
Ordinary Shares

Price (p)	149.00
Published NAV	170.30
Yield	3.89
Discount	-13.91

Prices correct as of close 2010-09-06. Last Published NAV is as at the previous business day. Source: Trustnet

Sigma Shares

Price (p)	66.70
Published NAV	88.10
Yield	3.00
Discount	-24.69

Prices correct as of close 2010-09-06. Last Published NAV is as at the previous business day. Source: Trustnet

For Ordinary Shares

January 2008
As noted elsewhere it was a torrid month in global markets during which sentiment swung wildly. European real estate stocks found some respite from their headlong fall of 2007. This was especially so in the UK where buying interest was based on hopes for a speed-up in base rate cuts and a belief that the investment market has seen the worst of the value declines. Indeed at one stage in the month the UK property share index was up 15% relative against the All Share. Overall the benchmark index rose 1.50% in sterling terms, the NAV was up by 2.43% and the share price rose 6.65% as the discount to NAV narrowed sharply. The direct property investment market has had a much more active month. Downwards price adjustments have been much more rapid than in past bear markets and this has brought out bargain hunters. Several industry leaders have commented that the worst is passed in terms of value falls, but this hope is clearly subject to the changes in the UK economy that will occur during 2008. The nascent property derivative market points to a less sanguine outlook with pricing predicting an average 16% value decline in 2008 with a further much smaller fall in 2009 and value growth not re-emerging until 2010. In terms of activity, we generally sat on the sidelines through the month, mesmerised by the extraordinary volatility in pricing and sentiment. Overall sales exceeded purchases, but our modest net cash position of £10m was unchanged as we paid out the interim dividend in the month. Half the euro cash position was switched back to sterling before the month end.