
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

July 2006
European real estate stocks advanced strongly in July, led by the UK market. Our NAV rose 5.84% and this compared with a 4.72% increase in our benchmark index. The share price rose by 8.29% as the discount to asset value fell from 10.8% to 8.7%. UK property shares had a particularly buoyant month, spurred by continued investor demand in the property investment market and by strong letting news in the London office market. The largest stocks led the way with Land Securities +10% helped by a strong AGM statement and Slough Estates +8.5% on entering the FTSE 100 Index during the month. The specialist London stocks, Derwent Valley, Shaftesbury and Great Portland all rose between7.5% and 9% and St Modwen climbed 7.4% on good interim numbers. On the Continent, Urbis, the Spanish housebuilder rose 26% following an agreed cash takeover bid. The Trust was overweight in Urbis shares and this news means that our three largest Spanish equity holdings (worth some £37m) are currently all subject to partial or total cash takeover bids. Elsewhere Dutch and French property shares gained 7.4% and 6.6% respectively as interim results met or exceeded expectations, while Italy returned just 0.06% on concerns over the proposed stamp duty changes. Our largest transaction in the month was the investment of a further £4m in Shaftesbury plc, which specialises in owning Soho and Covent Garden property. We slightly lightened holdings in Land Securities and Slough in the last week of the month following their share price rises. Net debt was £110m at the end of July giving on balance sheet gearing of 14.2%.