
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

November 2006
November saw another solid performance from Pan European real estate stocks aided by strong investment flows into specialist mutual funds. The Trust’s NAV rose by 3.3% while the benchmark rose 3.28%. The share price increased by 6.67% as the discount to NAV dropped from 9.7% to 6.8%. For the first time the Trust’s gross assets exceed £1 billion. UK property shares slightly underperformed rising by 2.5%.
Good interim results from both Land Securities and British Land were anticipated and neither share gained much ground. Liberty fell 3.50% in reaction to a surprise £330m share placing and to fears that Xmas retail sales would be poor. In contrast, Hammerson, Slough and Big Yellow rose by between 6% and 7.5%. On the Continent the best performance came from Italian property shares which rose by over 10% on news that the Italian government is considering the introduction of REITs in mid 2007. In France the merger of Fonciere des Regions and Bail was completed in early November, and the combined company has entered our top ten investments. The Trust’s interim figures were released on November 22 and a copy of the announcement is available on the website. The printed statement will be dispatched to shareholders on 14 December. The interim dividend of 1.7p (1.5p last year) will be paid on January 8.