
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

March 2008
In another very volatile month for global equities, European Real Estate stocks were again a relative ocean of calm. They even managed a third positive month in a row in Sterling terms, though this was only due to the rapid (4.3%) appreciation of the Euro over the period. Earnings and NAV reports generally continued to be a positive influence on pricing, though the largest German property company, IVG fell 22% on disappointing figures.The Ordinary share class NAV declined 0.63% and the share price fell 1.18% as the discount moved out from 12.6% to 13.14%. The month end NAV result included the impact of the half yearly external revaluation of the Trust’s direct property portfolio. This showed a decline of £4.7m or 6.3% to £69.54m over the six months since September. The percentage decline a figure which compares with a 14.0% decline in the capital value of the IPD monthly index over the same period. Activity was modest. We sold the remainder of our Grainger holding and added modestly again to Unibail, which has now become our largest investment. We sold a small property at auction for in excess of the September 2007 valuation. The net cash level remained at around £4m.