWN STREETB/S SECTOR YIELDPRICE

BUY DAVENTRYBank of Scotland (JV) DIRFT Logistics Park £17.95m 6.45%Distribution WarehouseBUY NORTHAMPTONBank of Scotland (JV) Brackmills £41.7m 5.94%Distribution WarehouseBUY STOKE-ON-TRENTBank of Scotland (JV) Radial Point £14.3m 6.08%Distribution WarehouseBUY WIDNESInvestec Private Bank £80m N/ADistribution Warehouse


Three Month Yield Index

West End OfficesDATETOWN ADDRESS PRICE YIELD

Sep 200625-27 St George StreetLONDON W1 £ 62.55m 1.50%Sep 2006Hobhouse Court,Suffolk LONDON SW1 £ 34.5m 2.50%Aug 2006Cleveland RowLONDON SW1 £ 4.25m 2.90%Oct 200650 Jermyn StreetLONDON W1 £ 11.75m 3.15%Sep 2006125 Pall MallLONDON SW1 £ 1.85m 3.18%Aug 2006120-121 Pall MallLONDON SW1 £ 1.6m 3.23%Sep 200612/13 Bruton StreetLONDON W1 £ 30.5m 3.50%Sep 200616 Grosvenor StreetLONDON W1 £ 16.85m 3.91%Aug 200625 Dover StreetLONDON W1 £ 5.4m 4.00%Sep 200633 Greycoat StreetLONDON SW1 £ 12.5m 4.12%Oct 20064-8 Maple StreetLONDON W1 £ 12.1m 4.45%Sep 20061 Golden SquareLONDON W1 £ 11.875m 4.50%Aug 2006151 Wardour StreetLONDON W1 £ 22.5m 4.50%Oct 200650 Pall MallLONDON SW1 £ 49.5m 4.60%Aug 2006151 Buckingham Palace LONDON SW1 £ 214m 5.00%Sep 20067-10 Waterloo PlaceLONDON SW1 £ 26m 5.10%Sep 200614-26 Great Smith StreetLONDON SW1 £ 170m 5.20%

Weighted Average Net Initial Yield: 4.38%

City / City Fringe OfficesDATETOWN ADDRESS PRICE YIELD

Sep 200691-93 Farringdon RoadLONDON EC1 £ 9.95m 3.64%Sep 2006133 HoundsditchLONDON EC3 £ 110m 4.00%Aug 200615/18 Lime StreetLONDON EC3 £ 16.85m 4.17%Sep 200641 LothburyLONDON EC2 £ 119m 4.40%Aug 20065 Lambeth WalkLONDON SE1 £ 2.72m 4.40%Aug 200627-33 Artillery LaneLONDON E1 £ 30.08m 4.70%Oct 2006Cutlers Gardens EstateLONDON EC2 £ 410m 4.70%Sep 200655 Old Broad StreetLONDON EC2 £ 96.5m 5.20%Sep 200651 EastcheapLONDON EC3 £ 55m 5.50%Oct 20064 & 5 Paris GardensLONDON SE1 £ 17.5m 5.60%Sep 20063 & 10 Finsbury SquareLONDON EC2 £ 58m 5.70%Oct 20061 America SquareLONDON EC3 £ 117m 6.00%Sep 20068 Fenchurch PlaceLONDON EC3 £ 54m 6.00%Aug 2006119-121 Cannon StreetLONDON EC4 £ 34m 6.00%Sep 2006Pear Tree CourtLONDON EC1 £ 5.35m 6.18%Aug 20064-8 Whites GroundLONDON SE1 £ 2.925m 6.50%Oct 2006Braham Street, Beagle HLONDON E1 £ 44.6m 6.75%Aug 200618-20 Cannon StreetLONDON EC4 £ 18.5m 8.60%


Mid-Town OfficesDATETOWN ADDRESS PRICE YIELD

Sep 200612 Red Lion SquareLONDON WC1 £ 32m 4.08%Aug 20067-11 Herbrand StreetLONDON WC1 £ 28.5m 5.10%Sep 200652-56 New Oxford StreetLONDON WC1 £ 25.1m 5.25%


Regional OfficesDATETOWN ADDRESS PRICE YIELD

Sep 2006Beaufort Court, EdgbastoBIRMINGHAM £ 17.325m 3.50%Sep 2006Willow Farm Business PaCASTLE DONINGTON £ 0.88m 3.80%Sep 2006Barclay Ho, Holyrood RoEDINBURGH £ 25.85m 3.95%Oct 20065 St Phillips PlaceBIRMINGHAM £ 49m 4.25%Aug 2006NatWest Crt, Broad StreeBRISTOL £ 22m 4.30%Sep 2006201 DeansgateMANCHESTER £ 36.1m 4.38%Aug 2006Mag Courts, Pinfold GateLOUGHBOROUGH £ 15.5m 4.48%Sep 2006100 Barbirolli SquareMANCHESTER £ 70m 4.50%


Sep 2006Silbury BoulevardMILTON KEYNES £ 6.785m 4.60%Aug 20061 Whitehall RiversideLEEDS £ 64.5m 4.70%Sep 20063 & 4 Hardman SquareMANCHESTER £ 140m 4.75%Sep 2006Vanwall Business ParkMAIDENHEAD £ 11.15m 4.93%Sep 2006City PointLEEDS £ 31m 4.96%Sep 20061-3 Colmore RowBIRMINGHAM £ 20m 5.00%Oct 200668-80 Gordon StreetGLASGOW £ 20m 5.00%Oct 2006City ParkHOVE £ 69.2m 5.15%Aug 2006Windsor Office ParkWINDSOR £ 71m 5.17%Sep 2006Axa CentreBRISTOL £ 140m 5.25%Oct 200625 Tyndrum StreetGLASGOW £ 12.75m 5.25%Sep 200617 Penarth RoadCARDIFF £ 15.1m 5.26%Aug 2006Enterprise HouseSALFORD £ 4.479m 5.28%Oct 2006Omnibus BuildingREIGATE £ 27m 5.35%Aug 2006Ocean Point 1, LeithEDINBURGH £ 23.55m 5.39%Oct 2006Captains/ Watermans HoSTAINES £ 5.25m 5.40%Sep 2006St James HouseYORK £ 7.806m 5.40%Sep 2006Leavesden Business ParWATFORD £ 73.5m 5.45%Oct 200658-62 Hagley RoadBIRMINGHAM £ 9.525m 5.46%Aug 200665 Haymarket TerraceEDINBURGH £ 18.5m 5.47%Aug 2006Exchange CourtLEEDS £ 16.5m 5.48%Sep 2006Ruddington Fields BPNOTTINGHAM £ 5.843m 5.50%Sep 2006Pomona Street, NU HousSHEFFIELD £ 47.1m 5.50%Sep 2006Citywest, Scotswood RoaNEWCASTLE-UPON-TY £ 2.55m 5.56%Oct 2006Buchanan Gate, SteppsGLASGOW £ 4.981m 5.60%Aug 2006Foundation ParkMAIDENHEAD £ 72.75m 5.60%Aug 2006Castle Court, London RoREIGATE £ 8.4m 5.61%Aug 2006Cambourne Business PaCAMBOURNE £ 33m 5.64%Sep 2006285 Bath StreetGLASGOW £ 5.925m 5.73%Sep 2006Botleigh Grange CampusEASTLEIGH £ 10.07m 5.75%Aug 2006Holyrood Park HouseEDINBURGH £ 17.3m 5.75%Oct 2006991 Doddington RoadLINCOLN £ 8.5m 5.80%Sep 2006Maidenhead Office ParkMAIDENHEAD £ 21.6m 5.80%Sep 2006120 West Regent StreetGLASGOW £ 3.175m 5.85%Aug 2006T&B Ho, Station ApproacLEATHERHEAD £ 15.05m 5.90%Oct 200626 EsplanadeST HELIER, JERSEY £ 27.1m 5.90%Aug 2006Telegraphic HouseSALFORD £ 4.152m 5.95%Aug 20065 Stuart StreetDERBY £ 2.75m 6.00%Sep 2006Pentland Gait Office ParkEDINBURGH £ 16.85m 6.00%Sep 2006389 Argyle StreetGLASGOW £ 7.265m 6.00%Aug 2006Great Ancoats StreetMANCHESTER £ 20.5m 6.00%Sep 2006Compair House, Brunel SLOUGH £ 7.3m 6.02%Aug 2006Millennium Business ParNOTTINGHAM £ 1.265m 6.05%Sep 2006Saxon HouseWORTHING £ 3.349m 6.08%Sep 200613-15 Clarendon StreetNOTTINGHAM £ 0.813m 6.10%Aug 2006121 Kings RoadREADING £ 66m 6.10%Oct 2006Newcastle Business ParkNEWCASTLE-UPON-TY £ 3.295m 6.16%Oct 2006Barlborough LinksCHESTERFIELD £ 4.2m 6.17%Sep 2006Central Milton KeynesMILTON KEYNES £ 2.9m 6.20%Aug 2006Bocam ParkPENCOED £ 5.6m 6.20%Oct 2006The Village, Mansfield RALFRETON £ 0.9m 6.28%Oct 2006Tollgate Business ParkEASTLEIGH £ 0.55m 6.28%Sep 2006Mandarin Court, Centre WARRINGTON £ 4.66m 6.30%Oct 2006Ocean Bldg, Bute CresceCARDIFF £ 0.522m 6.34%Aug 2006Springvale Business ParkBILSTON £ 4m 6.37%Oct 2006Rawdon House, Green LLEEDS £ 4m 6.50%Oct 2006Forest Business ParkLEICESTER £ 1.6m 6.50%Aug 2006Bocam ParkPENCOED £ 1.7m 6.50%




Oct 2006Waterside Court, LangleySLOUGH £ 5.8m 6.50%Aug 200630-32 Goldsworth RoadWOKING £ 13.15m 6.50%Oct 200623 New Mount StreetMANCHESTER £ 6.075m 6.54%Aug 20067 Windsor RoadSLOUGH £ 2.55m 6.54%Aug 2006Bartley Wood Business PHOOK £ 11.65m 6.60%Sep 2006Langley Quay Office ParkSLOUGH £ 14.2m 6.67%Aug 2006Del Monte Ho, London RSTAINES £ 10.3m 6.71%Sep 20068-11 Lisbon SquareLEEDS £ 2.5m 6.75%Oct 2006Springfield HouseBARNSLEY £ 3.5m 6.78%Oct 2006Brotherswood CourtBRISTOL £ 13.425m 6.81%Sep 2006Spectrum, Bond StreetBRISTOL £ 19.2m 6.90%Oct 2006Kilnbrook HouseREADING £ 1.5m 6.93%Aug 2006Solihull Business ParkSOLIHULL £ 7.625m 6.95%Sep 2006Navigation Park, Unit 3ABERCYNON £ 1.835m 7.00%Sep 2006Sherwood ParkNOTTINGHAM £ 2.66m 7.00%Sep 2006South East officesPORTFOLIO £ 70m 7.00%Oct 200639-43 Monument HillWEYBRIDGE £ 1.81m 7.00%Oct 2006Roseline Ho, Wylam WhSUNDERLAND £ 0.685m 7.11%Aug 2006St Catherines CourtSUNDERLAND £ 6.282m 7.17%Sep 2006QuaysideNEWCASTLE-UPON-TY £ 5m 7.25%Sep 2006Butterfield HouseST PETER PORT, CI £ 2.4m 7.45%Aug 2006Le BordageST PETER PORT, CI £ 14.8m 7.49%Oct 2006Croxley Business ParkWATFORD £ 6.1m 7.50%Oct 2006Solent Business ParkFAREHAM £ 26.718m 7.86%Oct 20065 Warwick RowCOVENTRY £ 1.055m 7.92%Sep 2006Westaway ChambersST HELIER, JERSEY £ 3.725m 8.50%Aug 2006Buchanan Business ParkGLASGOW £ 11.35m 8.87%


Unit ShopsDATETOWN ADDRESS PRICE YIELD

Oct 20066 Station ParadeBEACONSFIELD £ 0.488m 3.70%Oct 200699/103 Long AcreLONDON WC2 £ 17.5m 3.70%Aug 200619-26 Long AcreLONDON WC2 £ 25.5m 3.75%Aug 2006Toys R UsCARDIFF £ 1.5m 3.92%Sep 200627-29 Eastgate StreetCHESTER £ 5.75m 3.93%Sep 200652 George StreetEDINBURGH £ 3.31m 4.00%Sep 2006162 High StreetGUILDFORD £ 2.12m 4.00%Aug 2006Bank branchesPORTFOLIO £ 72m 4.00%Aug 2006Makinson ArcadeWIGAN £ 12.5m 4.00%Sep 2006395-397 Oxford StreetLONDON W1 £ 18.9m 4.03%Sep 2006104 Princes StreetEDINBURGH £ 18.2m 4.05%Oct 2006Temple & Essex HouseBIRMINGHAM £ 23.55m 4.10%Oct 200686, 87, 87a Broad StreetREADING £ 8.1m 4.13%Oct 2006Kendals, DeansgateMANCHESTER £ 77m 4.15%Aug 200618 Upper Market SquareSTOKE-ON-TRENT £ 2.81m 4.21%Oct 200654-58 Northumberland StNEWCASTLE-UPON-TY £ 31.4m 4.25%Sep 2006Elysium PortfolioPORTFOLIO £ 86.2m 4.28%Aug 2006165 New RoadWEST PARLEY £ 1m 4.40%Sep 2006155 High StreetAYR £ 2.4m 4.50%Sep 200624-28 Bank StreetNEWQUAY £ 4.295m 4.67%Sep 200690-94 BroadwayLONDON W5 £ 4.58m 4.68%Sep 2006130-136 DeansgateMANCHESTER £ 11.29m 4.70%Oct 200672-74 St Ann's RoadHARROW £ 2.8m 4.74%Sep 2006West George StreetGLASGOW £ 1.1m 4.75%Oct 2006Spencer PortfolioPORTFOLIO £ 67m 4.75%Sep 200656-58 Hope StreetWREXHAM £ 5.05m 4.78%Aug 2006250-254 Brompton RoadLONDON SW3 £ 16.7m 4.81%

Unit ShopsDATETOWN ADDRESS PRICE YIELD

Sep 2006Porsche CentreSILVERSTONE £ 4.59m 4.85%Sep 20062-14 Calverley RoadTUNBRIDGE WELLS £ 16.275m 4.87%Sep 200676-78 High StreetSOUTHEND-ON-SEA £ 2.5m 4.92%Oct 200620-22 High StreetEVESHAM £ 0.86m 4.95%Aug 200657 Above Bar StreetSOUTHAMPTON £ 3.75m 5.04%Sep 2006Central Square & WestwMAGHULL £ 21.25m 5.07%Oct 200624 Victoria SquareTRURO £ 1.05m 5.12%Aug 20067/8 Commercial StreetNEWPORT £ 3.06m 5.16%Sep 200628-36 Renfield StreetGLASGOW £ 9.2m 5.26%Aug 200677-81 George StreetALTRINCHAM £ 2.885m 5.30%Sep 200646-48 Fore StreetHEXHAM £ 7.7m 5.50%Aug 200616-28 High StreetWESTON-SUPER-MAR £ 4.28m 5.50%Aug 200635 Station RoadLONDON N22 £ 0.83m 5.70%Oct 200650 Cross StreetLONDON N1 £ 0.595m 5.71%Sep 20063-5 Castle StreetFORFAR £ 0.22m 5.75%Aug 2006176-186 TrongateGLASGOW £ 4.88m 5.75%Aug 20064/6/8 Marmion RoadSOUTHSEA £ 0.32m 5.89%Sep 2006Central SquareBILLINGHAM £ 15.25m 5.90%Oct 2006Gloucester RoadCHELTENHAM £ 3.81m 5.96%Oct 2006662 Mansfield RoadNOTTINGHAM £ 0.18m 6.20%Aug 2006Flixton Road, Urmston, 1MANCHESTER £ 1.46m 6.40%Aug 2006121 Clifton StreetCARDIFF £ 0.183m 8.16%Sep 20061/7 Yorkshire StreetBURNLEY £ 0.875m 8.60%


Shopping CentreDATETOWN ADDRESS PRICE YIELD

Sep 2006Gyle Shopping CentreEDINBURGH £ 225m 4.20%Oct 2006Lemon QuayTRURO £ 54m 4.50%Sep 2006Avenue Shopping CentreGLASGOW £ 70.5m 4.72%Aug 2006Langney Shopping CentrEASTBOURNE £ 26.25m 5.00%Oct 2006Britannia Shopping CentrHINCKLEY £ 18.7m 5.00%Aug 2006Church SquareST HELENS £ 75m 5.18%Sep 2006Parkway Shopping CentrMIDDLESBROUGH £ 20m 5.30%Oct 2006Buttermarket CentreIPSWICH £ 50.5m 5.35%Aug 2006Hillsborough Shop CentrSHEFFIELD £ 16.2m 5.58%Sep 2006Royal Quays Outlet VillNORTH SHIELDS £ 28.76m 5.80%Aug 2006The Centre Shopping MaMARGATE £ 13.1m 5.90%Aug 2006West Side PlazaEDINBURGH £ 18.2m 6.00%


Retail WarehouseDATETOWN ADDRESS PRICE YIELD

Aug 2006Gallions Reach, BecktonLONDON E6 £ 192m 3.35%Sep 2006Dominion RoadWORTHING £ 7.25m 3.58%Oct 2006Morfa Shopping ParkSWANSEA £ 105m 4.00%Sep 2006Tulip Retail ParkLEEDS £ 16m 4.19%Sep 2006Finnieston StreetGLASGOW £ 15.5m 4.20%Sep 2006Retail WarehousePORTFOLIO £ 79m 4.20%Sep 2006Gallows CornerROMFORD £ 29.8m 4.25%Sep 2006Lower High StreetWATFORD £ 14m 4.30%Oct 2006West Five Centre, ActonLONDON W3 £ 49.5m 4.40%Sep 2006Euro Retail ParkIPSWICH £ 66.34m 4.44%Oct 20062 Balnagask RoadABERDEEN £ 6.08m 4.50%Aug 2006Courthouse GreenCOVENTRY £ 9.63m 4.50%Sep 2006EVESHAM £ 25m 4.50%Oct 200630/39 Stourbridge RoadSTOURBRIDGE £ 4.3m 4.50%Sep 2006Lagan BankLISBURN £ 6m 4.60%



Retail WarehouseDATETOWN ADDRESS PRICE YIELD

Aug 2006Willowbrook Retail ParkLOUGHBOROUGH £ 29m 4.67%Oct 2006Forbury ParkREADING £ 39m 4.70%Sep 2006Newton RoadTORQUAY £ 20.85m 4.70%Sep 2006Kingstanding WayTUNBRIDGE WELLS £ 9.45m 4.77%Sep 2006Mallard Road Retail ParkBOURNEMOUTH £ 53m 4.80%Sep 2006Southbourne RoadST AUSTELL £ 7.55m 4.90%Aug 2006B&QSWINDON £ 35.15m 4.98%Aug 2006Slough PortfolioPORTFOLIO £ 73.5m 5.00%Sep 2006Bolton Gate Retail ParkBOLTON £ 31.835m 5.08%Aug 2006Avenue Retail ParkCARDIFF £ 37.5m 5.15%Sep 2006Ismat PortfolioPORTFOLIO £ 36.75m 5.50%Sep 2006Renfrew Retail ParkRENFREW £ 27.75m 6.27%


IndustrialDATETOWN ADDRESS PRICE YIELD

Aug 2006Great King St, HockleyBIRMINGHAM £ 7.5m 3.30%Aug 2006Rufford Road Ind EstateSOUTHPORT £ 7.5m 3.96%Aug 2006Heathrow CausewayHEATHROW £ 13.05m 4.70%Aug 2006Magna ParkLUTTERWORTH £ 17.78m 4.97%Sep 2006Boulevard Ind ParkLIVERPOOL £ 58.25m 5.20%Oct 2006Wates Way Ind EstateMITCHAM £ 13.83m 5.25%Aug 2006Trax Park, Phase 1 & 2DONCASTER £ 22.5m 5.35%Oct 2006Direct Wines WarehouseTHEALE £ 13.14m 5.36%Aug 2006RD ParkHINCKLEY £ 13.8m 5.45%Aug 2006Calladine ParkSUTTON-IN-ASHFIELD £ 3.12m 5.48%Aug 2006Nexus Point, Holford DrBIRMINGHAM £ 9m 5.50%Sep 2006Premier ParkLEEDS £ 6.65m 5.69%Oct 2006Green LaneHOUNSLOW £ 0.7m 5.70%Sep 2006Preston Farm Bus ParkSTOCKTON-ON-TEES £ 7.25m 5.70%Oct 2006Cosgrove Way Ind EstateLUTON £ 1.9m 5.88%Sep 2006Middleton CloseBANBURY £ 11.3m 5.90%Oct 2006Blenheim Ind EstateNOTTINGHAM £ 6.637m 5.90%Aug 2006Cwmdraw Industrial EstatEBBW VALE £ 0.576m 5.91%Oct 2006BrackmillsNORTHAMPTON £ 41.7m 5.94%Sep 20061 Kingsland GrangeWARRINGTON £ 4.45m 5.95%Sep 2006Gordano Way, PortburyBRISTOL £ 12m 6.00%Oct 200610A Newhouse ParkCHEPSTOW £ 2.055m 6.00%Sep 2006Hartlebury Trading EstatKIDDERMINSTER £ 10.5m 6.00%Oct 2006Radial PointSTOKE-ON-TRENT £ 14.3m 6.08%Sep 20062-4 Atholl RoadCHELMSFORD £ 5.41m 6.12%Aug 2006Canon Industrial EstateMILTON KEYNES £ 14.1m 6.16%Sep 2006Bow / BasildonPORTFOLIO £ 6.9m 6.20%Sep 2006Minworth Ind EstateSUTTON COLDFIELD £ 37.1m 6.20%Sep 2006Hampton Park WestMELKSHAM £ 12.36m 6.23%Sep 2006Nexus Phase 2, Bamel GLOUCESTER £ 7.2m 6.25%Aug 2006Maidstone Road, KingstoMILTON KEYNES £ 10m 6.40%Sep 2006Warner PortfolioPORTFOLIO £ 41.85m 6.40%Sep 200626 North RoadYATE £ 3.155m 6.40%Oct 2006DIRFT Logistics ParkDAVENTRY £ 17.95m 6.45%Sep 2006Ocean Trade CentreABERDEEN £ 8.1m 6.46%Sep 2006Taffs Well Ind EstateCARDIFF £ 3.685m 6.50%Oct 2006Orchard ParkGRANTHAM £ 4.25m 6.50%Aug 2006Parkside Ind EstateLEEDS £ 2.82m 6.53%Sep 2006Epson RoadPETERBOROUGH £ 1.165m 6.70%Aug 2006Industrial PortfolioPORTFOLIO £ 173m 6.75%Oct 2006High March Ind EstateDAVENTRY £ 3.2m 6.80%Sep 2006Link HouseTELFORD £ 7m 6.80%

IndustrialDATETOWN ADDRESS PRICE YIELD

Sep 2006Three Elms Trading EstatHEREFORD £ 4.1m 6.90%Aug 2006Wardpark Ind EstateCUMBERNAULD £ 2.1m 7.00%Sep 2006Seconique UnitWILLENHALL £ 3.329m 7.00%Sep 2006Telford Ind EstateTELFORD £ 3m 7.10%Oct 2006Penarth RoadCARDIFF £ 8.65m 7.15%Sep 2006Merthyr Tydfil Ind ParkMERTHYR TYDFIL £ 0.85m 7.18%Aug 2006Wirral Int Business ParkBROMBOROUGH £ 4.85m 7.30%Oct 2006Queen Elizabeth Dist ParTHURROCK £ 9.8m 7.30%Aug 2006Welsh industrialsPORTFOLIO £ 17m 7.40%Aug 2006Capenhurst Tech ParkCHESTER £ 8.43m 7.50%Sep 2006Groundwell Ind EstateSWINDON £ 4.4m 7.71%Oct 2006Gunstore RoadPORTSMOUTH £ 1.8m 7.80%Sep 2006Llantrisant Business ParkLLANTRISANT £ 9.75m 8.50%Sep 2006Drum Mains Park, Unit 5GLASGOW £ 1.588m 8.80%Sep 2006Wingate Close, BilborougNOTTINGHAM £ 0.825m 9.30%


LeisureDATETOWN ADDRESS PRICE YIELD

Sep 2006199 Midsummer BoulevaMILTON KEYNES £ 5.37m 4.23%Oct 2006Winchester RoadBASINGSTOKE £ 1.08m 4.60%Oct 2006Sheffield RoadCHESTERFIELD £ 3.95m 5.00%Oct 2006348 Morningside RoadEDINBURGH £ 0.344m 5.00%Aug 2006JD Wetherspoon PortfoliPORTFOLIO £ 50m 5.08%Sep 2006Harbourside, Building 12BRISTOL £ 0.586m 5.20%Sep 2006Ramada HotelsPORTFOLIO £ 73m 5.45%Sep 2006Saucel StreetPAISLEY £ 4.179m 5.50%Oct 2006Belfast Road, HollywoodBELFAST £ 7.6m 5.75%Sep 2006Waters Meeting RoadBOLTON £ 11.7m 6.10%Oct 2006Total Fitness gymsPORTFOLIO £ 30m 6.15%Sep 2006Chiswell St, The BreweryLONDON EC1 £ 39.7m 6.20%



New Acquisitions/Disposals

113 Brent Street, London NW4 2DXTel: 020 8203 2288 Fax: 020 8203 2951Joseph Ackerman (Director)

CommentThe company is understood to have paid £190m for the Philips Pension Fund's property portfolio.

Ackerman Group of Companies

2rd Floor, Panton House, 25 HaymarketLondon SW1Y 4ENTel: 020 7389 8840 Fax: 020 7389 8850Email (gen): [email protected]: www.ciref.bizMike Watters (Director)

CommentCIREF jointly provided funding for the £215m Trinity Walk Shopping Centre in Wakefield.

CIREF Ltd

3 Court Lodge, 48 Sloane SquareLondon SW1W 8ATTel: 020 7259 9660 Fax: 020 7259 9665Tony Khalatschi (Director)

CommentFlodrive is controlled by Tony Khalastchi. The company's recent acquisitions include 24 prime high street properties in a sale-and-leaseback with Barclays (£67m) and 25 HSBC high street branches understood to have been acquired in a JV with PruPim (£95m).

Flodrive Holdings Ltd

6th Floor, 60 London Wall, London EC2M 5TQTel: 020 7767 5600 Fax: 020 7767 5601Web: www.ingrealestate.co.ukSimon Latham (Senior Director)

CommentThe closed-ended actively managed funds was launched in 1997 and invests in a balanced portfolio of UK institutional properties that offer both income and capital growth. The fund was valued at £730m (30/06/06). Recent acquisitions include West Five Centre, Acton (£49.5m).

ING Lionbrook Property FundFund Manager: ING Real Estate Investment Management

Opus 49, High StreetHenley-in-Arden, Warwickshire B95 5AATel: 01564 794008 Fax: 01564 794009Email (gen): [email protected]: www.opusland.co.ukRichard Smith (Managing Director)

CommentOpus has spent more than £75m on property during 2006 including Warwick Business Park (£41m) and the Littlewoods distribution warehouse in Burton-upon-Trent (£23m).

Opus Land Ltd

Exchange House, 13-14 Clements CourtIlford, Essex IG1 2QYTel: 020 8252 8000 Fax: 020 8252 8080Email (gen): [email protected]: www.petchey.co.ukKailayapillai Ranjan (Chief Executive)

CommentPetchey Holdings is understood to have invested £500m in UK & Europe during 2006 on direct property and joint ventures.

Petchey Holdings Plc

20 Balderton Street, Mayfair, London W1K 6TLTel: 020 7659 7999 Fax: 020 7659 7998Email (gen): [email protected]: www.rockinvestments.comPaul Kemsley (Director)

CommentRock bought the former City headquarters of Midland Bank for £40m in May, and then sold it five months later to the ex-deputy finance minister of Russia, Vladimir Chernukhin, for £72m.

Rock Investment Holdings Plc

3 Park Place, St James's, London SW1A 1LPTel: 020 7493 5357 Fax: 020 7493 5358Email (gen): [email protected]: www.tonstate.comDr Edward Wojakovski (Group Chief Executive)

CommentTonstate paid Hilton Hotels Corp £417m for the 1054-bedroom London Metropole and the 794-bedroom Hilton Birmingham.

The Tonstate Group Limited


New Acquisitions/Disposals

St Bransdon House, 29 Great George StreetBristol BS1 5QTTel: 0117 920 0100 Fax: 0117 920 0101Email (gen): [email protected]: www.urbina.co.ukDavid Pigott (Director)

CommentUrbina was formed from the Bristol team of Charterfield. Recent acquisitions include Tower Wharf, Bristol (£30m) bought in a JV with Rockspring.

Urbina Ltd

23 Berkeley Square, London W1J 6HETel: 020 7665 6622 Fax: 020 7665 6832Nic Fox (Managing Principal)

CommentWestbrook Partners is a private US real estate investment firm which has bought more than £750m of UK property over the last two years, including Dolphin Square in Pimlico and the former assets of Greycoat.

Westbrook Partners

Latest Investors to the Market

33 Great Portland Street, London W1W 8QGTel: 020 7436 1212 Fax: 020 7436 1350Email (gen): [email protected]: www.masonphilips.co.ukFindlay McAlpine (Director)

CommentAshbourne Property, the fund management arm of Mason Phillips, and private equity vehicle Tyburn Lane launched the Etonfields limited partnership following the acquisition of two portfolios from Eton College and a syndicate of Dutch investors for a total of £41m. The investment partnership is planning to assemble a portfolio in the region of £250m.

Ashbourne Property Fund ManagersFund Manager: Mason Philips

Tanshire House, Shackleford RoadElstead, Surrey GU8 6LBTel: 01252 704272 Fax: 01252 704273Web: www.medicx.co.ukMike Adams (Managing Director)

CommentMedicX Fund, a healthcare property investor, is to raise £80m through an IPO on the London Stock Exchange. The company intends to use the funds to invest in modern, purpose built primary healthcare properties in the United Kingdom.

MedicX Ltd

Heathcoat House, 20 Savile RowLondon W1S 3PRTel: 020 7292 3350Rhys Lewis (UK Director)

CommentRockpoint is a US real estate fund founded in 2003. Rockpoint paid £410m for the Cutlers Gardens office complex in EC2.

Rockpoint Europe Ltd

10a Hanover Square, London W1S 1JGTel: 020 7861 1174 Fax: 020 7861 1361Web: www.rutleycapitalpartners.coColin Davis (Director)

CommentEstablished in 2005, Rutley Capital Partners is the real estate private equity business of Knight Frank. RCP currently manage assets of approximately €200m for institutions and high net worth individuals.

Rutley Capital Partners LLP

94-96 Great North Road, London N2 0NLTel: 020 8815 1600 Fax: 020 8815 1601Email (gen): [email protected]: www.safeland.co.ukLarry Lipman (Managing Director)

CommentSafeland teamed up with Electra Partners to create a £50m fund to invest in properties with strong asset management potential.

Safeland Plc

3 Prince Albert Road, London NW1 7SNTel: 020 7267 2828 Fax: 020 7267 4771Email (gen): [email protected]: www.westcity.co.ukIra Rapp (Director)

CommentThe business of Westcity plc is property and property-related investment, development and management. Westcity formed a Property Fund with the Stonehage Group which will invest in commercial and residential property across the UK and Europe.

Westcity Holdings Ltd


SECTOR STATISTICS

Figures are subject to rounding and future revision

Central LondonOffice

Rest of UKOffice

ShoppingCentre

RetailWarehouse

Shop /Supermarket Industrial Leisure Other

VALUE (£m)

Total

2004.Q4 2,795 1,868 2,984 977 1,021 1,964 1,099 1,011 13,7192005.Q1 3,397 1,412 2,242 1,119 1,971 728 2,094 1,793 14,7562005.Q2 3,304 1,610 762 911 1,129 911 597 752 9,9762005.Q3 3,949 1,835 1,887 991 1,224 1,604 542 2,668 14,7002005.Q4 5,390 2,222 2,827 1,668 990 1,658 1,712 3,068 19,5352006.Q1 3,675 1,926 784 1,046 905 828 1,533 2,278 12,9752006.Q2 4,411 1,484 906 354 832 1,517 1,501 740 11,7452006.Q3 3,135 2,424 923 1,647 668 960 723 1,303 11,7832006.Q4 929 545 672 252 243 338 607 348 3,934


Rest of UKOffice

ShoppingCentre

RetailWarehouse


NUMBER OF TRANSACTIONS

Total

2004.Q4 90 166 45 53 151 123 38 45 7112005.Q1 68 123 38 29 102 105 31 41 5372005.Q2 83 142 24 38 132 116 33 35 6032005.Q3 91 145 30 44 119 130 38 49 6462005.Q4 107 162 41 69 146 119 36 58 7382006.Q1 63 132 19 35 81 75 20 21 4462006.Q2 96 136 14 29 86 86 19 18 4842006.Q3 77 136 18 32 75 77 17 32 4642006.Q4 16 47 8 6 16 23 9 6 131


Rest of UKOffice

ShoppingCentre

RetailWarehouse


% OF TOTAL VOLUME BY VALUE

Total

2004.Q4 20.4 13.6 21.8 7.1 7.4 14.3 8.0 7.4 100.02005.Q1 23.0 9.6 15.2 7.6 13.4 4.9 14.2 12.2 100.02005.Q2 33.1 16.1 7.6 9.1 11.3 9.1 6.0 7.5 100.02005.Q3 26.9 12.5 12.8 6.7 8.3 10.9 3.7 18.1 100.02005.Q4 27.6 11.4 14.5 8.5 5.1 8.5 8.8 15.7 100.02006.Q1 28.3 14.8 6.0 8.1 7.0 6.4 11.8 17.6 100.02006.Q2 37.6 12.6 7.7 3.0 7.1 12.9 12.8 6.3 100.02006.Q3 26.6 20.6 7.8 14.0 5.7 8.1 6.1 11.1 100.02006.Q4 23.6 13.9 17.1 6.4 6.2 8.6 15.4 8.8 100.0

to end October 2006

Last 12 months 16,669 8,080 5,293 4,615 3,305 4,976 5,734 6,658 55,330Last 6 months 6,994 3,953 2,369 2,180 1,461 2,415 1,820 2,305 23,497Last 3 months 3,048 2,696 1,446 1,540 753 1,058 1,044 1,277 12,862Calender year to date 12,151 6,379 3,284 3,300 2,649 3,643 4,363 4,669 40,438

to end October 2006

Last 12 months 339 573 87 150 369 358 90 114 2,080Last 6 months 164 280 36 55 144 162 43 50 934Last 3 months 68 149 20 32 64 76 22 27 458Calender year to date 252 451 59 102 258 261 65 77 1,525

to end October 2006

Last 12 months 30.1 14.6 9.6 8.3 6.0 9.0 10.4 12.0 100.0Last 6 months 29.8 16.8 10.1 9.3 6.2 10.3 7.7 9.8 100.0Last 3 months 23.7 21.0 11.2 12.0 5.9 8.2 8.1 9.9 100.0Calender year to date 30.0 15.8 8.1 8.2 6.6 9.0 10.8 11.5 100.0

The UK Property Investors Bulletin - November 2006 Edition

INVESTOR STATISTICS

Figures are subject to rounding and future revision

InstitutionsQuoted

Property CoPrivate

Property CoOverseasInvestors

PrivateIndividuals Occupiers Others

PURCHASES (£m)

TotalFinancial /

Banks

2004.Q4 3,482 2,469 2,336 3,418 1,202 395 212 13,7192052005.Q1 2,986 1,319 3,323 4,133 1,166 949 453 14,7564282005.Q2 2,478 1,560 1,908 2,686 612 250 423 9,976582005.Q3 4,549 1,428 2,770 3,844 1,277 114 642 14,700752005.Q4 4,597 1,432 3,835 6,360 2,058 173 970 19,5361122006.Q1 3,040 382 2,581 3,864 1,772 15 275 12,9761,0482006.Q2 2,911 538 1,912 3,792 1,203 212 167 11,7441,0092006.Q3 3,784 1,990 2,138 2,343 1,137 219 100 11,784732006.Q4 873 474 1,262 990 181 0 38 3,935117

SALES (£m)

InstitutionsQuoted

Property CoPrivate


PrivateIndividuals Occupiers Others Total

Financial /Banks

2004.Q4 2,090 2,316 3,960 2,231 598 1,351 498 13,7196762005.Q1 2,498 772 2,746 3,031 773 4,208 560 14,7561692005.Q2 1,619 1,182 2,804 1,607 711 1,193 746 9,9761142005.Q3 3,145 1,206 3,868 2,610 1,267 1,148 1,118 14,7003372005.Q4 4,453 1,586 5,023 3,879 1,415 2,080 773 19,5363272006.Q1 2,428 1,778 2,643 3,404 680 701 496 12,9768462006.Q2 932 1,324 3,535 2,825 1,016 1,599 424 11,744902006.Q3 2,769 1,499 2,437 2,462 1,054 796 514 11,7842542006.Q4 593 321 940 889 327 672 193 3,9350

NET INVESTMENT (£m)

InstitutionsQuoted

Property CoPrivate


PrivateIndividuals Occupiers Others Total

Financial /Banks

2004.Q4 1,391 153 -1,624 1,188 604 -956 -286 0-4712005.Q1 488 546 577 1,102 394 -3,259 -107 02592005.Q2 859 378 -896 1,079 -99 -943 -323 0-552005.Q3 1,404 221 -1,098 1,234 10 -1,034 -476 0-2622005.Q4 143 -153 -1,188 2,481 643 -1,907 197 0-2162006.Q1 612 -1,397 -62 460 1,092 -687 -221 02022006.Q2 1,979 -786 -1,623 968 187 -1,386 -257 09182006.Q3 1,015 492 -299 -119 83 -577 -414 0-1812006.Q4 279 154 322 102 -146 -672 -156 0117

to end October 2006

Last 12 months 14,433 4,450 10,606 15,715 5,789 595 1,458 55,3292,282Last 6 months 6,857 2,793 4,920 5,937 2,217 289 292 23,495190Last 3 months 3,901 1,772 2,684 3,010 1,058 184 123 12,862130Calender year to date 10,607 3,384 7,893 10,989 4,293 446 580 40,4392,247

to end October 2006

Last 12 months 10,299 6,179 13,128 12,544 4,306 5,106 2,257 55,3291,511Last 6 months 4,065 2,979 5,829 5,177 2,204 1,863 1,047 23,495331Last 3 months 3,021 1,432 2,888 2,536 1,100 1,081 550 12,862254Calender year to date 6,722 4,921 9,555 9,579 3,077 3,768 1,628 40,4391,190

to end October 2006

Last 12 months 4,134 -1,730 -2,522 3,172 1,484 -4,511 -799 0772Last 6 months 2,793 -186 -909 760 13 -1,575 -755 0-141Last 3 months 880 341 -205 474 -42 -897 -427 0-124Calender year to date 3,885 -1,537 -1,662 1,410 1,216 -3,322 -1,048 01,057


Notes1. 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.

INVESTMENT TRANSACTION STATISTICS

12,151

6,379

3,284 3,3002,649

3,6434,363

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000


Rest of UK Office Shopping Centre Retail Warehouse Shop /Supermarket

Industrial Leisure

Tran

sact

ion V

olum

e £

m

UK Institutions Property Companies Overseas Investors Private Indiv iduals Other Total

Value£m

InitialYield

Numberof deals

Key results to end-October 2006

Last month

Last three months

Last six months

Last twelve months

Calender year to date

Sector Statisticson Page 24

Investor Statisticson Page 25

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

Year to Date (Jan - Oct)

3,935

12,862

23,495

55,329

40,439

131

458

934

2,080

1,525

5.06

5.08

5.16

5.38

5.31

Buy£m

InitialYield

Sell£m

Institutional Investment results to end-October 2006

Last month

Last three months

Last six months

Last twelve months

Calender year to date

Net£m

3,885

4,134

2,792

880

280593873

3,901 3,021

4,0656,857

10,299

6,72210,607

14,433

4.80

4.83

4.83

5.17

4.99

Property Data is a leading independent provider of information on the UK investment transactions market. As well as recording all publicly available investment transactions, Property Data carries out extensive direct deal research with many of the UK's leading investment agents.



A - IVBL Front Cover - Property DataLONDON W1 £ 11.75m 3.15% 2,497m² - 1,308m² retail + 1,188m²...

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