
Ordinary Shares

Price (p)	149.40
Published NAV	171.60
Yield	3.89
Discount	-13.84

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

Sigma Shares

Price (p)	66.90
Published NAV	88.60
Yield	2.99
Discount	-25.20

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

For Ordinary Shares

January 2009
For UK and European property shares the Christmas cheer lasted just six days into January during which we saw price rises of 5% to 10%. Thereafter the month saw almost daily declines, despite the vigorous base rate cuts on both sides of the Channel. Before Christmas the need for rights issues was vaguely in the air and mentioned in our monthly reports, but in the second week of January it suddenly became an accepted tenet that all the big UK stocks would have to have them and share prices adjusted downwards rapidly as a result, aided somewhat by short selling. The large European stocks suffered much less as their balance sheets have more room for manoeuvre. Sterling, which fell 16% against the Euro in December, recovered 8.9% in January. Over the month the benchmark fell 13.25%, the Ordinary share class NAV declined 11.17% and the share price fell 9.91%. The relative outperformance of the benchmark was principally due to our cash holdings. These started the month at £81m almost all in Euros. We distributed £6m as an interim dividend, spent a net £2.5m on shares (sold more UK and bought in France) and saw currency movements reduce the sterling value of the Euro cash by £3.5m to end the month with gross cash of £69m. The muted rights issues are now upon us. Bank debt for commercial property remains scarce and expensive and rental values are more obviously in decline than they were two months ago. We continue to be cautious of this market, even though value is starting to be apparent in some quarters.