
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

September 2006
It was a strong month for property shares as global inflation fears were reduced, corporate activity resumed after the summer break and specialist fund flows were enhanced by the completion of cash bids in Spain. The Trust’s net asset value rose 7.56% and this compared with a 6.58% increase in our benchmark index. The share price rose 5.34%. Our NAV performance benefited from the inclusion of the six monthly revaluation of our directly held properties as at the end of September. The result was an overall gain of some £5.4m or 9% over the March 2006 numbers. Property shares were particularly strong on the Continent with double digit gains in Spain, Greece and Sweden. The majority of this performance came in the last ten days of the month when the closure of the cash bid for Colonial and the tender offer in Metrovacesa released up to €4.5 billion for reinvestment by sector specialist funds. UK property shares underperformed rising 4.4%. In the UK, Grainger Trust, which is one of the Trust’s top twenty investments, was a notable feature rising 20% after reporting a takeover approach. The major changes in the portfolio over the month were the sale of the whole of the Colonial holding and of the majority of the Metrovacesa holding. The proceeds were some £28m and resulted in the Trust’s net debt dropping from £104m to £75m. As a result month end gearing was down from 13.7% to 9.2%, and our Spanish investments down from 5% of gross assets to 2%.