Building_the_Future_Dec08_lowres

Building the Future
Please refer to important disclosures at the end of this report.
Autumn 2008
Real Estate
Sector Overview: Real Estate Factbook
RESEARCH
Simon Moore
simon.moore@libertascapital.com
+44 (0)20 7569 9675

Autumn 2008 Building the Future
1
Contents Page
Executive Summary 3
Sector Overview 3
General Recommendations 3
Specific Recommendations 3
Introduction 5
Discounts 5
Regional Summaries 7
Global 7
UK 8
Western Europe 10
Central Eastern Europe 12
South Eastern Europe 13
Russia and the CIS 14
India 16
China 17
Asia 18
Background to this Fact Book 19
About the Fact Sheet Layout 22
Abbreviations 22
Individual Company Fact Sheets 23
Index 161

3
Building the Future
Real Estate Sector Overview
There are many investment opportunities at the moment – from deeply discounted
shares of listed property companies to direct exposure to the underlying properties or
projects – driven by forced sellers of the shares of these companies and forced sellers
of the assets themselves. We expect the underlying assets from portfolios of many of
the listed companies to be for sale, either direct properties that need to be sold to
reduce gearing or development projects that are unable to access funding. We also
expect governments’ spending on infrastructure will increase as they seek to build
themselves out of a recession (see the ‘Bridges to Nowhere’ policy in Japan over the
last 15 years), which will benefit buyers of both individual infrastructure projects and
the listed funds of infrastructure projects.
General Recommendations
In general, we like countries with GDP growth. Although scaled back from prior 2008
estimates, GDPs of some countries are still over 5% (e.g. India, China or Russia). We
prefer countries with transparent ownership of underlying real estate and where
repatriation of gains to investors is possible. We like real estate where there is some
form of government guarantee or support to the occupier and returns (e.g. the
healthcare sector or properties let to government departments). Also, we like real estate
and infrastructure projects which have local monopolies, long-term contracts and are
newly completed, so are no longer in the construction stage. We like companies which
have a commitment to pay dividends or where there are planned capital exits or wind-
up dates. The interests of shareholders’ and managers’ being closely aligned is also
desirable.
We prefer to avoid countries undergoing a recession (e.g. UK, US, EU). We also seek
to avoid high gearing and speculative project developments.
Specific Recommendations
Investors who are keen to maintain exposure to the UK should look at those
companies with low or no gearing and where there is a clearly announced commitment
to unchanged dividends such as F&C Commercial Property Trust (FCPT), ISIS
Property Trust (IPT), IRP Property Trust (formerly ISIS Property Trust 2) (IRP)
and UK Commercial Property Trust (UKCM).
Other income-seeking investors should look at those companies whose properties are
occupied by government or where rents are ultimately backed by government.
Examples of those holding properties that are in the healthcare sector, such as those let
to GPs, are: Assura Group (AGP), MedicX Fund (MXF) and Primary Health
Properties (PHP) or Wichford (WICH), which holds properties let directly to
government in the UK or in the EU.
While we remain cautious of the new-build residential sector, those that target secured
rents could also be safer havens. In Germany, Speymill Deutsche Immobilien
(SDIC) has more than 26,000 units in over 1,000 properties in the mid-market sector
with secured and rising rents.
Infrastructure assets typically have long leases and guaranteed rents including schools,
hospitals, roads and railways. We suggest these assets are safer havens in times of poor
economic prospects. For international infrastructure exposure, the choice is HSBC
Infrastructure (HICL), 3i Infrastructure (3IN) and Babcock & Brown Public
Partnerships (BBPP). For country specific infrastructure, there is Macquarie Korea
(MKIF), Vietnam Infrastructure (VNI), India Infrastructure (IIP), Trikona
Trinity Capital (TRC) and Eredene Capital (ERE) – the latter two invest in India.
Residential rentals
Likes
Dislikes
Healthcare and government
lets
Infrastructure
UK
Executive Summary

Building the Future Autumn 2008
4
In south eastern Europe (SEE) and central eastern Europe (CEE) we like: Bulgaria and
the wider Balkans region; companies that have a diversity of several projects, not just in
one sector or location; projects at different stages of completion; and projects that are
complete and fully let. Our favourites are: Bulgarian Land Development (BLD),
Equest Balkan Properties (EBP); Eastern European Property (EEP), Atlas
Estates (ATLS), Engel East Europe (EEE), Plaza Centers (PLAZ). In Ukraine
our preferred choice is Aisi Realty Public (AISI).
We like Russia, China and India where the economies are growing rather than
shrinking as in the West or in other more developed nations. Specifically, in Russia we
like: Raven Russia (RUS); and in China: China Real Estate Opportunities
(CREO) and Speymill Macau Property (MCAU). In India, we prefer: Hirco
(HRCO) for residential, Eredene Capital (ERE) for infrastructure and West
Pioneer Properties (WPR) for commercial.
BRIC economies
Eastern Europe

5
Introduction
In this fact book, we cover 138 real estate companies listed on the stock exchange in
London. Our universe covers investment funds as well as trading companies and
developers along with investors. Although listed in London, the underlying properties
and projects are all over the world. Most are specialised and focus on a single country
or sector and are managed by locally-based, experienced teams.
Initially, we covered only those stocks listed in London either on AIM or the main
market of the LSE. We have since added stocks listed on Euronext, in response to our
institutional clients’ requests, and are currently looking to add companies listed on
other exchanges such as on the Specialist Fund Market (SFM) and in Frankfurt as well
as those listed on the exchange in the country where they invest e.g. Russia and
Poland.
Discounts
Our daily list (available on request) shows that there are some very wide discounts.
There are companies where the property portfolios are valued at €2bn yet the market
value is only €10m. Some clearly have problems with high gearing, bank loan covenant
breaches and dividends cut or dividends suspended. However, there are others that are
well run, with sound tenants and good dividend cover such as Speymill Deutsche
Immobilien (SDIC), which is on a 93% discount to NAV.
Sector Discounts
Total Market Value
(£m)
Number of Companies Size-Weighted Average Discount
(%)
UK – REITs and Equivalents 15,057 28 -49.8
UK – Healthcare and Government-Backed 278 3 -35.1
UK – Other 426 9 -28.8
Western Europe – Germany 260 8 -81.3
Western Europe – Other Countries 701 14 -60.1
South East Europe (SEE) – Bulgaria & Romania 261 12 -56.6
Europe - Russia, Ukraine, CIS, Baltic States & Nordic 654 11 -87.2
Central & Eastern Europe (CEE) – Other Countries 646 11 -74.7
Asia – China 538 6 -77.6
Asia – India 410 10 -64.9
Asia – Other Countries 480 9 -78.2
Other Countries 111 3 -67.3
Global 470 7 -43.8
Infrastructure 1,519 7 -23.2
Total 21,810 138 -51.5
Source: Libertas Capital
Discounts to NAV for Selected Individual Companies
Company (Ticker) Sector Discount
(%)
Total Assets Market Value
(£m)
Gross Gearing
(%)
Net Gearing
(%)
Invista Foundation Property (IFD) UK -79.1 £660m 55 39 30
Speymill Deutsche Immobilien (SDIC) Germany -92.9 €2.0bn 29 60 54
Invista European Real Estate Trust (IERE) Pan Europe -92.1 €812m 21 54 49
Equest Balkan Properties (EBP) SEE -77.2 €430m 48 40 38
Raven Russia (RUS) Russia -80.8 $1.4bn 117 19 -
Atlas Estate (ATLS) CEE -97.6 €558m 7 28 25
China Real Estate Opportunities (CREO) China -78.2 £814m 109 31 22
Speymill Macau Property (MCAU) Macau -86.8 U$290m 22 7 0
Source: Libertas Capital
Stock exchanges covered

6
Why are Discounts so Wide?
As well as forced sellers, as described earlier, many companies do not communicate
well with shareholders. Uncertainty of investments’ progress or valuation can lead to
extra selling pressure.
Some companies do not publish NAVs, hence investors do not know the value of what
they hold. Often, there is poor communication: websites that are not easy to follow;
few RNS announcements; infrequent updates of trading and progress; managers based
at a distance from shareholders and have infrequent contact with investors (either face-
to-face or via conference calls).
The UK REIT-like offshore property investment companies, as a group, have the best
communication with shareholders. They co-ordinate announcements so that all
quarterly report updates are at the same quarter ends and they announce within a few
days of each other. The on-shore UK REITs by comparison are amongst the worst
communicators, reporting only half-yearly at best and with a long delay between the
quarter end and the announcement of results.
Most have websites but all should. All should announce NAVs quarterly and should
have the same quarter end. Companies need to announce standard information, not
just to comply with LSE rules (e.g. AIM rule 26) – regular quarterly newsletters or fact
sheets are useful for shareholders and their underlying clients too, especially in the case
of funds or private client fund managers.
In general, more detail is needed in the announcements: NAV per share and quarterly
changes, including and excluding current period revenue; gearing; LTV (gross and net
of cash); LTV maximum covenant; interest rate on the loans, interest cover and
minimum covenant; total property value and quarterly changes; geographical and sector
spread of investments; the top ten properties or projects and their values; rents; tenant
quality; average lease length; development progress at each project; dividend
projections; dividend cover; and total expense ratios (‘TERs’).
We suggest that co-ordination could be brokered by a trade body like the Association
of Investment Companies (AIC), Reita or the European Public Real Estate Association
(EPRA).
Shareholder communication
What companies should
announce
Specific detail needed

7
Regional Summaries
Global
3IN.L
BBPP.L
BLK.L
CNMI.L
RIG.L
DGRE.L
HGPC.L
IGRE.L
PSPI.L
TRY.L
3i Infrastructure plc
Babcock & Brown Public Partnerships Ltd
Blackrock International Land plc
Camper & Nicholson Marina Investment Ltd
CQS Rig Finance Fund Ltd
Delek Global Real Estate Ltd
Henderson Global Property Co. Ltd
ING Global Real Estate Securities Ltd
Public Service Properties Investments Ltd
TR Property Investment Trust plc
Infrastructure
Social Infrastructure
Commercial – Industrial – Residential
Marina
Infrastructure – Oil Rigs
Commercial
Commercial
Commercial
Care Homes in the UK, Switzerland & Germany
Shares of Listed Property Companies
Analyst’s Comments
Economies worldwide look to be in the doldrums with low levels of growth forecast
for 2009 and 2010 (+0.8% and +1.9% respectively, down from +2.5% in 2008 and a
respectable +3.8% in 2007).
However, an average figure masks the variation at the individual level. While the global
outlook is muted but positive, some countries are in recession and others have good
growth prospects. We will cover the individual countries and regions later in this
report.
Recommendations
Of the companies in our universe with a global portfolio, we prefer the safer haven of
infrastructure assets, with Babcock & Brown Public Partnerships (BBPP) – our
preferred choice. We continue to expound the virtues of infrastructure funds. Typically,
they have diverse portfolios with long contracts backed by governments; this should
make them safer havens than other listed investments. We like BBPP for its global
reach via its connections with the Babcock & Brown group. Of the London-listed
infrastructure funds, BBPP has one of the best global deal sourcing networks through
the B&B connections. The mix of mature and development projects means there is a
strong likelihood of both NAV and income growth. We believe that BBPP would suit
risk-averse investors who prefer inflation-linked dividends from a diverse portfolio of
international infrastructure assets.
Economic Summary
World 2008 2009 2010
Real GDP (%) 2.5 0.8 1.9
Consumer Price (%) 6.1 3.8 3.2
Curr. Acct. Bal. % GDP - 0.7 0.7
Source: Economist Intelligence Unit

8
United Kingdom
TAP.L Advantage Property Income Trust Ltd Offices, Industrial, Retail, Leisure, Retail
Warehousing
AGR.L Assura Group Ltd Infrastructure – Healthcare
BYG.L Big Yellow Group Self Storage
BLND.L British Land Co. plc Commercial
BXTN.L Brixton plc Industrial – Warehouse
CHI.L Close High Income Properties plc Commercial
CHID.L Close High Income Properties plc (D shares) Commercial
CIC.L Conygar Investment Company plc Residential – Leisure – Retail
DLN.L Derwent London plc Office
DSC.L Development Securities plc Retail – Industrial – Office
FCPT.L F&C Commercial Property Trust Ltd Commercial
GPOR.L Great Portland Estate plc Office – retail – residential
HCFT.L Highcroft Investment plc Diversified
HICL.L HSBC Infrastructure Company Ltd Infrastructure
IRET.L ING UK Real Estate Income Trust Ltd Retail – Office – Industrial – Leisure – Warehouse
INL.L Inland plc Residential
IFD.L Invista Foundation Property Trust Ltd Commercial
IRP.L IRP Property Investments Ltd Commercial
IPT.L ISIS Property Trust Ltd Commercial
LAND.L Land Securities Group plc Residential – Commercial
LII.L Liberty International plc Shopping Centres
LSR.L Local Shopping REIT plc Retail
LSP.L London & Stamford Property Ltd Commercial
MCKS.L McKay Securities plc Commercial
MXF.L MedicX Fund Ltd Infrastructure – Healthcare
MKLW.L Mucklow (A&J) Group plc Industrial – Commercial
OTE.L O Twelve Estate Ltd Shopping Centres – Industrial – Retail
OPF.L Off-Plan Fund Ltd Residential
PHP.L Primary Health Properties plc Infrastructure – Healthcare
RLE.L Real Estate Investors plc Commercial – Industrial
REO.L Real Estate Opportunities Ltd (Ordinary Shares) Commercial
RUGB.L Rugby Estates Investment Trust plc Commercial
SGRO.L Segro plc Commercial
SHB.L Shaftesbury plc Retail – Residential – Office – Leisure
SVN.L Sovereign Reversion plc Residential
SLI.L Standard Life Investment Property Income Trust plc Commercial
THG.L Terrace Hill Group plc Commercial – Residential
TCSC.L Town Centre Securities plc Retail
UKCM.L UK Commercial Property Trust Ltd Commercial
WNER.L Warner Estate Holdings plc Retail
WKP.L Workspace Group plc Office – Industrial
Analyst’s Comment
The UK is currently in recession, but property values have been falling for c.18 months.
However, this reversed an appreciating trend which began in 1996 and represents one
of the most dramatic rallies in recent history.
UK Capital Values Rise (1989-2008) UK Capital Values Fall (2006-2008)
Source: Thomson Datastream and Investment Property Databank (IPD)
Economic Summary
United Kingdom 2008 2009 2010
Real GDP %) 1.0 -2.1 -0.9
Curr. Acct. Bal. % GDP -2.5 -2.1
Source: IMF International Financial Stats
IPD: CAPITAL INDEX (TIME-WEIGHTED) 11/12/08
89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08
100
120
140
160
180
200
220
240
UK IPD: CAPITAL INDEX (TIME-WEIGHTED) NADJ

9
The beginning of this rally was marked by the entry of pension funds that were fuelled
by the desire to diversify away from equities and gilts. Pension funds move slowly, like
oil tankers. Once turned on they are hard to stop. Institutions continued to buy
property until the yield on fully let property fell below the risk free rate on gilts - a
reverse yield gap – this was a clear indication that UK property values had risen too far.
The process began to reverse in early 2008 before the current banking crisis began.
Real estate sellers predominated and values fell, NAVs fell, private clients and their
pensions fund woke up to the falls. Investing in bricks and mortar were not totally safe
– valuations could fall. Publicity around falling real estate values triggered sales from
open-ended property funds. This process forced fund managers to sell properties to
meet client redemptions, despite a shortfall of buyers. Unit trusts and other open-
ended funds tried to limit client redemptions, but saw further pressure when the ‘credit
crunch’ impacted financial institutions, resulting in a recognised recession. Commercial
vacancies are only just beginning to rise. Precious support to capital value falls has
come from rental growth of 0.5% pcm i.e. 6% p.a. However, this looks under threat
now. Currently, there is rent support for values but this may not last for much longer.
The UK real estate market is mature and transactions are the most transparent in
Europe. Valuers marked property values down to levels that buyers told them they
would be paying. Not so in Europe, which seemed to hold up but valuers now have to
recognise the real value and are marking down prices more aggressively.
Most listed property funds have high levels of debt which leads to geared falls at the
NAV per share level. Asset managers cannot sell properties quickly enough and in large
enough size to deleverage. Several funds hit their loan to value (‘LTV’) covenant limits
on their bank loans. Loans also have interest rate cover (‘IRC’) tests, but none of the
funds are yet in breach of these. The next bank loan test for most companies will be at
2008 year-end. We expect to see the results of these tests and any repercussions in
1Q09.
We do not expect to see banks calling in loans and ‘fire sales’ of whole portfolios (this
will only hurt valuations even more and hit other parts of bank loan books). Instead,
banks will concentrate on IRC, forcing companies to reduce outgoings as much as
possible so that interest cover is maintained. We expect this to lead to dividend
cuts/suspensions, management fee cuts or both. We may also see consolidation to
reduce total expense ratios and rescue issues of equity to bolster balance sheets
(possibly as preference shares).
Our checks with UK property managers suggest they are de-gearing as fast as possible.
Many have pushed out predictions for a real estate recovery – currently not until 2010.
Recommendations
Avoid: city and residential, developers, new REITs, high gearing. Like: good dividend
cover and forecast unchanged dividends, low gearing, government backed income e.g.
GP surgeries (e.g. Primary Health Properties (PHP), Assura Group (AGR),
MedicX Fund (MXF)) or government-occupied buildings (e.g. Wichford (WICH)),
or infrastructure (e.g. HSBC Infrastructure (HICL)). Investors who are keen to
maintain exposure to the general UK commercial sector should look at those
companies with low or no gearing and where there is a clearly announced
commitment to unchanged dividends, such as F&C Commercial Property Trust
(FCPT), ISIS Property Trust (IPT), IRP Property Trust (formerly ISIS
Property Trust 2) (IRP) and UK Commercial Property Trust (UKCM).
Gearing
When will it end?
Dividend cuts likely

10
Western Europe
ALPH.L Alpha Pyrenees Trust Ltd France – Spain Industrial - Logistics - Office - Retail
APT.L AXA Property Trust Pan-Europe Offices – Retail – Industrial – Leisure – Hotels
CAL.L Capital & Regional Germany Retail
CRF.L Ciref Pan-Europe Retail – Commercial
DTR.L Dawnay Day Treveria Germany Retail
DLD.L Deutsche Land Germany Retail – Office – Hotel
DDE.L Develica Deutschland Germany Office – Retail – Distribution
HMSO.L Hammerson France – UK Retail
HSTN.L Hansteen Holdings Pan-Europe Commercial
IPI.L Invesco Property Income Trust Pan-Europe Commercial
IERE.L Invista European Real Estate Trust France – Germany commercial
KEIF.L Kenmore European Industrial Fund Pan-Europe Industrial
MERE.L Matrix European REIT Pan-Europe Commercial
PUMA.L Puma Brandenburg Germany Residential – Retail – Commercial
RTY.L Rutley European Property Ltd Pan-Europe Commercial
SRE.L Sirius Real Estate Ltd Germany Office – Industrial – Business Park
SPNV.L Spazio Investment Italy Industrial
SDIC.L Speymill Deutsche Immobilien Co. Germany Residential
SGL.L Summit Germany Germany Commercial
TPF.L Taliesin Property Fund Germany Residential
TCF.L Terra Catalyst Fund Pan-Europe Listed Real Estate Securities
TRYS.L TR Property Investment Trust plc (Sigma) Pan-Europe Listed Real Estate Securities
WICH.L Wichford Europe – UK Government – Offices
Analyst’s Comment
Europe – West
This is a mature market with many commercial and investment properties available.
Valuations in general are currently being marked down having been held up by valuers
for far too long. It had looked like Western Europe was initially immune from the falls
in the UK. Properties in Europe had not been so highly priced as in UK, so we do not
expect that there should be as hard a fall as in the UK.
However, even in Europe, retailers are going bust and vacancies are rising. Within
Europe, the real estate sector in each country is different. Real estate is one of only a
few sectors that cannot be treated with one global set of rules (unlike, for example,
Automotives or Electronics)
Because Kenmore European Industrial Fund (KEIF) has such a broad portfolio of
properties across Western Europe, we use news and results at KEIF to represent a
good summary of the whole of the Western European commercial property sector:
“European property values continue to decline as a result of the wider economic
climate, with the industry expecting values to fall further through to the end of 2008.
Lack of credit has seen the investment market slow considerably with transactions
limited to mostly individual property sales of assets under €20 million. While occupier
demand remained strong in 3Q08, albeit slower than expected for the summer months,
tenant demand is expected to slow as economies see sluggish GDP growth and, in
some cases, recession. Bank debt remains difficult to source at gearing levels over 50%
and recent interest rate cuts have not been reflected in the terms offered by the banks
with the inter-bank lending rate remaining stubbornly high and reflecting the banking
institutions' continued concerns about lending to one another. The European property
market is not expected to recover in the near term. Higher CPI is a positive factor in
the current market and should help off-set some of the downward value pressure and
tenants are expected to minimise their own costs by remaining in situ on lease expiry,
avoiding moving costs.” (Source: Kenmore European Industrial Fund (KEIF))
European Property Market Outlook
We believe the UK property market will fall 45% from its peak in February 2007.
Europe, excluding the UK, is unlikely to fall as far since Continental property markets
did not get so overvalued.
Economic Summary
France 2008 2009 2010
Real GDP (%) 0.8 -0.7 0.6
Curr. Acct. Bal. % GDP - -1.4 -1.3
Germany 2008 2009 2010
Real GDP (%) 1.9 -0.7 0.4
Curr. Acct. Bal. % GDP - 7.0 5.8
Italy 2008 2009 2010
Real GDP (%) -0.06 -1.0 0.5
Spain 2008 2009 2010
Real GDP (%) 1.38 -1.2 0.7
Source: Economist Intelligence Unit,
Eurostat, and IMF

11
Norway
This has seen the worst falls in value. It is a very thin market and there have been very
few transactions. However, there are several positives: recent cuts in interest rates
should stimulate the sector; low tenant risk; no speculative developments; and a strong
economy based on its oil and gas revenues.
Sweden
We prefer Sweden to Norway as the economy is more diversified: more industries,
more cities and more investors.
Finland
This is the strongest property market in northern Europe. Tenants typically do not
move, leasing demand is consistent and there are many private buyers.
Germany
The market has regional characteristics. The east is suffering. The normally resilient
south west is reeling from recent financial shocks (including problems at Hypo Real
Estate) and rising unemployment. It will be another six to nine months before the full
effects of the downturn materialise. We expect real estate values to fall but less severely
than in the UK.
France
Laws to retrieve rents from defaulting tenants are particularly hard to enforce in
France, making property yields vulnerable in a recession. France is usually a strong
market and Paris has been the second largest property market in Europe after London.
Property in Paris became the most overvalued of all European markets after London
so is likely to falloff quite steeply.
Belgium
This is a defensive economy though the Fortis impact will ripple out to affect the wider
economy. Property around Antwerp port and nearby trade routes should be particularly
good defensive investments.
Netherlands
The real estate market is very transparent, like the UK. Local and international
investors are active in the sector. Although property is expensive, it is a defensive
sector at the moment.
Recommendations
Avoid: Commercial property in Germany and France where steeper falls are expected.
Avoid: Spain – where oversupply means rents are falling and there are high vacancy
rates.
Netherlands, Belgium and Finland are good defensive plays. We also like: the German
residential sector (e.g. Speymill Deutsche Immobilien (SDIC)); infrastructure and
properties occupied by governments (e.g. Wichford (WICH)); countries which have a
transparent property sector, a wide institutional investor base and a high level of
transactions (e.g. Netherlands).

12
Central Eastern Europe
ABL.L Ablon Group Ltd Budapest – Prague –
Bucharest
Office, Residential, Hotel, Retail, Logistics
ATLS.L Atlas Estates Ltd Pan CEE Commercial – Residential
CPT.L Carpathian plc Pan CEE Retail – Shopping Centres – Supermarkets –
Warehousing
EEE.L Engel East Europe NV Pan CEE Residential
NAT.L Nanette Real Estate Group NV Pan CEE Residential
PHU.L Pactolus Hungarian Property plc Budapest Residential
PLAZ.L Plaza Centers NV Pan CEE Shopping Centres
Central and Eastern European (‘CEE’) countries are nascent markets. There are few
investment opportunities. Accordingly, we believe that there are more developments
than investment opportunities.
One of the main drivers has been the enlargement of the European Union to include
countries in the East. In 2004 the Czech Republic, Estonia, Cyprus, Hungary, Latvia,
Lithuania, Malta, Poland, Slovakia and Slovenia joined. This was a historic enlargement
which signified the re-unification of Europe after decades of division. On January 1
2007, Bulgaria and Romania also joined, completing this historic process (see the
section on South Eastern Europe (‘SEE’) later in this report which covers Bulgaria and
Romania). In each of these countries, there were several years of fast GDP growth in
the immediate run-up to joining the EU and beyond, as these countries sought to catch
up to Western Europe (in terms of wages), increased access to finance and increasing
inward investment levels from expanding Western European companies.
This process has continued with new EU joiners Bulgaria and Romania. We expect the
process to be repeated with further joiners. Current candidate countries are Croatia, the
Former Yugoslav Republic of Macedonia (FYROM) and Turkey. The potential
candidate countries are Albania, Bosnia and Herzegovina, Kosovo (under UN Security
Council Resolution 1244), Montenegro and Serbia.
Typically, many residents in former communist countries: (a) own their own homes and
(b) have little to no debt. As access to borrowings has been increasing more personal
loans have been taken out but they are still at much lower penetration levels than in the
West. Also new entrants to the EU have generally experienced increased trade, inward
investment and jobs. Salaries have been rising from amongst the lowest levels in
Europe. Both effects have fuelled consumer spending. This has opened up real estate
opportunities in the residential sector (for locals trading up) and for shopping malls
(for international brands wishing to capture increasing consumer spending when their
home Western European markets appear to be slowing).
EU membership also triggers the release of infrastructure grants. This is aimed at
opening up new trading routes and necessitates the building of new motorways, ring
roads, tunnels and bridges. The European Commission has identified key trade
corridors, especially the pan Europe transport corridor X (linking Austria to Greece
and Turkey via Bulgaria and Serbia) and pan Europe transport corridor IV (linking
Germany to Romania, Turkey, Bulgaria and Greece).
In July 08 the EU suspended grants to Bulgaria and Romania as these countries had
not cleaned up corruption quickly enough. When these grants resume it should trigger
renewed FDI (Foreign Direct Investment) & investment opportunities in these two
countries.
Meanwhile transport corridor VII is the Danube, a natural and already busy highway
linking the Black Sea with southern Germany and via the Main canal to the Rhine and
the North Sea. We see key projects on the Danube as beneficiaries of increasing East-
West trade across Europe as the CEE and SEE countries develop.
EU enlargement
New and future joiners
Increased domestic
consumption
European infrastructure
grants
Danube transport corridor

13
Both the CEE and SEE are newer real estate markets, offering fewer investment
opportunities. Development projects predominate. These take longer and have more
risk so investors should expect higher returns than for investment (i.e. completed and
fully let) properties.
To be successful, these developments need locally based and experienced managers.
Investors based abroad are often unfamiliar as to how the local real estate market
works so need a trusted local manager. There also needs to be good and regular
communication of progress back to the investor.
In the current market, where access to bank financing is restricted (even in the CEE
and SEE markets), developers are scaling back on projects. Banks are currently only
lending to the better projects which have pre-lets to quality tenants and are managed by
experienced developers.
In October the ECB extended a €5bn credit line to Hungary to cover an acute shortage
of euros among Hungarian banks. The ECB has never publicly helped an EU member
that is not in the Eurozone until now. The IMF will also help Hungary. New loans to
banks in Hungary may ease developers’ access to finance and kick start construction.
Projects previously on hold may be able to restart. This could improve sentiment to the
listed real estate companies in Hungary.
Recommendations
Avoid: speculative developments, second homes, holiday-related. Like: Bulgaria and the
wider Balkans region; companies that have a diversity of several projects, not just in
one sector or location; projects at different stages of completion; projects that are
complete and fully let. Favourites: Bulgarian Land Development (BLD), Equest
Balkan Properties (EBP); Eastern European Property (EEP), Atlas Estates
(ATLS), Engel East Europe (EEE), Plaza Centers (PLAZ).
South Eastern Europe
AREO.L Argo Real Estate Opportunities Fund Romania Commercial
BKSA.L Black Sea Property Fund Ltd Bulgaria Vacation Property on Black Sea – Ski
Resort
BLD.L Bulgarian Land Development plc Bulgaria Residential – Commercial
BPD.L Bulgarian Property Developments plc Bulgaria Commercial
CBX.L Cubus Lux plc Croatia Casino – Marina – Resort
DCI.L Dolphin Capital Investors Ltd Greece -Turkey – Cyprus
– Croatia
Residential – Leisure
EEP.L Eastern European Property Fund Ltd Bulgaria – Romania -
Turkey
Office – Warehouse – Retail
EBP.L Equest Balkan Properties plc Bulgaria – Romania Commercial – Retail – Industrial Property
ECDC.L European Convergence Development
Company plc
Bulgaria – Romania Residential – Retail – Commercial –
Industrial Property.
ECPC.L European Convergence Property Company
plc
Turkey – Romania Commercial – Retail –Industrial
FAB.L Fabian Romania Ltd Romania Commercial – Residential
LCSR.L Lewis Charles Romania Property Fund Ltd Romania Commercial – Residential
LCSS.L Lewis Charles Sofia Property Fund Ltd Bulgaria Residential – Sky Resort
MBF.L Madara Bulgarian Property Fund Ltd Bulgaria Land Development
NEPI.L New Europe Property Investment plc Romania – CEE Commercial Property
OCH.L Orchid Developments Ltd Bulgaria Residential – Hotel – Retail – Logistic
OTM.L Ottoman Fund Ltd Turkey Residential
The SEE region covers the newest EU joiners and the countries next in line to join.
Just before and just after joining the EU a country shows the highest growth (e.g. see
the Baltic States and CEE countries when they joined the EU). Within the SEE region,
there are more than enough Bulgarian real estate companies which would benefit from
consolidation. The sea and ski residential sector seems to be the worst hit by recession.
We prefer the commercial property sector, fully let properties and infrastructure
projects.
Economic Summary
Czech Republic 2008 2009 2010
Real GDP (%) 4.03 3.0 3.4
Hungary 2008 2009 2010
Real GDP (%) 1.9 3.0 3.8
Poland 2008 2009 2010
Real GDP (%) 5.2 2.9 3.6
Source: Eurostat, Economist Intelligence
Unit and IMF
Economic Summary
Bulgaria 2008 2009 2010
Real GDP (%) 6.25 1.9 2.6
Curr. Acct. Bal. % GDP - -18.8 -10.5
Romania 2008 2009 2010
Real GDP (%) 8.60 2.6 3.9
Turkey 2008 2009 2010
Real GDP (%) 3.50 1.5 3.3
Consumer Price (%) 10.48 10.8 7.0
Source: Central Bank of the Republic of
Turkey, Eurostat, IMF and the National
Statistical Institute

14
Russia and the CIS
AFID.LI AFI Development plc Russia Commercial – Residential
AISI.L Aisi Realty Public Ltd Ukraine Residential – Office – Warehouse
DUPD.L Dragon-Ukrainian Properties & Development plc Ukraine Commercial
KDDG.L KDD Group NV Ukraine Office – Retail – Residential – Mixed-Use
MLD.L Mirland Development Corp plc Russia Residential – Commercial
RUS.L Raven Russia Ltd Russia Logistic
RGI.L RGI International Ltd Russia Residential – Office
XXIC.L XXI Century Investments Public Ltd Ukraine Shopping Centres – Offices – Hotels – Logistics
– Residential
Analyst’s Comment
Russia has been riding the crest of a commodity boom as it has significant oil and gas
reserves. This benefit has led to a healthy growth rate, major spending on infrastructure
projects, a growing consumer demand and a real estate building program. It appears
that Russian GDP growth rate averaged approximately 7.3% p.a. over the last four
years. The current forecast (as at December 8, 2008) is 7% for 2008, 3.7% for 2009 and
5% for 2010. We believe that these are still good growth rates in comparison with the
global average. There has been an average of 13.8% growth in residential construction
over the last four years. However, we feel that inflationary pressures are now being felt
and the lack of liquidity within the banking system has put speculative development
projects on hold.
Russia’s prime minister and president have both indicated that they remain committed
to spending the country’s oil wealth on infrastructure projects. A new road building
program should greatly facilitate access to the Russian interior. We expect that linking
up towns will open them up to logistics and commercial entrants. New ring roads will
allow former potato fields to become logistics depots, shopping malls, commercial or
residential developments. Such change of use will bring significant increases in land
value.
Individuals are typically un-leveraged yet own their own home. While they have started
to borrow and consume, we expect that the bank lending hiatus will dampen consumer
spending. However, Russia’s banks were typically not involved in the sub-prime inter–
bank securitisations so are not invested in now worthless CDOs. Banks are still hit by
problems with access to each other’s capital. Credit (like elsewhere) is now harder to
get. GDP will slow but is still positive. The winter Olympics in Russia’s Black Sea
resort of Sochi in 2014 should also be a boom to infrastructure and real estate projects.
We see strong demand for housing from new customers from Russia’s growing middle
classes out of a total population of 143 million. Two-thirds of the current national
social housing stock is in need of replacement. Better housing for ordinary Russians is a
political priority for the government. There continues to be chronic shortages of
residential housing and a large obsolete housing stock in the country. While Russia has
recently felt the effects of the global credit crisis, the Russian economy is well
capitalised and continues to grow. (Source: PIK Group)
Residential development projects get significant deposits from pre-sales. It is even
possible for developers to charge interest on the unpaid amounts so encouraging
buyers to pay as much as possible up front; this significantly reduces the cash required
to fund the construction stage of residential projects. There is little need for bank debt
to fund construction. Buyers of high end residential property may be hit by reduced
availability of mortgages. However, at the lower end of the market, cash buyers
predominate and most customers do not require mortgage financing from credit
institutions.
PIK Group targets this lower end of the market. While smaller developers may face
difficulty from a short-term tightening of credit, PIK Group is a well capitalised
business with strong cash flows that has continued to grow revenues throughout this
challenging period in the financial markets. While the pre-fab housing that PIK
Russian Residential Market
Economic Summary
Russia 2008 2009 2010
Real GDP (%) 7.00 3.7 5.0
Consumer Price (%) 14.03 11.2 9.4
Curr. Acct. Bal. % GDP 2.2 1.1
Ukraine 2008 2009 2010
Real GDP (%) 6.39 -2.5 1.5
Consumer Price (%) 25.25 11.6 11.3
Source: Central Bank of Russia, IMF and
Thomson Financial

15
manufactures en masse might not appeal to Western readers, these are just what middle-
income Russians want. There seems to be no weakness in the prices that they can
charge for their units and the company is doing very well financially. PIK does not
build speculatively like other (mostly Moscow based) Russian residential developers and
its land banking and expansion plans will also serve to distance itself from its rivals.
The GDRs of this company are London listed.
In Russia, the real estate sector is not transparent and the planning approval process is
slow. It is important to look for experienced local developers before investing.
Recommendations
Avoid: high end residential sector which has been overdone; most portfolios that are
not diversified and are focused only around Moscow; small, poorly-financed
developers.
Like: logistics. We are positive about the prospects for the Russian logistics market and
about Raven Russia (RUS) in particular. The continued availability of bank financing
to RUS confirms the quality and financial viability of the projects and confidence in the
RUS management team’s ability to execute.
Ukraine
In October the IMF agreed to a US$14bn loan to Ukraine. New loans to banks in
Ukraine may ease developers’ access to finance and kick start construction. Projects
previously on hold may be resumed. This factor could improve sentiment to the listed
real estate companies that have projects in Ukraine.
The IMF has, in principle, agreed to this loan to the Ukraine (the fact that the country
turned to the IMF for help shows how far pro-West the Ukraine has moved). How
good this will be for the country depends on what strings are attached. The transaction
still needs to be approved by Ukraine’s government, but this was recently dissolved.
New elections originally scheduled for early December will be needed to speed this
loan approval process.
Recommendations
We like Aisi Realty Public (AISI). AISI itself has no debt and so is not dogged by the
fall out from the global credit crunch. It has a $65m loan facility (but undrawn) in place
with the Cyprus bank – “Marfin Bank” – and has signed another loan with the
European Bank of Reconstruction and Development (EBRD). It will total US$37.3m
from the EBRD, although half of this will be syndicated to other banks. EBRD
approval of this loan also demonstrates that the AISI management team has passed the
EBRD’s thorough due diligence process.
Ukraine economy

16
India
ATPT.L Alpha Tiger Property Trust Ltd Business Parks – Commercial – Residential
ERE.L Eredene Capital plc Commercial/IT Parks – Residential – Retail
HRCO.L Hirco plc Residential – Commercial
IIP.L Infrastructure India plc Infrastructure
ISH.L Ishaan Real Estate plc IT Park – SEZ Projects
NBPC.L Naya Bharat Property Co. plc Indian Listed Real Estate Securities
TRC.L Trikona Trinity Capital plc Infrastructure – Residential – Township – Business Park – Hotels
UCP.L Unitech Corporate Parks plc Commercial
WPR.L West Pioneer Properties Ltd Shopping Mall
YATRA.AS Yatra Capital Ltd Retail – Commercial – Residential – Mixed-use – Hospitality
Analyst’s comment
India, China and Russia have been vying for the top spot for the best GDP growth in
the world. The latest forecasts for 2009 are 6.1%, 7.5% and 3.7% for India, China and
Russia respectively; this puts India in second place. In Russia, growth has been
underpinned by oil and gas revenues. In China, growth was centrally planned based on
cheap labour, limited capitalism and controlled inward investment. India not only has
relatively cheap labour, but also has free market capitalism, a well-educated middle
class, is English speaking and has a democratic government. While the democratic
process may lead to more delays and the planning and approval process may take
longer in India, once done it is legal and binding. Crucial legal title for land ownership
and real estate transactions are much more transparent than in either China or Russia.
Indians are getting wealthier and there is a growing middle class. Migration to cities has
created a demand for new homes. City centres are too congested and infrastructure is
outdated and to fix this needs a big commitment. Central and local governments are
courting foreign investors for major projects in all sectors: commercial, residential and
infrastructure.
There is an unsatisfied demand for better residential apartments. The increasingly
sophisticated domestic consumer has created a need for better shops and malls.
Growing cities means there is a need for more infrastructure projects.
India has benefited from outsourcing by international companies for many years (e.g.
software development, call centres). In the current downturn, we expect India to
benefit since we expect an increase in outsourcing as companies cut costs to survive.
Key bottlenecks that need addressing are fuel supplies, housing and infrastructure.
India needs ports, roads, railways, logistics’ warehouses and distribution centres
(especially of refrigerated food stocks). We expect that increased infrastructure
investments will lead to significant rises in land values in surrounding areas and open
up more areas for development.
There is not much local experience in infrastructure projects, which traditionally has
been concentrated in a few family firms. Ideally, infrastructure project managers need:
good access to local planners; central government infrastructure experience; port
experience; and logistics experience.
For non-infrastructure developments e.g. hotels, commercial or shopping malls, these
are comparatively new sectors in India and home-grown expertise is rare. The best
teams will often include many who have gained their experience abroad or with
international organisations.
Recommendations
Avoid: inexperienced managers, unfocused portfolios. Likes: Residential: Hirco
(HRCO), run by the long-established Hiranandani family; Infrastructure: Trikona
Trinity Capital (TRC) & Eredene Capital (ERE); Commercial: West Pioneer
Properties (WPR).
Economic Summary
India 2008 2009 2010
Real GDP (%) 7.9 6.1 7.1
Source: IMF

17
China
AGP.L Asian Growth Properties Ltd Hong Kong Commercial – Hotel – Retail – Residential
CPIL.L Canton Property Investment Ltd Guangzhou Shopping Mall
CCPL.L China Central Properties Ltd Mainland Commercial – Retail – Residential (Prime Location)
CREO.L China Real Estate Opportunities Ltd Mainland Office – Residential – Warehouse
MPO.L Macau Property Opportunities Fund Ltd Macau Residential – Mixed-Use – Logistic
PACL.L Pacific Alliance China Land Ltd Mainland Residential – Office – Retail – Hospitality – Industrial
MCAU.L Speymill Macau Property Co. plc Macau Commercial – Residential
CPIL.L Canton Property Investment Ltd Guangzhou Shopping Mall
CCPL.L China Central Properties Ltd Mainland Commercial – Retail – Residential (Prime Location)
CREO.L China Real Estate Opportunities Ltd Mainland Office – Residential – Warehouse
MPO.L Macau Property Opportunities Fund Ltd Macau Residential – Mixed-Use – Logistic
Analyst’s Comment
China is the powerhouse of the Asia region. Forecast growth is still the highest in the
world at 7.5% for 2009 and 2010. China has its own domestic consumer which is
becoming a major driver for growth. Population movement from rural regions to cities
has put demands on those cities. Increased per capita wealth has led to greater demand
for higher quality goods and food, which has pushed up prices globally. Nevertheless,
China remains a cheap source of labour for the west. As demand from the US stalls, we
expect China’s growth to slow, but it will be offset by increased home consumption.
Gambling is a Chinese obsession. The world’s biggest rollers are Chinese. Macau is the
only place in China where gambling has been legalised. Two billion people live within a
five hour flight to Macau. Gambling revenues have surpassed those at Las Vegas. New
casino building has recently stalled but there is enough capital committed to existing
projects to keep the economy growing for many more years. On top of this, gambling
stocks are a known safe haven for investors in times of recession. The province of
Macau, Hong Kong and neighbouring Guangdong are all committed to major
infrastructure projects to glue the region together (land reclamation, roads, bridges,
ports, airports). We believe that this will increase traffic between the cities and should
harmonise property prices and valuations. Macau property is currently significantly
cheaper than Hong Kong.
Recommendations
Like: Cash rich companies, which are well run, diversified portfolio of projects,
investments and developments: e.g. China Real Estate Opportunities (CREO),
Speymill Macau Property (MCAU).
Avoid: smaller companies with few projects; companies that only have early stage
development projects; and projects where development financing has not been secured.
Economic Summary
China 2008 2009 2010
Real GDP (%) 9.7 7.5 7.5
Curr Acct Bal % GDP 9.2 7.3
Source: IMF

18
Asia
ASPL.L Aseana Properties Ltd Vietnam Shopping Mall – Residential – Office – Hospitality –
Retail
JRIC.L Japan Residential Investment Company Ltd Japan Residential
JSM.L JSM Indochina Ltd Vietnam Retail – Residential
MKIF.LI Macquarie Korea Infrastructure Fund Korea Infrastructure
PEJR.L Prospect Epicure J-REIT Value Fund plc Japan Japan-Listed REITs
SGLV.L SGL Vietnam Development Ltd Vietnam Residential
VNI.L Vietnam Infrastructure Ltd Vietnam Infrastructure
VPF.L Vietnam Property Fund Ltd Vietnam Listed Equities
VNL.L Vinaland Ltd Vietnam Residential – Office – Retail – Industrial – Leisure
Analyst’s Comment
China’s neighbours covet the growth shown by the cities of Shanghai and Shenzhen –
and want their own boom towns. Other Asian countries are planning similar Special
Economic Zones along the lines of the China model. There are many capital city re-
developments planned, including ring roads, bridges, tunnels and the re-zoning of
existing agricultural outskirts. Countries are trying to avoid the mistakes of quick and
unplanned developments and crucially there is increasing transparency to real estate
transactions.
Recommendations
Likes: Vietnam, especially infrastructure projects e.g. Vietnam Infrastructure (VNI);
Macquarie Korea Infrastructure (MKIF).
Avoid: Japan, Thailand.
Economic Summary
Japan 2008 2009 2010
Real GDP (%) 0.69 -0.1 0.9
Curr. Acct. Bal. % GDP 4.2 3.6
Korea 2008 2009 2010
Real GDP (%) 4.11 1.6 2.3
Vietnam 2008 2009 2010
Real GDP (%) 6.30 4.3 5.3
Source: Eurostat, Economist Intelligence
Unit and IMF

19
Background to this Fact Book
This fact book is aimed at institutional investors. Libertas Capital has sales teams based
in Hong Kong, Dubai, London and New York. From these offices, we can reach
investors based anywhere in the world. Please contact one of our offices for a hard
copy of this report. Through our global reach, many of our institutional clients and
wealth managers have large cash reserves, particularly from our Middle East sales
clients. These investors see the current market as a buying opportunity at the company
level (listed and unlisted) and in respect of individual properties or projects.
To aid comparisons between companies, we divided the set into c.12 geographical
regions, with global and infrastructure as separate sections. Individual regions are
analysed separately subsequently. The main body of the fact book is alphabetical with
one page per company; inevitably this is only an abbreviated summary of each
company.
Several London listed companies are currently seeking (or have already achieved) dual
listings to attract new investors. For example, AIM is not a recognised investment
exchange (RIE), so making it easier to list new companies here, but this non-RIE status
is a barrier to investment for some institutional investors, particularly continental
European funds. A dual listing on Euronext, Frankfurt or Warsaw for example would
widen the likely investor base and help to narrow discounts.
A key difference between companies in the same geographical remit is whether they are
an investor or a developer. The former hold fully let properties (usually commercial
offices, retail or industrial); these normally pay dividends and management is focused
on maximising rent. The latter do not usually pay dividends, have many years before a
project can be exited and are held for capital growth.
Some clients prefer to invest in funds, which are externally managed and have an
independent board of directors to look after shareholders’ interests. These funds have
an annual management fee and performance fee. Other clients prefer trading
companies to funds, especially for development companies, where there is usually less
‘leakage’ from fees and where on the ground managers typically have more financial
incentives.
Several institutions that usually invest in this universe do not seem to have heard of
many of these companies. Some of those we speak to are surprised that there are so
many to choose from and that the global reach is so wide. Most of our universe is new:
the first AIM listed, non-UK company launched in March 2005. Most were launched
by a small group of stockbrokers to a small list of mostly UK based institutions. Since
launch, brokers have not significantly widened the net of shareholders in these
companies. Often fund managers complain to us of no/little after IPO sales or
research support once the sponsor has secured its launch fee. (3%-5% launch costs are
typical compared with secondary dealing commission of less than 0.5%). There has also
been significant turnover of staff at brokers that cover these stocks (UBS, Teather &
Greenwood, Bridgewell, Collins Stewart, Dresdner Kleinwort Benson, Arbuthnot,
KBC Peel Hunt) leading to periods of little analyst coverage of news and a dearth of
research on these companies.
In the UK, the first property funds launched from 2002 onwards and were set up as
offshore investment companies, usually based in the Channel Islands, to avoid tax. This
trend took place before the UK introduced its own REITs regime. The success of the
offshore route triggered the UK to bring forward the introduction of UK REITs to
prevent all UK property companies moving offshore. Several pension funds, fund
managers and banks offloaded their UK commercial properties (partly to comply with
the Basel II accord, see below) into newly listed property investment companies. Thus,
they were fully invested from the start and paying dividends. In many cases, the issuing
company retained a significant shareholding. Private investors and their advisers were
delighted with these issues. The Investment Management Association (IMA)
recommended that private clients should have an allocation of their portfolios in to
property for diversification and risk reduction. New launches traded at premia, which
Layout of this book
Funds versus trading
companies
Why do we write this?
History of the UK-listed
sector from 2002
Who is this report aimed at?

20
encouraged further launches. Over £2bn was raised for new listed UK property funds
in the three years from 2002-2005.
Moreover, there was a boom time in open-ended funds that invested in UK property.
Significant new money was raised here too (readers may remember the much publicised
launch of New Star’s UK property fund). This trend created significant buying demand
for UK commercial properties. Property prices were pushed up, further fuelling fund
inflows from private clients and pension funds. Eventually, property values rose to
levels where the rental yield fell below the yield on UK risk free gilts; this was a clear
signal that prices had risen too far. The meteoric rise turned into a catastrophic fall.
Many open-ended funds were forced to suspend redemptions, as they were unable to
sell properties quick enough to finance exits. Even now, many of these funds are still
forced sellers of UK property. Unfortunately, the timing is poor given the recession.
Occupiers in all sectors (retail, industrial and offices) are under pressure. Vacancies are
rising and rents are falling. Buyers are staying away and larger transactions are non-
existent. Values will continue to be marked down until buyers start to come forward.
None of the fund managers to whom we speak is predicting an improving situation
until 2010.
Basel II is a voluntary accord agreed between international banks in developed markets.
The Basel Committee on Banking Supervision published the agreed text in June 2004
with the aim of revising the standards governing the capital adequacy of internationally
active banks. This accord requires banks and other deposit takers to use fair or market
value for their assets. This requirement has led to the securitisation of property
portfolios in the UK (a listed share has a market price so can be valued daily as
opposed to a portfolio of hundreds of buildings which at best are valued only
quarterly). The fair value approach also led in part to securitisations of mortgage
portfolios, but that is another story. The EU enshrined the principles of Basel II in a
banking law, which became effective on January 1 2008. Other countries have adopted
it too: India joined in April 2008 and its banks must comply by April 1 2009; US banks
must comply by January 2009.
Once the listed market became saturated with UK property companies, and premium
ratings fell to discounts, new fund launches began to focus on overseas property. First,
into western Europe and then further east: central and eastern Europe (CEE), south-
eastern Europe (SEE), Ukraine and Russia. A similar trend in the Far East: India,
China and Vietnam. Several countries had more than one rival issue, often trying to
launch at the same time. To attract new money, these new funds not only had to have a
different geographical remit but also had to offer better terms.
Typically, the first entrant into a new market could charge more (in terms of fees), and
get away with being less experienced: overall returns were geared more toward the
manager than shareholders. Second and later launches had to be more attractive than
previous ones to encourage new investors. These later ones tend to have better
managers, lower fees and returns are more aligned to shareholders’ interests. For
example, earlier funds had launch costs of 5%, 2% annual management fees (including
fees based on uninvested cash) and performance fees based on value increases. Later
launches offered better terms such as 3% launch costs, 1% management fees and a
performance fee based on shareholders’ returns and not on NAV.
Current best practice is to have: local based and experienced managers with a good
track record; a portfolio with some initial assets (i.e. not a blind pool); a focus on giving
a return to shareholders either through dividends or a fixed wind up date; managers’
interests that are aligned with those of shareholders. For example, performance fees
should depend on cash returns to shareholders and a proportion of the managers’ fee
should be paid in shares or held back until the wind up. Attention also needs to be
given on how to address the discount between the share price and the NAV. Wide
discounts now are discouraging new issues and private placement is the preferred
route. AIM is perceived as bringing illiquidity. Euronext or dual listing on a local
exchange is being explored by several companies.
Basel II
Sector expands to
non-UK property
Shareholders demand better
terms
Current best practice
Open-ended funds
Values rise and fall

21
Most new launches over the last six years have focused on the same small band of
shareholders, often less than twenty. Typically, these are large, UK-based funds of
funds or hedge funds. This grouping was a rich and easy seam for the issuing brokers’
sales team to tap. Secondary sales were insufficient to widen the shareholder base.
Consequently, the share registers of many companies is small and each holder holds a
large amount of shares.
Some of the original shareholders have had their own problems in the last six months –
either facing redemptions or more stringent banking requirements. This situation has
required them to sell positions, even if they are still believers in the ability of the fund
manager or CEO and of the sector in which he invests. Forced sellers have included
property unit trusts facing redemptions from private clients; holders who are selling in
a perceived flight to quality; and hedge funds where access to credit lines has been
restricted. Large real estate transactions have dried up. There are few cash rich
institutions around; those there are see no rush to buy when property prices are still
forecast to fall. Selling pressure predominates, new buyers have not been found and
discounts have widened.
The widening discount has attracted a newer set of activist shareholders. They use the
arbitrage between the discount and an index that represents the underlying assets as
nearly as possible. They make money by narrowing the discount even if asset values are
falling. They are usually not long-term investors. Their modus operandi is typically to
get the company to sell assets and to return cash to shareholders and may ultimately
lead to a wind-up of the company.
New long-term investors that are currently attracted to the listed sector are cash rich
investors, for example, sovereign wealth funds of oil rich nations. These buyers usually
prefer to buy direct property or real estate/infrastructure projects but the current wide
discounts in the listed market present a much cheaper way to invest.
Gearing
Property portfolios of fully let investment properties had been geared up,
usually to 70% as the gap between property yields and bank loan interest rates
meant that the higher the gearing, the better dividend to shareholders. In good
times, this structure meant higher NAV growth at the per equity share level. As
property values fall, in a geared portfolio the NAV falls further. This leads to
an increase in the loan to value (‘LTV’) ratio. Banks stipulate maximum allowed
LTVs (e.g. 85%) and income cover for their loan’s interest (e.g. 150%). These
covenant levels are usually tested only at set times per year (e.g. quarterly). As
the test approaches, managers of companies nearing any breach should be able
to sell assets and repay the loan to stay within the LTV covenant. This process
is sensible when the debt and assets are matched and both are as easy to
liquidate as each other. The current market means that managers cannot de-
gear quickly enough, because they are not able to sell sufficient properties to
repay debt.
In contrast, development projects need access to capital to fund the
construction stage. The availability of this financing has become severely
restricted across the world. Where projects are still able to secure construction
financing, it is usually because the projects are not speculatively built; have a
high proportion of space pre-let; the developer is experienced, well financed
and has a good track record of project completion on time and within budget.
Currently, we see companies’ development project pipelines being severely
curtailed. Companies are focusing only on those projects that already have
financing in place. Investors can get a good idea of the rating of a project and
of its developer by seeing the continued support for the project from the local
bank.
Original shareholders
New shareholders –
activists
New shareholders –
long-term holders
Investment properties
Development projects
Forced sellers

22
About the fact sheet layout
Each fact sheet contains:
• A summary snap shot of what new investors might need to consider before buying
into a company. This is meant as a first sift only, further work would normally be
required before investing. We have a daily list of current trading data on all
companies – available by email on request;
• A summary of the company’s objective, trading information on LHS;
• An outline of the portfolio: largest assets, geographic and sector breakdown,
manager biography and the investment strategy;
One page per company is necessarily brief. We have more information available on
request. In many cases, we have recently met managers so we have details on current
trading and future prospects. Also, we have annual and interim accounts, prospectuses
and company fact sheets.
It is important also to consider who the shareholders are and their plans for the
company. For example, if 70% is owned by the manager, then minority investors will
clearly not have much influence. If activist short-term shareholders dominate then we
expect boardroom changes and more immediate action to move the share price. If
shareholders are institutions who have trouble with their own investors, then forced
sellers may predominate and the share price may languish. We also have shareholder
information; discounts; share trading volume; and more detail on individual
properties/projects.
Abbreviations
To save space, we have used abbreviations and shorthand throughout:
• Notice period = How much notice is required by the managers of the company to be
removed from office – for example, in a takeover or in a shareholders’ forced wind-
up situation. “3yrs; 1yr” means initially three years’ notice is required from launch
and only one year’s notice thereafter. Normally, the manager is prepared to give up
running the company in less than the full notice period but on payment of an
amount equal to the lost fees.
• AMC = Annual Management Charge. This applies to funds rather than trading
companies. The AMC is usually based on total gross assets (e.g. 2%).
• Performance fee = The fee paid to managers is calculated as a percentage of the gain in
value above a certain return. This should incentivise managers. For example, “20%
of the outperformance of the net assets over a certain hurdle rate”. The hurdle rate
could be a fixed percentage figure or reference to a specific benchmark index. This
gives rise to the common phrase “two and twenty” = 2% annual management fee +
20% performance fee. The details on just about all the companies are different – net
or gross, on distributed returns to shareholders or on audited NAV gain, paid partly
in shares, held back to the end of the life, different AMC if growth is positive than if
negative; high water mark (HWM), based on share price.
We have more detail on the AMC and performance fee for each company which space
necessarily prevents us from showing here. Please contact us if this is required.
Shareholder information
More detail on request

Autumn 2008 23
Listing Details
Bloomberg 3IN LN
Exchange LSE
ISIN JE00B1RJLF86
Domicile Jersey
Launch date 13-Mar-07
Market value £778.55m
Market value US$1,189.78m
Investment Focus
Geography Europe – North America – Asia
Strategy Investor
Sector Infrastructure
Current Trading
Price 96.00p
NAV per share 108.60p
NAV date 31-Mar-08
NAV frequency H
Next NAV announced 22-Nov-08
Discount -11.6%
Dividend yield 2.06%
Share Price & NAV Since Launch
80
85
90
95
100
105
110
115
120
Mar-07 Mar-08
Source: Proquote and Libertas Capital
Assets
No. of properties/projects 9
Total assets £784.8m
Cash £253.7m
% cash 32.3%
Loans £0.0m
Gross gearing 0.0%
Net gearing -32.3%
Management
Company structure Fund
Management group 3i investments plc
Annual fee 1.5%
Performance fee 20% over 8%
Management notice period 1yr
Key individual Michael Queen
Tel. +44 (0)7975 3572
E-mail michael.queen@3i.com
Valuer Own valuation
Website www.3i-infrastructure.com
3i Infrastructure plc
Company Summary
3i Infrastructure plc (3IN) is a Jersey-incorporated investment company that invests in infrastructure businesses and
assets. It was admitted to the LSE on March 13 2007 and became a constituent of the FTSE 250 index on September
24 2007. 3i Infrastructure aims to build a diversified portfolio of infrastructure investments across the globe, with an
initial focus on Europe, North America and Asia. Fundraising: £703m at IPO in March 2007; £115m in July 2008.
Analyst’s Comment
3IN is cash-rich and has been able to invest in debt instruments at low prices, given the current state of the credit
market. It does not have a problem with over gearing, nor restricted access to financing. 3IN has a good dividend
policy and has increased the interim by 5% to 2.1p. Its assets are relatively mature and most are in the income
producing stage. We believe there is every chance that 3IN will be able to improve its dividends as more assets
mature and since many of the projects will have revenues that increase in line with inflation. Once fully invested its
dividend target is 5% on opening NAV at IPO of 98p, i.e. 4.9p p.a. This puts the shares on a 5.6% prospective dividend
yield and a 19% discount to current NAV. 3IN is a good haven to weather the current financial storm. (Nov-04-08)
Portfolio Summary
Infrastructure businesses tend to be asset-intensive enterprises that provide essential services over the long term,
often on a regulated basis or with a significant component of revenue and costs that are subject to long-term
contracts.
Portfolio - Top Five Projects
Project Cost
(£m)
Directors'
Valuation
(£m)
Income
(£m)
Asset Total
Return (£m)
Equity
Interest
(%)
Anglian Water 140.0 159.6 8.7 28.3 9
Infrastructure Investors LP 106.1 125.1 10.7 29.7 31.2
Octagon 13.2 13.6 1.2 1.6 26.3
Alpha Schools 0.2 0.3 - 0.1 50
Oystercatcher 84.5 98.3 5.5 19.3 45
Source: 3IN at March 31 2008
Sector Distribution Geographic Distribution Maturity Distribution
Sector % Geography % Maturity %
Utilities 44 UK 70 Mature 53
Social infrastructure 36 Continental Europe 22 Operational growth 38
Transportation 20 Asia 8 Early-stage 9
Source: 3IN at March 31 2008
Investment Manager
Mr Queen joined 3i in 1987 and is currently the Managing Partner of 3i’s infrastructure business after several years as
3i Global Head of Growth Capital. He is part of 3i’s Management Committee. During his time at 3i he has worked in a
number of offices in various roles and, in 1994, he was seconded to HM Treasury to help to develop the potential for
the Private Finance Initiative in the NHS as head of the NHS Private Finance Unit. Mr Queen has invested across a
broad range of sectors, but has a particular focus on healthcare and financial services. He has been closely involved
in the investment decisions for most of the transactions in the overall track record. Mr Queen has a BA (Hons)
Industrial Economics from Nottingham University and is a qualified chartered accountant. He is a member of the
CBI's Financial Services Council. In 2002/2003 he was chairman of the British Venture Capital Association.
Investment Strategy
To create a balanced portfolio 3IN invests in infrastructure assets across the different stages of the asset life cycle,
including assets that are at an early stage of development, most likely to be PFI/PPPs, where the potential for capital
growth exists, but yields tend to be limited until operational ramp up. It also invests in assets, including PPP projects
and privatisations, that are undergoing a period of operational ramp up, following construction, and which generate
yields and capital growth. In addition, 3IN invests in mature assets that are in a steady operational state and generate
predictable returns and yields, often correlated to GDP, with some capital growth.

Autumn 2008 24
Listing Details
Bloomberg ABL LN
Exchange AIM
ISIN GG00B1LB2139
Domicile Guernsey
Launch date 07-Feb-07
Market value US$71.52m
Investment Focus
Geography Budapest – Prague – Bucharest
Strategy Developer
Sector Commercial - Residential
Current Trading
Price 44.75p
NAV per share €4.41
NAV date 30-Jun-08
NAV frequency H
Next NAV announced 26-Mar-09
Discount -88.1%
2.9
3.1
3.3
3.5
3.7
3.9
4.1
4.3
4.5
4.7
30
80
130
180
230
280
330
Feb-07 Feb-08
Price(GBX) (L.H.S) NAV(EUR) (R.H.S)
Assets
Total assets €654.2m
Cash €16.7m
% cash 2.6%
Loans €255.0m
Gross gearing 39.0%
Net gearing 36.4%
Management
Company structure Trading
Management group Self-managed
Annual fee n/a
Performance fee n/a
Management notice period n/a
Key individual Uri Heller
Tel. +36 1 225 6600
E-mail avidan@ablon-group.com
Valuer King Sturge
Website www.ablon-group.com
Ablon Group Ltd
Company Summary
Ablon Group Limited (ABL) is a Guernsey-incorporated holding company of a group whose core business is the
sourcing, acquisition, construction, ownership, leasing, servicing and management of a diverse portfolio of
commercial property, and the acquisition, construction and sale of residential properties in Hungary, the Czech
Republic and Romania, primarily in Budapest and Prague. The group employs a ‘build and hold’ strategy for its
commercial properties, which means that it generally retains developments once completed and leases them to
tenants, while residential projects are typically sold once developed. The group believes that it is one of the leading
real estate development businesses in Budapest and it has a well-established presence in Prague. Through the
development of its large and diverse real estate portfolio, the group has obtained significant property development
and management experience, first-hand knowledge of regional markets, relationships and contacts with local
owners, brokers and tenants, and an understanding of the needs and behaviour of public sector and corporate
tenants. In addition, ABL is vertically-integrated along the spectrum of the real estate development value chain from
the sourcing, purchase and construction of projects to the marketing, sale, rental, operation and servicing of its
properties.
Portfolio Summary
As at March 25 2008, ABL’s portfolio comprised properties at 28 different locations, split into 54 different projects or
phases of which there were 13 completed projects and 16 development projects. There were 17 property locations in
Budapest, with a total of 29 phases of development, comprising 11 completed projects (including Zöldváros
Residential Park which had sold 239 out of the 240 flats) and 18 development projects. ABL also has properties at
seven locations in Prague, with a total of ten phases of development, comprising three completed projects and
seven development projects. In Bucharest there are properties at four locations, with a total of twelve phases of
development, comprising twelve development projects.The group also has property at two locations in Poland, with
a total of five phases of development.
Project City Sector Area
(sq.m)
Value
(€m)
Completion
Gateway Budapest Office 36,300 80 Yielding
Business centre 99 Budapest Office 53,300 63.2 2011
Kolben Prague Mixed-used 73,000 54.3 2010
Blaha Centre Budapest Hotel 17,700 41.2 -
M3 business centre Budapest Office 18,100 30.8 3Q08
Source: ABL at August 31 2008
Sector Distribution Geographic Distribution
Sector Properties % Geography Properties Value
(€m)
%
Office 12 45 Budapest 17 415 67
Residential 6 23 Prague 6 119 19
Retail 2 7 Bucharest 3 82 13
Hotel 4 14 Warsaw 1 - -
Mixed-use 3 11
Total 27 616 100
Source: ABL at August 31 2008
Investment Manager
Mr Heller was appointed as a director on October 16 2006. Prior to joining the group, he was managing director for
Orlano Ltd / Danly Investments Ltd, an investment company and, from 1990 to 1994, the general manager of the
Danel Group, a residential real estate development company in Israel. Mr Heller has spent more than ten years
developing his expertise in property investment and property development in central and eastern Europe,
specialising in Hungary and the Czech Republic. Mr Heller studied engineering in Israel and is a member of the Israeli
Engineering Association.
Investment Strategy
ABL focuses on execution of current development projects to expand and develop its initial portfolio. It continues to
acquire attractive sites for future commercial property and residential development. In Budapest it seeks to maintain
a leading position and continues to grow its operations in Prague, Bucharest and Poland. The group’s strategy is to
expand operations in other neighbouring markets in major cities where attractive opportunities exist. ABL employs
clearly defined strategies for each operating and business segment and optimises capital structure.

Autumn 2008 25
Listing Details
Bloomberg TAP.LN
Exchange LSE
ISIN GB00B05LNH5
Domicile Guernsey
Investment Focus
Geography UK
Strategy REIT
Sector Commercial
Current Trading
Price 15.50p
NAV date 30-Sep-08
NAV frequency Q
Next NAV announced 21-Jan-09
Discount -79.7%
30
40
50
60
70
80
90
100
110
120
Feb-05 Feb-06 Feb-07 Feb-08
Assets
Cash £7.3m
% cash 3.0%
Loans £117.7m
Gross gearing 47.8%
Net gearing 44.9%
Management
Management group Valad Asset Mgt
Annual fee 0.65%
Performance fee n/a
Management notice period 30/9/2010; 1yr
Key individual Chris Carter Keall
Tel. +44 (0)20 7659 6730
E-mail chris.carterkeall@valad.co.uk
Valuer Cushman & Wakefield
Website www.tapincome.com
Advantage Property Income Trust Ltd
Company Summary
The Advantage Property Income Trust Limited was launched in February 2005 as a high income UK diversified
commercial property company. TAP is a closed-ended property investment company domiciled in Guernsey and
listed on both The Channel Islands and London Stock Exchanges. The property fund advisor is Valad Asset
Management (UK) Ltd, whose mandate is to increase income, grow dividend cover and ultimately dividends. TAP
was launched to provide investors with the opportunity to benefit from investing in commercial property.
Historically, this has not been possible due to the capital size of each asset, the illiquidity of real estate and the
complexity and cost of the management/ownership. TAP was one of the forerunners to the REIT legislation
introduced on January 1 2007. Its foundation has many similarities to the Australian LPT and the US diversified REIT.
Within commercial property portfolios, diversity is the name of the game, with the correct balance between office,
industrial and retail property being important, as market forces affect each sector differently. The company currently
has two separate sources of debt, as shown in the table below.
Analyst’s Comment
Financial highlights as at September 30 2008: £220m property assets; 73 properties; Gearing 53% (LTV); £117m loan
at 5.8% average interest rate; average lease length 6.5 years; void 7.7%; NAV: 76.4p; TAP managers are now focused
on asset management initiatives to increase revenues. Gearing is still high, but beneath its covenants (normally at
around 75% LTV). The shares are on a discount of 69%. However, the managers and their valuers CBRE still paint a
gloomy picture of the outlook for UK commercial property. Whilst we applaud TAP manager’s asset management
initiatives to increase rents, the high gearing will continue to knock the NAV per share. (November 4 2008). TAP is
selling five properties for £4.2m, 1.8% above previous valuation (at June ‘08) and at 6.0% yield. TAP is also repaying
£2.2m of debt. The company’s current strategy is one of selling smaller properties after end of value adding
management initiatives. The portfolio is now £234m. The sale price is above valuation so is NAV enhancing, but there
are likely to be falls in value elsewhere in the portfolio. TAP’s NAV was 87.6p as at 30/6/08, which puts the shares at
52% discount and 15% yield. We applaud the strategy of sales of mature assets and de-gearing. (Oct-7-08)
Portfolio - Largest Properties
Property Location Valuation
%
The Brunel Centre Bletchley 5.34
Waterfront Business Park Fleet 4.81
National Westminster House Guernsey 4.81
Brunswick Point Leeds 4.72
The Links Warrington 4.15
Kingscourt Leisure Complex Dundee 4.03
Silver Court Welwyn Garden City 3.52
Source: Fundamental Data at November 04 2008
Geographic Distribution Sector Distribution
Country % Sector %
South East 36.36 Offices 36.82
Scotland 11.56 Industrial 21.30
East Midlands 10.17 Retail Warehousing 19.89
West Midlands 9.44 Retail 17.96
Yorkshire & Humberside 7.49 Leisure 4.03
North West 6.98
Channel Islands 4.81
Investment Manager
Mr Carter Keall is responsible for fund management of the company's investment portfolio. He has over 18 years’
experience in the commercial property investment market, with the past ten years spent managing over £1.5bn of
assets at Arlington and Hammerson. He is an active member of the Investment Property Forum and gained his
honours degree at the University of the South Bank. He was formerly director of fund management, accountable for
the Arlington Business Park Partnership and latterly the UK direct mandate for a Middle Eastern Investor.
Investment Strategy
TAP invests in a diversified portfolio of commercial property in the United Kingdom and the Channel Islands.

Autumn 2008 26
Listing Details
Bloomberg AFID LI
Exchange TASE & LSE
ISIN US00106J2006
Domicile Cyprus
Launch date 01-Aug-07
Investment Focus
Geography Russia
Strategy Developer
Sector Commercial – Residential
Current Trading
Price 117.00
NAV per share US$12.10
NAV date 30-Jun-08
NAV frequency H
Discount -96.1%
Dividend yield 0.5%
0
2
4
6
8
10
12
14
Aug-07 Aug-08
Assets
Total assets US$2,952.3m
Cash US$796.0m
% cash 27.0%
Loans US$350.2m
Gross gearing 11.9%
Net gearing -15.1%
Management
Annual fee n/a
Performance fee n/a
Key individual Alexander Khaldey
Tel. +7 495 796-99-88
E-mail dandrienko@sik.ru
Valuer Jones Lang Lasalle
Website www.afi-development.net
AFI Development plc
Company Summary
AFI Development plc (AFID) develops multi-purpose properties in and around Moscow, St Petersburg, Perm and
Volgograd. AFID develops and redevelops high quality commercial and residential real estate assets including
offices, shopping centres, hotels, mixed-use properties, and residential projects. Its strategy is to sell the residential
properties it develops and to either lease the commercial properties or sell them for a favourable return. The GDRs of
the company listed on the LSE in May ‘07 raising a total of US$1.4bn. AFID’s controlling shareholder is Africa Israel
Investments Ltd, an international real estate investment and development group based in Israel with over 70 years'
experience in real estate development. Incorporated in Cyprus in 2001, AFID is currently one of the few developers in
Russia building large-scale, integrated and high profile commercial and residential properties to international
standards. AFID has a portfolio of existing Russian development projects, a substantial pipeline of other real estate
investment opportunities across Russia and a strong management team, comprising local professionals and
international real estate experts.
Analyst’s Comment
Market outlook: Over 1H08 foreign and domestic investors continued to show strong interest in commercial and
residential real estate market segments thanks to the growth of confidence in the Russian economy, high demand
from tenants, and the shortage of available premises on the market, with most interest centred on Moscow.
According to the real estate forecast in the ‘Emerging Trends in Real Estate Europe 2008’* Moscow ranked first
among this year's top real estate markets in Europe for both investment and development prospects. Reduced
money supply caused by the global credit tightening and recent withdrawal of western investors from the market
should mean focus is increased on the larger, higher quality and less risky projects.
Demand for new quality properties in Moscow far exceeds the supply. AFID has 34 projects in 20 locations, which
have a combined market value on completion of US$22bn. This is one of the largest London-listed Russian property
developers and has a diversified spread of projects. As there is increasing concern about western ownership of
directly held assets (whether real estate or private equity), investors should consider getting their exposure to Russia
via investing in London-listed AFID. AFID reports a significant slowdown in residential apartment sales. It has scaled
back plans for future projects and, having more cash than needed for the remaining three core projects, will be
returning $200m to investors. AFID is in a good financial position, which cannot be said of other over-geared Russian
developers. The market fundamentals seem to have turned, but AFID looks like it will survive. (Nov-19-08)
Portfolio Summary
AFID’s portfolio comprises 34 residential, commercial and mixed-use real estate projects in 20 locations in Russia and
Ukraine, with over 3.8 million sq.m under development. 90% of AFID’s projects are based in Moscow. The projects
include office, retail and residential premises, multi-functional complexes and hotels. Results for 9M to 30/9/08:
profits down 67% to US$28m; strong liquidity position, cash of US$569m; construction of core projects on schedule;
general slowdown of rental demand; significant slowdown of residential apartment sales; $200m special dividend
($0.38 p/share) after scaling back future development plans. Cash in excess of short-term liabilities.
Property Portfolio (%) Net Assets (%) Value (US$m)
Moscow City Centre, Shopping Centre 21.44 19.93 1,264.00
Kuntsevo 12.15 11.30 716.68
Tverskaya Zastava, Plaza I 8.42 7.82 496.35
Tverskaya Zastava, Plaza IV 7.68 7.14 453.05
Tverskaya Zastava, Plaza II 7.05 6.55 415.48
Otradnoye 6.91 6.42 407.35
Tverskaya Zastava, Shopping Centre 5.32 4.94 313.50
Source: Fundamental Data at June 30 2008
Portfolio Distribution
Country % Value (US$m)
Cash 21 569
Investment Properties 9 241
Developments 51 1,411
Total Assets 100 2,760
Source: AFID at September 30 2008
Investment Manager
Mr Khaldey is a director and the CEO of AFID. He has served as CEO of Stroyinkom-K since March 2001. He co-
founded AFI Development plc and owns a 9% stake in the company through Nirro Group S.A. He has over 30 years’
experience, including work at the Zhiliiproekt Institute and the Ukrspetssatalkonstruktsia Construction Union. He
graduated from Dneprepetrovsk Metallurgical Insitute in 1973, with a degree in Industrial Heat Power Engineering.
Investment Strategy
AFID develops integrated large-scale and complex projects in attractive locations, which generate better returns and
increase the overall value for the neighborhood. AFID sells residential property and keep-to-operate commercial
property. In addition, it continues to acquire and fund real estate developments that meet its project evaluation
criteria and enhance the number of projects in different development phases.
*Published by the Urban Land Institute (ULI) and PricewaterhouseCoopers LLP recently.

Autumn 2008 27
Listing Details
Bloomberg AISI LN
Exchange AIM
ISIN CY0100441019
Domicile Cyprus
Investment Focus
Geography Ukraine
Strategy Investor
Current Trading
Price 5.25p
NAV date 30-Jun-08
NAV frequency H
Next NAV announced 01-May-09
Discount -89.2%
Dividend yield -
0.6
0.62
0.64
0.66
0.68
0.7
0.72
0.74
0.76
0.78
0.8
0
5
10
15
20
25
30
35
40
45
50
Aug-07 Aug-08
Price(GBX) (L.H.S) NAV(USD) (R.H.S)
Assets
Total assets US$147.2m
Cash US$6.7m
% cash 4.6%
Loans US$0.1m
Gross gearing 0.1%
Net gearing -4.5%
Management
Management group Aisi Realty Capital
Annual fee 2.5%
Performance fee 20% over 15% hurdle
Management notice period -
Key individual Beso Sikharulidze
Tel. +380 44 459 3000
E-mail Beso@aisicapital.com
Valuer DTZ
Website www.aisicap.com
Aisi Realty Public Ltd*
Company Summary
Aisi Realty Public Limited (AISI), a closed-ended investment company incorporated in Cyprus, was established in June
2005 to make investments in the real estate market in Ukraine. The company was set up with the intention of
providing shareholders with attractive returns, principally from capital appreciation through investment in real
estate development projects and related investments, principally in and around the major population centres of
Ukraine, with a particular focus on Kiev. AISI's assets are managed by Aisi Realty Capital LLC, a Boston-based
investment management company with a presence in Kiev. The Investment Manager intends to capitalise on its local
knowledge of the region and real estate development experience to: source real estate investment opportunities
(including development projects) at attractive prices; manage and oversee these investments; and structure and
execute appropriate exit strategies.
Analyst’s Comment
AISI, a real estate developer in Ukraine, focused on Kiev, is a £46m market value investment company which listed on
AIM in August 2007. AISI has four development projects, with ten others in the pipeline. The valuation of current
investment projects is up 59% in just six months to US$90m, with total assets at US$143m.
(Oct ‘08) Projects update: The most important project is the 49,200 sq.m Brovary Logistic Centre. It is 27km to the
north-east of Kiev, near Boryspil international airport on the Kiev-Moscow highway. This will be one of the first Class
A logistics warehouses in Ukraine. Construction work will be completed by the end of 2008 and final fitting-out for
the tenant shortly afterwards, and will be occupied by February 2009. The single tenant is UVK, a leading Ukrainian
logistics operator, which has signed a ten year lease. Now that this project is nearly finished and fully tenanted AISI
has been arranging banking finance. The new loan will total US$37.3m from the European Bank of Reconstruction
and Development (EBRD), although half of this will be syndicated to other banks. This will free up c.US$35m to be
recycled into existing and/or pipeline projects. The estimated construction costs for the Brovery project are now
US$53m, including VAT. Once occupied and income producing (c.13% yield p.a.), this project will be ready for sale.
The other project in Odessa should complete in October 2009.
(Oct ‘08) Ukraine economy comment: The IMF has in principle agreed a US$16bn loan to Ukraine (the fact that it is to
the IMF that the country turned for help shows how pro-West the Ukraine has moved). How beneficial this will be for
the country depends on what strings are attached. The transaction still needs to be approved by Ukraine’s
government, but this was recently dissolved. New elections originally scheduled for early December may be brought
forward to speed this loan approval process.
(Oct ‘08) AISI’s financing needs: AISI itself has no debt and so is not geared into falling prices. (Oct-27-08)
Portfolio - Significant Projects
Projects Sector Location GFA
(sq.m)
Project
Cost ($m)
Completion
Kyanivsky Lane Residential/Office Kiev 27,890 68 2H10
Brovary Logistic Centre Warehouse Kiev 49,180 53 2H08
Tsymlianskogo Lane Residential/Office Kiev 7,134 18 2H09
Bela Logistic Park Warehouse Odessa 103,000 109 2H09
Podil Residential/Office Kiev 37,900 78 2H10
Source: AISI at June 30 2008
Geographic Distribution
Country % Value (US$m)
Ukraine 103.12 127.949
Investment Manager
Mr Sikharulidze was one of the founding principals of the Investment Manager. For 13 years he was a portfolio
manager at Fidelity Investments, where he developed significant investment experience in diverse geographic
regions. He held a wide range of positions at Fidelity Investments, including Portfolio Manager for Fidelity Health
Care, Fidelity Advisor Health Care Funds, Fidelity Convertible Securities Fund, Fidelity Advisor Aggressive Growth
Fund and Fidelity Mid-Cap Stock Fund. Mr Sikharulidze holds a BSc in Mechanical Engineering from Georgia Institute
of Technology and an MBA from Harvard Business School. Mr Sikharulidze’s particular areas of responsibilities, in
addition to ensuring the overall success of the investments, are: fund-raising, Initial evaluation of possible sites.
Investment Strategy
Aisi Realty Public Limited is engaged in the principal activity of making investments in the real estate market in
Ukraine. The company focuses primarily on the capital city, Kiev. In May 2007 AISI sold Aisi Taurus LLC and its interest
in the Tarasovskaya project. In September 2007 it acquired an outdoor advertising company.
*Libertas Capital is NOMAD and broker to this company.

Autumn 2008 28
Listing Details
Bloomberg ALPH LN
Exchange LSE
ISIN GB00B0P6FY18
Domicile Guernsey
Launch date 29-Nov-05
Investment Focus
Geography France – Spain
Strategy Investor – REIT
Current Trading
Price 44.50p
NAV date 30-Sep-08
NAV frequency Q
Discount -45.7%
30
40
50
60
70
80
90
100
110
120
Dec-05 Jan-07 Jan-08
Assets
Cash £25.6m
% cash 7.8%
Loans £193.0m
Gross gearing 59.1%
Net gearing 51.3%
Management
Management group Alpha Real Capital
Annual fee 1% of gross assets
Performance fee 20% over 12%; 35% over 20%
Management notice period 8yrs; 8yrs
Key individual Phillip Rose
Tel. +44 (0)20 7591 1637
E-mail mary-annlitchfield@alpharealcapital.com
Valuer Knight Frank
Website www.alphapyreneestrust.com
Alpha Pyrenees Trust Ltd
Company Summary
Alpha Pyrenees Trust Limited (ALPH) is a closed-ended investment company. ALPH carries on business as a property
investment company, investing in commercial property in France and Spain, and owns a diversified portfolio of
approximately £274m. Of the total property portfolio, 88% is invested in France and 12% in Spain in terms of capital
value.
Analyst’s Comment
ALPH has a portfolio value c.£300m in c.20 commercial investment properties in France and Spain, with a 7.5%
portfolio yield and average lease length of around five years. Its tenant quality is high (more than 80% of the income
is from ‘prime’ tenants), so its revenue stream looks secure. Like other property investment companies, ALPH is
highly geared but this is comfortably below its bank loan covenant ceiling of 85% LTV. The £193m debt is well-
structured, with a low interest rate of 5.26% fixed to 2015. The combination of low interest rates on its loan and high
rental yields on its portfolio means that ALPH can pay a good dividend: 7p is forecast for the full year. The managers
remain cautious on taking out more loans and on buying new properties, by which they mean property values are
going to carry on falling through 2008. (Sept-08-08)
Portfolio Summary
ALPH owns a portfolio of fifteen properties in France and four properties in Spain, totalling approximately 260,000
sq.m (approximately 2.77 million sq.ft) of commercial real estate. The properties are well let, well located and offer
good value accommodation to occupiers. The valuation of this portfolio as at June 30 2008 showed a total of
approximately £281m (€355m).
Property Portfolio
(%)
Net Assets
(%)
Value (£m)
Villarceauz Nozy Business Park 38.19 99.9 107.2
Aubervilliers Offices 7.23 19.92 20.3
Cordoba Retail Park (Spain) 6.27 17.27 17.6
Goussainville Offices 6.02 16.58 16.9
Champs sur Marne Offices 5.02 13.83 14.1
St Cyr L'Ecole 4.42 12.17 12.4
Athis Mons 3.85 10.6 10.8
Sector % Country % Value
(£m)
Industrials 27 Cash & Fixed Interest 3.53 10.276
Office 64 France 85.23 248.000
Shopping Centres 9 Spain 11.24 32.700
Investment Manager
Mr Rose has over 25 years’ experience in the real estate, fund management and banking industries in Europe, the
USA and Australasia. He has been the head of real estate for ABN AMRO Bank, chief operating officer of the European
shopping centre investor and developer TrizecHahn Europe, managing director of Lend Lease Global Investment and
executive manager of the listed fund General Property Trust. Mr Rose is currently a non-executive director of Great
Portland Estates and a member of the management committee of the Hermes Property Unit Trust. Alpha Real Capital
is an FSA-regulated property fund advisory business. It complements its own international investment, development
and asset management skills by working, where appropriate, with local real estate partners in India.
Alpha Real Capital seeks to generate high total returns for the company’s investors. It believes these will be
generated by a combination of profit from development activity, income yield and capital growth driven by income
growth, active asset management and yield compression in the investments it makes. Alpha Real Capital is owned
jointly by Sir John Beckwith and the Alpha team. The Alpha team has extensive operating experience of investing,
financing, developing and managing real estate throughout Europe, USA and Pacific including UK, France, Spain,
Italy, Germany, Austria, Netherlands, Portugal, Greece, Poland, Hungary, Czech Republic, Slovakia, Japan, Singapore,
Hong Kong, Indonesia, Thailand and Australia.
Investment Strategy
ALPH generates returns for investors through acquiring real estate with yields in excess of its cost of borrowing,
which has the potential for income growth and/or enhanced returns from active asset management. The company
generally targets properties with low vacancy levels, solid tenant covenants strength and good re-letting potential .

Autumn 2008 29
Listing Details
Bloomberg ATPT LN
Exchange AIM
ISIN GB00B13VDP26
Domicile Guernsey
Launch date 20-Dec-06
Investment Focus
Geography India
Strategy Developer
Current Trading
Price 29.00p
NAV date 30-Sep-08
NAV frequency Q
Discount -71.6%
Dividend yield -
20
30
40
50
60
70
80
90
100
110
Dec-06 Jan-08
Assets
Cash £68.4m
% cash 82.0%
Loans £1.1m
Gross gearing 1.3%
Net gearing -80.7%
Management
Management group Alpha Real Capital
Annual fee 2% of NAV
Performance fee 20% over 15% total return
Key individual Brad Bauman
Tel. +91 998 0001 122
E-mail mary-annlitchfield@alpharealcapital.com
Valuer Colliers
Website www.alphatigerpropertytrust.com
Alpha Tiger Property Trust
Company Summary
Alpha Tiger Property Trust (ATPT) is an externally managed real estate fund that is Guernsey-registered and a closed-
ended investment company. It is an investor and developer of real estate opportunities in India. Its focus is on
business parks, business park-led, mixed-use and township projects. It is seeking sites with appropriate
zoning/planning consent and strong infrastructure links in established locations in India's tier 1 and tier 2 cities
(Bangalore, Chennai, Delhi NCR, Hyderabad, Kolkata, Mumbai and Pune). In time, ATPT hopes to use 50%-65%
gearing on top of the £75m equity raised (in December 2006) to build a portfolio of more than 15 properties totalling
c.£150m.
Analyst’s Comment
Our attraction to India is undimmed. India’s real estate market is slowing, though India’s GDP is still on target for 7%
growth for 2008, in part backed by global outsourcing to India which is expected to continue as companies cut costs.
While other real estate markets are collapsing, India’s is still growing. Inflation has come down from 14.8% to 11.5%.
The low NAV growth of ATPT is partly because, though it has committed nearly £60m to projects, little has been
drawn down and it is still 90% (£68.3m) in cash (the cash drag effect) and its four projects are at early stages. We do
not expect ATPT to show significant NAV growth until it is substantially invested and when its projects progress to
later stages. At the current rate of progress this could take some time. ATPT is cash rich even after accounting for the
commitments to existing projects and it is not stifled by problems with access to bank loans. ATPT shares are on wide
discount to NAV, which could narrow once the company starts to buy back shares as planned. (Oct-29-08)
Portfolio Summary
ATPT’s NAV = 102.2p, up 0.5% in 3Q08. ATPT has committed £59.9m to projects, though only £6.9m has been drawn
so far. Cash: £68.3m, most of which is earmarked for development projects:
Project Commitments Drawn to Date
Galaxia (Noida, Sector 140a) 14.3 -
Technova (Noida, Sector 132) 10.5 5.1
Technika (Noida, Sector 132) 4.2 1.2
Chennai 30.9 0.6
Total 59.9 6.9
Source: ATPT at June 30 2008
Country Sector % Value (£m)
Cash & Fixed Interest - 10.26 7.661
India Property 89.74 67.000
Source: Fundamental Data at March 25 2008
Investment Manager
Mr Bauman (CEO, Alpha Real Capital India) has 18 years' experience in the real estate and finance industries and has
been responsible for the Investment Manager's Asian investment programme since 2005. His experience includes
seven years with CB Richard Ellis, where he was Managing Director of CBRE Financial Services assisting in the
establishment of CBRE's co-investment vehicle, CBRE Strategic Partners UK I Fund: from 1994 to 1997 he was
involved in acquiring and managing distressed debt portfolios. Prior to joining Alpha Real Capital, he was Executive
Director, Real Estate Investment Banking at Lehman Brothers.
Alpha Real Capital is an FSA-regulated property fund advisory business. It complements its own international
investment, development and asset management skills by working, where appropriate, with local real estate
partners in India. Alpha Real Capital seeks to generate high total returns for the company’s investors. It believes these
will be generated by a combination of profit from development activity, income yield and capital growth driven by
income growth, active asset management and yield compression in the investments it makes. Alpha Real Capital is
owned jointly by Sir John Beckwith and the Alpha team. The Alpha team has extensive operating experience of
investing, financing, developing and managing real estate throughout Europe, US and Pacific including: UK, France,
Spain, Italy, Germany, Austria, Netherlands, Portugal, Greece, Poland, Hungary, Czech Republic, Slovakia, Japan,
Singapore, HK, Indonesia, Thailand and Australia.
Investment Strategy
Assuming borrowing levels over time of 50%-65% of property values, and based on the £75m of equity raised, it is
ATPT’s intention to assemble an appropriately diversified portfolio of 15 properties, totalling c.£150m. The company
invests in opportunities in other large cities and other real estate sectors, primarily retail and mixed use/residential
township developments on green field sites. In addition, the company will invest in sale and leaseback transactions
of existing corporate real estate as well as develop new properties to meet the current and future occupancy needs
of businesses in India on a national basis. It will generally target investment properties let to strong covenants (for
example, multinational companies with a branch or presence in India), on long leases and with flexible re-letting
potential. Assets acquired by ATPT may be held either directly or indirectly through joint ventures or other
investment structures.

Autumn 2008 30
Listing Details
Bloomberg AREO LN
Exchange AIM
ISIN GB00B17PFQ50
Domicile Guernsey
Investment Focus
Geography Romania – Ukraine – Moldova
Strategy Investor
Sector Commercial
Current Trading
Price €0.50
NAV date 31-Mar-08
NAV frequency H
Next NAV announced 07-Apr-09
Discount -60.2%
Dividend yield -
0.4
0.5
0.6
0.7
0.8
0.9
1
1.1
1.2
1.3
Aug-06 Aug-07 Aug-08
Assets
Cash €8.1m
% cash 3.7%
Loans €89.3m
Gross gearing 40.5%
Net gearing 36.8%
Management
Management group Argo Capital Mgt
Annual fee 2%
Management notice period 7yrs
Key individual Magnus Lofgren
Tel. +44 (0)20 7590 7625
E-mail info-property@argocapitalproperty.com
Website www.abcapproperty.com
Argo Real Estate Opportunities Fund Ltd
Company Summary
Argo Real Estate Opportunities Fund Limited (AREO) is a closed-ended investment company that invests primarily in
the commercial property markets of central and eastern Europe. The company invests in properties which Argo
Capital Management Property Limited believes have the potential to generate annualised internal rates of return of
20%. AREO’s shares have been admitted to trading on AIM following the raising of €100m. The primary target
markets include Romania, Ukraine and Moldova. The company focuses on the retail sector, which it expects should
benefit most from increases in disposable income and spending power being witnessed across the region. AREO’s
investment objective is to provide investors with a high level of risk-adjusted total returns, derived principally from
rental income growth and capital appreciation generated from the acquisition, development and active asset
management of its property investments in the target markets. The company seeks to maximise risk-adjusted returns
through its strategy of acquiring investments let to strong regional and international tenants and securing a
significant portion of the total rental income prior to construction of its development projects, by way of pre-letting.
This should enable its investors to benefit from the strong uplift in value between a development project and a
completed and income-producing investment property, without incurring full levels of traditional developmental
letting risk.
AREO will seek to capitalise on the growth of disposable income and consumer spending power in the target
markets by creating institutional quality retail and mixed-use property assets, which provide the opportunity for
value enhancement through active investment management. The Investment Manager has assembled an
experienced management team, with a clearly defined investment strategy of delivering international standard retail
properties through the acquisition and agressive asset managmeent of existing assets and the development of new
schemes tenanted by leading international retailers.
Analyst’s Comment
AREO has agreed (September 15 2008) €50m refinancing of Suceava shopping project in Romania following
successful completion and opening of the shopping mall in April 2008, which is now 99% let. This replaces the
previous €33.5m facility from the same bank, Alpha Bank. In three months AREO has refinanced €158m ($225m) of
loans, showing it is not affected by the credit crisis affecting other companies. (Sep-15-08)
Property Area
(sq.m)
Location Sector Status
European Retail Park Sibiu 79,130 Romania Shopping Centre Completed
Suceava Shopping City 48,000 Romania Shopping Centre Completed
Riviera Shopping City 75,000 Odessa Shopping Centre -
Riviera Shopping City II 60,000 Odessa Retail Park -
Park Corner Chisinau 40,000 Moldova Mixed-Use -
Country % Value
(€m)
Cash & Fixed Interest 15.73 33.802
European Emerging 84.27 181.118
Investment Manager
Prior to joining Argo Capital Management Property Limited, Mr Lofgren had been responsible for European
investments at Resolution Property for six years, a leading private property investment company with equity of
€332m that focuses on value-added property offering scope for value enhancement through active management.
For the last three years, Mr Lofgren served as an investment director on the main board and has closed transactions
with an asset value in excess of €700m and secured financing in excess of €1bn. Prior to this, he worked with Skanska
central Europe, based in Warsaw for three years, focusing on the development project financing (and subsequent
disposals) of large-scale hotel and mixed-use office/retails schemes in Poland. Mr Lofgren attended the Master of
Finance course at City University Business School and holds a Masters Degree in Mathematics and Real Estate from
the Royal Institute of Technology in Stockholm.
Investment Strategy
AREO invests in properties which Argo Capital Management Property Limited (the Investment Manager) believes
have the potential to generate annualised internal rates of return in excess of 20%. Its shares have been admitted to
trading on AIM following the raising of €100m. The primary target markets include Romania, Ukraine and Moldova.
The company focuses on the retail sector, which it expects should benefit most from increases in disposable income
and spending power being witnessed across the region.

Autumn 2008 31
Listing Details
Bloomberg ASPL LN
Exchange LSE
ISIN JE00B1RZDJ41
Domicile Jersey
Launch date 05-Apr-07
Investment Focus
Geography Malaysia – Vietnam
Strategy Investor
Current Trading
Price US$0.26
NAV date 30-Jun-08
NAV frequency Q
Discount -72.3%
Dividend yield -
0.2
0.4
0.6
0.8
1
1.2
Apr-07 Apr-08
Assets
Cash US$114.8m
% cash 30.1%
Loans US$76.8m
Gross gearing 20.1%
Net gearing -10.0%
Management
Management group Ireka Development Mgt
Annual fee 2%
Performance fee 20% over 10%; +HWM
Management notice period 5yrs; 1yr
Key individual Lai Voon Hon
Tel. +603 2094 0133
E-mail info@aseanaproperties.com
Valuer -
Website www.aseanaproperties.com
Aseana Properties Ltd
Company Summary
Aseana Properties Limited (ASPL) is a residential property developer in Malaysia and Vietnam. It is an investment
fund managed by Ireka Development Management, which is responsible for the day-to-day management of its
property portfolio and the introduction and facilitation of new investment opportunities. The controlling
shareholder of ASPL is Ireka Corporation Berhad with a 35% shareholding. ASPL’s investment objective is to provide
shareholders with an attractive overall total return, achieved primarily through capital appreciation by investing in
property in Vietnam and Malaysia. It intends to achieve this objective by the acquisition, development and
redevelopment of upscale residential, commercial and hospitality projects, leveraging on the Ireka Group’s
experience in these sectors.
Analyst’s Comment
ASPL is cash-rich to the tune of $115m, so is able to take advantage of current depressed prices of real estate assets.
The NAV per share is US$1.129 – putting the shares trading at 56% discount. This should turn around once the
markets sees the company putting its cash into new and quality projects. In emerging markets there is a growing
trend to build large healthcare ‘parks’. The central features of these include modern hospitals with up-to-date
facilities that are intended to service a large part of the country’s total population. Such projects take the host
nation’s healthcare capability from the developing world up to the standards of the developed world, and so tend to
have central government backing. We see such projects as large infrastructure projects. Backers are large,
multinational funds or developers. Although these projects will tend to have long development periods, they should
also have long operational periods with dependable returns. Where there might be several other development
projects in a particular region, we expect healthcare parks to have a lower risk as governments are more likely to
facilitate financing and approve such key social infrastructure projects.
Market outlook: Vietnam: inflation was 27% in June 2008 and is expected to continue rising for the rest of the year;
GDP was 6.5% in 1H08; 478 new FDI projects were licensed in the last six months totalling US$30.9bn; land prices in
Vietnam are down 30% from recent highs. Malaysia, on the other hand, is more immune to the global credit crisis
and reported its 26 year high inflation rate of (only) 7.7% in June; economic growth was 7.1% in 1Q08; many property
developers are delaying new projects due to the rising cost of construction materials and are unable to agree fixed
price construction contracts. (Aug-28-08)
Portfolio Summary
Interim results for the six months to 30/6/08: ASPL has six projects in Malaysia and one in Vietnam. Four projects are
over 90% sold, leading to revenues of US$52m and a PBT of US$2.7m. ASPL’s latest development will be a large one
million sq.m hospital/healthcare park in Ho Chi Minh City, Vietnam, which has a total development cost of US$420m.
Portfolio - largest properties
Property Portfolio
(%)
Net Assets
(%)
Value
(US$m)
SENI Mont Kiara 35.66 36.13 85.55
ONE Mont Kiara by i-ZEN 13.22 13.4 31.73
Sandakan Harbour Square 9.85 9.98 23.63
Tiffani by i-ZEN 9.12 9.24 21.88
Kuala Lumpar Sentral Project 6.53 6.62 15.68
Sea-front resort & residential dvpmnt. K 5.19 5.26 12.45
i-ZEN@ Kiara I 2.5 2.54 6.00
Sector % Country % Value (US$m)
Diversified 37.3 Cash & Fixed Interest 23.51 73.726
Housing 62.6 Malaysia 65.84 206.498
Vietnam 10.66 33.428
Investment Manager
Mr Hon (b.1966) is currently CEO/President of Ireka Development Mgt. and Executive Director of Ireka Corp. As an
architect he practised in London, Hong Kong and Malaysia prior to joining Ireka. Mr Hon graduated from University
College, London, with a BSc (Hons) in Architecture in 1987 and took a post-graduate diploma in Architecture (Dip-
Arch) in 1989. He has a MBA (Distinction) from Ashridge Management College.
Investment Strategy
ASPL typically invests in development projects at the pre-construction stage. It also selectively invests in projects in
construction and newly completed projects with the potential for high capital appreciation. ASPL makes investments
both as sole principal and in joint arrangements with third parties, where management control resides with ASPL.
Such joint arrangements are undertaken only with other parties having demonstrable relevant experience or local
knowledge. ASPL expects IPO proceeds to be invested 30%-40% in Malaysia and 60%-70% in Vietnam.

Autumn 2008 32
Listing Details
Bloomberg AGP LN
Exchange AIM
ISIN VGG054341083
Domicile British Virgin Islands
Launch date 05-Oct-06
Investment Focus
Geography Hong Kong – China
Strategy Investor – Developer
Current Trading
Price 8.25p
NAV per share H$8.47
NAV date 30-Jun-08
NAV frequency H
Discount -99.0%
Dividend yield -
6.8
7
7.2
7.4
7.6
7.8
8
8.2
8.4
0
5
10
15
20
25
30
35
40
45
50
Oct-06 Oct-07 Oct-08
Price(GBX) (L.H.S) NAV(HKD) (R.H.S)
Assets
Total assets H$8,708m
Cash H$590.4m
% cash 6.8%
Loans H$1,476.8m
Gross gearing 17%
Net gearing 10%
Management
Management group SEA Holdings
Annual fee 1%
Performance fee -
Key individual Lu Wing Chi
Tel. +852 2828 3263
E-mail info@asiangrowth.com
Valuer Savills
Website www.asiangrowth.com
Asian Growth Properties Ltd
Company Summary
Asian Growth Properties Limited (AGP) is a commercial and residential property investment and development
company, headquartered in Singapore and operating in Hong Kong. AGP and its subsidiaries invest and develop
commercial, hotel, retail and residential properties in Hong Kong and mainland China. AGP's shares were admitted
for trading on AIM on January 16 2006; it was incorporated on February 17 2004.
Portfolio Summary
On AGP's admission to AIM it owned four key property assets in Hong Kong which have been independently valued
at a total of HK$1,518m (£110.5m).
Property Location Sector Area
(sq.m)
Lease Expiry
Dah Sing Financial Centre Hong Kong Commercial 37,171 30 June 2047
28/F, 9 Queen’s Road Hong Kong Office 1,279 15 November 2854
Shop No.22, Excelsior Plaza Hong Kong Retail 39 24 June 2842
The Morrison Hong Kong Commercial 1,651 11 February 2050
Plaza Central Chengdu, Commercial 91,455 6 October 2063
Office Tower Guangzhou Office 16,112 31 March 2042
Royal Green Hong Kong Residential 347 -
Country % Value
(H$m)
China 18.3 1,593.0
Hong Kong 74.9 6,522.0
Source: AGP at December 31 2007
Investment Manager
Mr Lu (b.1947) joined the board in March 2004. He is the chairman and managing director of SEA Holdings Limited, a
listed company in Hong Kong, and a director of many of its subsidiaries (including AGP). Mr Lu has more than 40
years’ experience in property investment and development in Hong Kong and throughout the Asia-Pacific region. He
is responsible for international investment strategies and development directions within the SEA Group.
Investment Strategy
AGP's strategy is to invest in the property sector within the Asia Pacific region, where the directors believe that the
company has a competitive advantage by virtue of their relevant experience. The company invests predominantly in
development projects in selected regions of the People's Republic of China (including Hong Kong). It hopes to grow
the company by way of adding value to projects during the development process.

Autumn 2008 33
Listing Details
Bloomberg AGR LN
Exchange LSE
ISIN GB0033732602
Domicile Guernsey
Investment Focus
Geography UK
Strategy Investor - Developer
Current Trading
Price 30.75p
NAV date 31-Mar-08
NAV frequency H
Discount -74.0%
10
60
110
160
210
Dec-03 Jan-05 Jan-06 Jan-07 Jan-08
Assets
Cash £20.4m
% cash 4.3%
Loans £238.4m
Gross gearing 50.6%
Net gearing 46.3%
Management
Management group Assura
Annual fee n/a
Performance fee n/a
Key individual Richard Burrell
Tel. +44 (0)1244 893680
E-mail n/a
Valuer Savills
Website www.assuragroup.co.uk
Assura Group Ltd
Company Summary
Assura Group Limited (AGR) is a health provider organisation that partners with GPs to deliver high quality patient
care, offering innovative property solutions and consumer-responsive pharmacy services. AGR is a leading
participant in the primary and community healthcare market and is supportive of a modern NHS capable of
delivering increased services to patients in the community.
Analyst’s Comment
We see this as a UK infrastructure opportunity, as rents will be effectively guaranteed by the Government and the GP
companies will become local monopolies. We had concerns about the funding of the company’s development
pipeline, but this fundraising should resolve these. AGR seems to have successfully raised at least the £30m equity
part of the £80m total fundraise. We prefer to look at AGR as a UK infrastructure play. It has long-term contracts with
GPs whose surgeries are effectively local monopolies: the income is ultimately guaranteed by the UK Government.
Investors could do well to switch out of UK real estate exposure and into listed healthcare infrastructure companies
such as AGR. (Oct-29-08)
Sector No. of
Properties
Cost
(£m)
Net Equity
Yield (%)
Turnover
(£m)
Investment 133 324 5.7% -
Development on Site 8 - - -
Land Bank Site 24 58 - -
Committed Pipeline 28 202 - -
GPCos 15 - - -
Pharmacy 33 - - 17.9
Source: AGR at June 24 2008
Investment Manager
Mr Burrell (b.1966) graduated from Durham University and started his career at UBS Investment Bank. He then
worked at ING, where he focused on mergers and acquisitions and the raising of equity and debt capital for
companies. In 2002 he led the admission of AGR to the Official List (LSE). Mr Burrell has been the CEO of AGR since its
formation. He is a non-executive director of Stobart Group Limited, Helphire Group plc and a Trustee of the Alder
Hey Children’s Hospital Imagine Appeal.
Investment Strategy
Once the recent Government review of the NHS is implemented, and several important initiatives become a reality,
the integrated services provided by AGR are key to enabling GPs and health professionals fulfil the criteria of treating
patients closer to home, in a setting in which they feel comfortable. AGR believes that by having a modern portfolio
of property assets, capable of housing GPs and other healthcare providers, by locating its own pharmacies within
these facilities, and by entering into collaborative joint ventures with GPs to provide additional outpatient and
diagnostic services, it will become one of the leading providers of NHS services to patients. In November 2008 AGR
raised £80m: £30m equity + £50m debt. This will help the company embark on a new strategy to concentrate on GP-
focused healthcare. AGR also plans to sell some properties and pharmacies, returning proceeds as a special dividend
to shareholders. In future, dividends will be covered only by operating earnings. AGR intends to take advantage of
the continued reform of the NHS and the opening up of primary care services to the private sector.

Autumn 2008 34
Listing Details
Bloomberg ATLS LN
Exchange AIM & Warsaw
ISIN GB00B0WDBP88
Domicile Guernsey
Investment Focus
Geography Central and Eastern European
Current Trading
Price 30.00p
NAV date 30-Jun-08
NAV frequency H
Discount -94.6%
5
5.2
5.4
5.6
5.8
6
6.2
6.4
6.6
10
60
110
160
210
260
310
360
Mar-06 Mar-07 Mar-08
Price (GBX) (L.H.S) NAV(EUR) (R.H.S)
Assets
Total assets € 557.5m
Cash €19.9m
% cash 3.6%
Loans €157.2m
Gross gearing 28.2%
Net gearing 24.6%
Management
Management group Atlas Mgt. Co.
Annual fee 2% on previous closing NAV
Key individual Nahman Tsabar
Tel. +44 (0)20 7245 8666
E-mail Poland@atlasestatesltd.com
Website www.atlasestates.com
Atlas Estates Ltd
Company Summary
Atlas Estates Limited (ATLS)is a real estate developer and investor in CEE. It is a Guernsey, closed-ended investment
company, listed on AIM and the Warsaw Stock Exchange (WSE). It has a mix of income-generating properties and
development projects. ATLS intends to offer investors an attractive combination of yield and capital appreciation.
Analyst’s Comment
ATLS has a €300m portfolio of property investments and developments in central and eastern Europe, its main asset
being the Hilton Hotel in Warsaw. Its results for the six months to 30/6/08 (announced 14/8/08) show revenues
doubling to €21.1m in a year and NAV rising by 3.3% in six months to €6.57. Comparing this to recent results on IERE
(announced on the same day), which invests in western Europe, highlights the difference between east and west
Europe: there is still scope for increasing revenues and values in the east. Other key development projects in Warsaw
are progressing on schedule. This is all good news. The new CEO appointment, Mr Nahman Tsabar, who we met
recently seems impressive and his CV reads well. His experience in managing build-own-transfer and build-own-
operate projects in eastern Europe will be particularly valuable to ATLS. The former CEO of the management
company Amos Pickel resigned in mid-2008. The new CEO is Nahman Tsabar w.e.f. September 2008. We will hold off
recommending ATLS until the new CEO has proved his effectiveness. (Aug-14-08)
Portfolio Summary
Results for 9M to 30/6/08: two new loans agreed (€51m construction loan, €65m finance loan); Hilton trading ahead
of expectations; development projects progressing well; €250m loans; LTV 46%; gearing 51%; cash €22m; 57%
(217,000 sq.m) of portfolio is income producing; 2,200 apartments and 30,000sq.m of commercial space under
development; 704 apartments sold since IPO for €124m; 23 properties in five countries.
Property Sector Location Purchase
Value (€m)
ATLS
Interest*
Value Change
Since Purchase (%)
Hilton Hotel Hotel Poland 96.828 112.13 16
Millennium Plaza Office Poland 78.000 92.5 19
Capital Art Residential Poland 16.342 53.9 230
Platinum Towers Residential Poland 9.533 45.5 380
Voluntari Land Romania 5.35 31.9 496
Ikarus Mixed-Use
Commercial
Hungary 29.21 27.6 -6
Platinum Towers Office Poland 7.927 24.54 210
Source: ATLS at September 30 2008*
Country No. of Properties % Value (€m)
Poland 9 65.3 353.7
Hungary 7 14.5 78.3
Romania 3 12.9 70.0
Slovakia 2 5.9 32.0
Bulgaria 1 1.4 7.5
Total 22 100 541.5
Source: ATLS at June 30 2008
Investment Manager
ATLS’s portfolio is managed by Atlas Management Company Limited (AMC), a company whose sole purpose is to
manage ATLS's assets on its behalf. AMC was formed by RP Capital Partners, Elran (D.D.) Real Estate Limited and RI
Limited, all experienced investors with significant experience in and knowledge of the region. AMC is owned and
managed by the Founder Shareholders of Atlas – the Elran Group, the Izaki Group and the RP Capital Group. ATLS’s
portfolio of real estate investments is managed by experienced international real estate professionals overseeing
extensive local management teams in each country in which the company’s assets are located. These teams
comprise local personnel with many years of experience developing and investing in commercial and residential
property in these markets.
Mr Tsabar (CEO of AMC) (w.e.f. Sept 08) (b. 1956) is based in AMC’s office in Warsaw and has overall responsibility for
the execution and delivery of ATLS's development and asset management programmes. He also oversees ATLS's
progress in obtaining zoning and planning permissions on its existing landbank. He is a civil engineer with more than
thirty years of experience in the construction and development industry, and is experienced in planning,
procurement and project management. Mr Tsabar has worked in a number of sectors, including infrastructure, civil
works programmes and aviation. Employment record: CEO of OCIF Investment & Development Ltd from 2007;
President & CEO of Tahal Group, part of the GTC group, which was a leader in Build-Own-Transfer/Build-Own-
Operate projects across a number of emerging markets, including Romania, Serbia, Poland, Russia, Turkey, India and
China; CEO of Solel Boneh Development & Roads Ltd, the largest contracting firm based in the Middle East and active
worldwide, with 500 staff; VP of Ashtrom Intl Ltd, an international construction company, where he was responsible
for operations in Jamaica, Turkey, E Europe and the CIS. Prior to 1998 he spent 20 years in aviation construction.
Education: BSc in civil engineering from Technion, Israel Institute of Technology; MBA from Ben-Gurion University,
Israel.

Autumn 2008 35
Listing Details
Bloomberg APT LN
Exchange AIM
ISIN GB00B06T2607
Domicile Guernsey
Launch date 23-May-05
Investment Focus
Geography Europe (inc. UK) – UK, France, Spain,
Belgium, Netherlands and Germany
Strategy Investor
Sector Commercial
Current Trading
Price 40.50p
NAV date 30-Sep-08
NAV frequency Q
Next NAV announced 13-Feb-09
Discount -64.3%
30
40
50
60
70
80
90
100
110
120
Jun-05 Jun-06 Jun-07 Jun-08
Assets
Cash £20.1m
% cash 10.1%
Loans £73.0m
Gross gearing 36.5%
Net gearing 26.5%
Management
Management group AXA Real Estate Invt Mgt
Annual fee 0.9% on gross asset plus cost
Performance fee none
Key individual Martin McGuire
Tel. +44 (0)20 7003 2857
E-mail martin.mcguire@axa-im.com
Valuer Knight Frank
Website www.axapropertytrust.com
AXA Property Trust Ltd
Company Summary
AXA Property Trust Limited (APT) is a closed-ended, Guernsey-registered investment company listed on the main
board of the LSE. It has a total return objective for shareholders through a combination of dividends and capital
appreciation from freehold European commercial properties (including the United Kingdom): offices, retail (both in
and out of town), industrial and 'other' sectors, including leisure and hotels. Residential investments are not
considered except where they form a small part of a larger commercial investment. APT does not buy developments
unless pre-letting agreements exist in respect of at least 80% of the surface area of the relevant property.
Analyst’s Comment
In contrast to some of its peers, APT’s NAV has been relatively stable during the year. Perhaps it has better quality
tenants in its German portfolio. The detailed outlook for the prospects for commercial property in western Europe
are, however, gloomy. Consumer spending will continue to slow, vacancy levels are likely to rise, property yields will
rise and valuations will fall. Negative total returns will be the norm. Stability will not be reached until 2010. western
Europe real estate fund managers to whom we have spoken over the last 18 months had initially estimated the end
of the property downturn by the end of 2008: later they were saying 2009, now we hear it’s 2010. Will this be pushed
further out? This pessimistic outlook agrees with what we have seen as managers continue to sell properties and de-
gear their portfolios. Spain looks to have the worst outlook and Germany the least bad. Even the higher yielding
logistics and industrial sectors don’t look promising. Investors should pick low geared funds, niche players that may
be able to buck the trend, safer infrastructure investments or switch out of western Europe altogether and into real
estate in economies which still have forecast GDP growth over 6%. (Oct-10-08)
Property Portfolio
(%)
Net Assets
(%)
Value
(£m)
Phoenix Centre, Furth 11.3 15.92 18.59
Rothenburg, Germany 10.6 14.94 17.44
Bergamo 7.9 11.13 13.00
Bergamina, Agnadello 7 9.86 11.52
Porto Kali Investment, Netherlands 5.9 8.31 9.71
AM Birkfield, Dasing 4.8 6.76 7.90
Smakterweg, Venray 4.5 6.34 7.40
(£m)
Industrials 16.7 Belgium 2.59 4.837
Office 14.7 Cash & Fixed Interest 13.77 25.745
Other 8.2 Germany 54.33 101.573
Italy 12.93 24.184Shopping Centres 60.4
Netherlands 16.38 30.633
Investment Manager
Mr McGuire heads the AXA Property Trust Limited fund management team. He is a Chartered Surveyor and Senior
Fund Manager at AXA REIM UK. He has over 30 years’ experience in commercial property with a significant
proportion of this in Continental European property. Mr McGuire worked for Jones Lang Wootton. In 1985 he joined
Standard Life and led their expansion into the Continental European markets, where he managed the investment
and development programme over many years taking the exposure to more than €1.5bn and was Fund Manager of
Standard Life Investments’ €800m European Property Growth Fund. Latterly he was Investment Director at Standard
Life investments and managed the £2bn Unit Linked Life Fund. He holds a degree in Land Economy from the
University of Aberdeen and also an Investment Management Certificate. He is resident in the UK.
Investment Strategy
APT aims to achieve its investment objective through a policy of investing in commercial properties across Europe
which are predominantly freehold and in the following segments of the commercial property market: offices: retail,
industrial and ‘other’ sectors, including leisure and hotels. Residential investments are not considered except where
they form a small part of a larger commercial investment. The company will not acquire any interests in properties
which are in the course of construction unless pre-letting agreements exist in respect of at least 80% of the surface
area of the relevant property. The company may invest in properties through joint ventures if the terms of any such
joint ventures effectively allow it to trigger a disposal of the underlying properties held through the joint ventures or
to dispose of its interest in the joint ventures at a time of the company’s choice.

Autumn 2008 36
Listing Details
Bloomberg BBPP LN
Exchange LSE
ISIN GB00B188SR50
Domicile Guernsey
Investment Focus
Geography UK – Australia – Canada – Europe
Strategy Investor
Current Trading
Price 85.25p
NAV date 30-Jun-08
NAV frequency H
Discount -22.1%
70
75
80
85
90
95
100
105
110
115
120
Nov-06 Nov-07 Nov-08
Assets
Total assets £1,920.3m
Cash £930.7m
% cash 48.5%
Loans £1,335.2m
Gross gearing 69.5%
Net gearing 21.1%
Management
Annual fee 1.2%
Performance fee 20% over 15-year gilt + 2.5%
Key individual Giles Frost
Tel. +44 (0)20 7203 7300
E-mail giles.frost@babcockbrown.com
Valuer
Website www.bbpublicpartnerships.com
Babcock & Brown Public Partnerships Ltd
Company Summary
Babcock & Brown Public Partnerships Limited (BBPP) takes controlling stakes in mature, income producing
infrastructure assets around the world. Its deals are often sourced from the extensive global network of the Babcock
& Brown Group (B&B), though BBPP is separate from B&B and has its own 30-strong management team. Problems at
the parent B&B level will not affect the running of BBPP.
Analyst’s Comment
We continue to expound the virtues of infrastructure funds. Typically, they have diverse portfolios with long
contracts backed by governments. This should make them safer havens than other listed investments. We like BBPP
for its global reach via its connections with the Babcock & Brown group. Of the London-listed infrastructure funds,
BBPP has one of the best global deal sourcing networks through the B&B connections. Its mix of mature and
development projects means there is a strong likelihood of both NAV and income growth. Today’s (3/12/08)
announcement of expected dividends for 2009 shows how dependable the revenue is from its assets. The 5.55p
annual dividend forecast for 2009 is 2.8% higher than 2008, and represents a dividend yield of 6.5% based on the
current share price. BBPP would suit risk-averse investors who prefer inflation-linked dividends from a diverse
portfolio of international infrastructure assets. (Dec-03-08)
Portfolio - Largest Investments
Royal Children’s Hospital
Hereford & Worcester Magistrates Courts
Northamptonshire Schools
Diabolo Project
Strathclyde Police Training Centre
BeNEX
Tower Hamlets Schools
Source: BBPP at June 30 2008
Sector % Geography %
Education 30 UK 71
Court 23 Australia 12
Police 20 Germany 7
Gov. Acc. 19 Belgium 5
Leisure 3 Ireland 4
Other 5 Canada 1
Source: BBPP at June 30 2008
Investment Manager
Mr Frost, resident in the UK, is joint head of the public infrastructure business unit at Babcock & Brown. He has been
employed at BBPP since 2000 and has been involved in the development, investment and management of projects
in the public infrastructure sector throughout this time. Prior to joining BBPP he was a solicitor and partner in the law
firm Wilde Sapte (now Denton Wilde Sapte).
Investment Strategy
BBPP's investment strategy is to enhance the value of its existing portfolio of assets as well as identify further
accretive acquisition opportunities both in the UK and internationally. Growth in the value of the existing asset base
is expected to come via organic growth as assets move from construction to operations, as well as through active
management of the portfolio via intiatives such as refinancing, third party revenue, client variations and portfolio
synergies.

Autumn 2008 37
Listing Details
Bloomberg BYG LN
Exchange LSE
ISIN GB0002869419
Domicile UK
Launch date 07-Jun-02
Investment Focus
Geography UK
Strategy UK REIT
Sector Self storage
Current Trading
Price 214.75p
NAV date 30-Sep-08
NAV frequency H
Discount -53.9%
60
160
260
360
460
560
660
Jun-02 Jun-03 Jun-04 Jun-05 Jun-06 Jun-07 Jun-08
Assets
Cash £1.6m
% cash 0.2%
Loans £282.8m
Gross gearing 30.9%
Net gearing 30.8%
Management
Annual fee n/a
Performance fee n/a
Key individual James Gibson
Tel. +44 (0)1276 477 811
E-mail info@bigyellow.co.uk
Website www.bigyellow.co.uk
Big Yellow Group plc
Company Summary
Big Yellow Group plc (BYG) has established itself as the leading self-storage brand in London and the south of
England; it has now embarked on an expansion plan to cover the rest of Britain. The company has pioneered the
development of the latest generation of self-storage facilities which utilise state-of-the-art technology. Its stores are
located in high profile, easy to access main road locations. The majority of its stores are owned freehold and are
located within the M25.
BYG’s focus on the location and visibility of its buildings, coupled with excellent customer service, has helped to
create the most recognised brand name in the storage industry.
Investment Manager
Mr Gibson (b.1962) is CEO and a co-founder of BYG in September 1998. He is a chartered accountant, having trained
with Arthur Andersen & Co., where he specialised in the property and construction sectors before leaving in 1989. Mr
Gibson was finance director of Heron Property Corporation Limited and then Edge Properties plc, which he joined in
1994. Edge Properties was listed on the main board of the LSE in 1996 and then taken over by Grantchester
Properties plc in 1998.
Investment Strategy
BYG’s strategy is to continue to invest in quality properties at the premium end of the self-storage market and to
expand the reach of the brand nationally. To date, it has acquired 58 stores, of which 39 are now open. When fully
built-out the portfolio will provide over 3.6 million sq.ft. of storage space.

Autumn 2008 38
Listing Details
Bloomberg BKSA LN
Exchange AIM
ISIN GB00B068H734
Domicile Jersey
Investment Focus
Geography Bulgaria
Strategy Investor
Sector Residential
Current Trading
Price 5.00p
NAV date 30-Jun-08
NAV frequency H
Discount -73.1%
Dividend yield -
0
5
10
15
20
25
30
Mar-05 Mar-06 Mar-07 Mar-08
Assets
No. of properties/projects -
Cash £1.5m
% cash 3.2%
Loans £0.0m
Gross gearing 0.0%
Net gearing -3.2%
Management
Management group Development Capital Mgt
Annual fee £75k p.a. + costs
Key individual George Sidjimkov
Tel. +359 2 935 5050
E-mail George.Sidjimkov@dcmanagement.com
Valuer Colliers
Website www.blackseapropertyfund.com
Black Sea Property Fund Ltd
Company Summary
Black Sea Property Fund Limited (BKSA) specialises in the development, financing and sale of residential property in
Bulgaria. BKSA seeks to generate substantial capital gains through the financing and sale of residential property in
Bulgaria, including the prime areas of Bulgaria's Black Sea coast and the ski resorts. The fund, which raised £50m on
launch, offers investors the opportunity to gain exposure to early stage residential property in a growing economy.
Analyst’s Comment
BKSA was one of the first Bulgarian property funds launched on AIM. Its costs were high and management weak: this
is being turned around. Management has been given twelve months’ notice to quit. Like some of its peers, BKSA is
changing from a fund to a trading company, by internalising its management. The company has had to enter three
lawsuits, which shows that the managment has a poor relationship with developers. Although the projects may be
good, we think management is weak and less likely to deliver on the projects. We prefer other listed Bulgarian
property companies. The management contract with DCM was terminated on September 6 2008. (Sep-26-08)
Portfolio Summary
Interim results for 6M to 30/6/08: NAV 18.6p up 5.7%; total assets £47m; cash £1.6m; six projects in total; law suits at
three projects; share buybacks on-going; close to internalisation of management; cut running costs; no new
investments or divestments.
Development Area Invested
(sq.ft)
No. of
Units
Invested Funds
(€m)
Committed Funds
(€m)
Magnolia 24,319 348 5.6 5.6
Nikea Park 8,013 118 4.0 4.0
YooBulgaria Obzor 27,050 257 2.3 5.2
YooBulgaria Kavarna 24,798 230 - 4.6
Sofia 24,600 100 4.0 4.5
Byala 161,820 1,000 9.7 9.7
Borovets 174,244 500 11.2 16.5
Source: BKSA at June 30 2008
Country Sector % Value
(£m)
Bulgaria Debt - General 28 13.2
Bulgaria Property 61 28.8
Cash & Fixed Interest - 3 1.5
Source: Fundamental Data at December 31 2007
Investment Manager
The contracted management fee to Development Capital Management (Jersey) Limited is 2% p.a. of the amount
subscribed plus any gains retained by the fund for reinvestment. With effect from January 1 2008, the management
fee was changed to £75,000 p.a. plus the direct operating costs of Development Capital Management Bulgaria AD.
For the six months ended June 30 2008 the total of both the management fee and direct operating costs amounted
to £277,500. The management agreement between the company and the manager is terminable by either party on
twelve months’ notice, subject to an initial term of 36 months from admission. On September 6 2007, the company
notified the manager that the management agreement would be terminated twelve months hence.
Investment Strategy
BKSA seeks to generate substantial capital gains through the financing and sale of residential property in Bulgaria,
including the prime areas of Bulgaria's Black Sea coast and the ski resorts. The fund, which raised £50m on launch,
offers investors the opportunity to gain exposure to early stage residential property in a growing economy.

Autumn 2008 39
Listing Details
Bloomberg BLK LN
Exchange AIM
ISIN IE00B134XK63
Domicile Ireland
Investment Focus
Geography Ireland – UK – Continental Europe
Strategy Investor – developer
Current Trading
Price 6.25p
NAV date 30-Jun-08
NAV frequency H
Discount -80.4%
Dividend yield -
0.3
0.31
0.32
0.33
0.34
0.35
0.36
0.37
0.38
0.39
0.4
0
5
10
15
20
25
30
35
40
May-06 May-07 May-08
Assets
Cash €8.3m
% cash 1.8%
Loans €198.7m
Gross gearing 44.2%
Net gearing 42.3%
Management
Annual fee n/a
Performance fee n/a
Key individual Tom Neasy
Tel. +353 1 887 2788
E-mail info@bilplc.com
Valuer Lisney (Rep of Ireland) - BTW Shiells,
Lambert Smith Hampton, Brown & Lee (UK) - Jones
Lang La Salle
Website www.bilplc.com
Blackrock International Land plc
Company Summary
Blackrock International Land plc (BLK) was incorporated on March 3 2006 and commenced operations on May 11
2006 by acquiring the property undertaking of Fyffes plc, together with related debt due to Fyffes and ancillary net
liabilities. Consideration for the transaction was settled by a one-for-one issue of Blackrock shares to Fyffes'
shareholders. On May 12 2006 Fyffes subscribed €83m cash for a 40% shareholding in BLK. Part of the proceeds was
used to repay the debt due to Fyffes. BLK shares were admitted to trading on IEX and AIM on May 15 2006. On that
date, its balance sheet comprised properties valued at €197m, related deferred tax and other net liabilities of €10m
and net cash of €20m. The initial portfolio comprised investment properties generating substantive rental income
and other properties with significant development potential. Several of the properties continue to be occupied by
Fyffes and Total Produce plc (which demerged from Fyffes in December 2006) under short to medium-term arm’s
length operational leases.
Sector % June 2008
(€m)
June 2007
(€m)
Investment properties 47 202.7 189.0
Development properties 28 119.4 118.5
Investment and development prospects 25 108.3 102.6
Total 100 430.4 410.1
Source: BLK at June 30 2008
Investment Manager
Mr Neasy, executive director, became a director of BLK in June 2007. He has had a lengthy career in the property
business and gained a wealth of experience in project design and management, working with a number of
companies in Ireland and other countries. In 1989 he established his own consultancy business, Neasy Project
Management Limited, which, inter alia, has provided advisory and project management services to the Fyffes Group.
More recently Mr Neasy has acted as project director for BLK on its property developments in Ireland, the UK and
Continental Europe.
Investment Strategy
Management is focused on delivering increasing value for its stakeholders through innovative investment and
development. BLK’s core objective is to provide its shareholders with superior returns through outstanding
performance. The company’s management is active and entrepreneurial, with a risk-controlled approach to the
development of existing and acquired properties. The company is also opportunistic in terms of acquisitions of
strategic land holdings and property investments. BLK maintains a balanced portfolio of modern commercial,
industrial, retail and residential properties which have the potential for long-term rental and/or capital growth.
Proceeds from its development activities and property disposals are reinvested in new opportunities, or otherwise
employed to enhance shareholder value. Its geographic focus is principally on Ireland, the UK and Continental
Europe. BLK’s vision is to grow its gross assets to €1bn by 2011.

Autumn 2008 40
Listing Details
Bloomberg BLND LN
Exchange LSE
ISIN GB0001367019
Domicile UK
Market value £2,599.99m
Investment Focus
Geography UK
Strategy UK REIT
Sector Commercial
Current Trading
Price 508.50p
NAV date 30-Sep-08
NAV frequency Q
Discount -51.2%
460
660
860
1060
1260
1460
1660
ec-03 Jan-05 Jan-06 Jan-07 Jan-08
Assets
Cash £244.0m
% cash 2.1%
Loans £5,000.0m
Gross gearing 42.1%
Net gearing 40.1%
Management
Management group Self -managed
Annual fee n/a
Performance fee n/a
Key individual TBA
Tel. +44 (0)20 7467 2946
E-mail Amanda.Jones@britishland.com
Valuer Knight Frank
Website www.britishland.com
British Land Company plc
Company Summary
British Land Company plc (BLND) has been a UK REIT since 1/1/07 and has a diversified UK real estate portfolio of
c.50% out of town retail and one third central London offices. Its primary objective is to produce superior sustained
and secure, long term shareholder returns. BLND focuses on actively adding value to its real estate through portfolio
selection, intense asset management, development, entrepreneurial deal-doing and financing. BLND prefers prime
property in sectors where it has distinctive skills and benefiting from favourable long term supply/demand trends.
Property that is in demand from occupiers enjoys better rental growth but also better downside protection, typically
enhanced by long leases with secure covenants. BLND’s development programme is based on opportunities created
both out of existing investments and from acquisitions. BLND commits on the basis of pre-lets or anticipated market
demand, creating quality assets for the portfolio.
Analyst’s Comment
We are not surprised that valuations have fallen over Q3. The fall has been accelerating, which agrees with the latest
monthly data from the IPD. The good news is that rents have been rising overall and the dividend has increased.
Rents have actually fallen in BLND’s office portfolio due to the City weighting, which we expect to get worse as the
financial crisis deepens. Financing within BLND seems well managed and sound. While we have been following (and
reporting on) the detail of the UK commercial property sector to our clients, the size and fame of BLND means that
the figures and bad news will be reported widely. This may lead to further weakness across the listed UK property
stocks. (19-Nov-08)
Portfolio Summary
BLND’s portfolio is valued at c.£16bn. The majority is directly owned and managed; the balance is held in joint
ventures, partnerships and funds, of which BLND’s share is valued at c.£3bn. BLND's development programme
comprises a total of over 4,700,000 sq.ft (436,500 sq.m) confirmed development between 2008 and 2011, including
projects such as the Broadgate Tower and 201 Bishopsgate, Ropemaker, Osnaburgh Street and the Leadenhall
Building. When completed, these developments could provide an additional £149m of rent p.a. at 2008 rental levels,
of which £29m p.a. is already contracted.
Interim results for 6M to 30/9/08: Dividend up 7% to 9.375p per quarter; Portfolio value £15.6bn, down 10.8% (Q2
down 6.5%); NAV 1043p, down 22% (Q2 down 14%) triple net NAV is 1186p after fair value adjustments of debt;
Portfolio net equivalent yield 6.1%, 0.57% higher in six months; occupancy 97%; average lease length 13 years, only
4% of which is up for renewal prior to 2011; £4.5bn net debt; gearing LTV 44%; bank loan interest fixed at 5.3% for 13
years; interest cover over two times; retailers reporting difficult trading; no significant defaults yet; development
portfolio scaled back to just three projects.
Property City Sector Area
(sq.ft)
Value Completion
Broadgate London Office 4 million £2.9bn Apr 08
Regent’s Place London Office 1 million £702m 3Q09
York House London Office 90,000 - 2007
201 Bishopsgate London Office 800,000 - -
Source: BLND at September 30 2008
Sector Distribution Type of Investment
Sector Value
(£bn)
% Initial
Yield (%)
Type Value
(£bn)
Retail warehouses 2.999 25.9 5.7 Investment 8.321
City Office 3.334 28.8 5.5 Development 0.418
West End office 1.103 9.5 5.4 Funds & JVs 1.313
Shopping centres 1.906 16.5 5.3 Total 11.571
Superstores 1.210 10.4 5.6
Department stores 0.647 5.6 5.9
Source: BLND at September 30 2008
Investment Manager
CEO Stephen Hester has left to be CEO of RBS; a new CEO has not yet been appointed. Mr Hester joined BLND as
chief executive in November 2004, from Abbey National plc. At Abbey he was chief operating officer, having joined
in May 2002 as finance director. For the previous 19 years he was at Credit Suisse First Boston, holding various
Investment banking roles until becoming chief dinancial officer in 1996, then global head of the Fixed Income
Division. Amongst other interests, Mr Hester is a trustee of The Royal Botanic Gardens, Kew Foundation.
Investment Strategy
BLND is focused on customer needs, with prime assets in the office and retail sectors. The company creates
exceptional long-term investments with strong covenants, long lease profiles and good growth potential, enhancing
property returns through active sales, purchases, management and development. BLND maximises risk-adjusted
returns through optimal financing and partnership with others, taking advantage of opportunities in the property
market through entrepreneurial flexibility, deal-doing and financing.

Autumn 2008 41
Listing Details
Bloomberg BXTN LN
Exchange LSE
ISIN GB0001430023
Domicile UK
Investment Focus
Geography UK
Strategy UK REIT
Sector Commercial
Current Trading
Price 129.50p
NAV date 30-Jun-08
NAV frequency H
Discount -71.1%
110
160
210
260
310
360
410
460
510
560
Assets
Cash £23.1m
% cash 1.1%
Loans £858.5m
Gross gearing 39.9%
Net gearing 38.8%
Management
Annual fee n/a
Performance fee n/a
Key individual Tim Wheeler
Tel. +44 (0)20 7399 4526
E-mail timwheeler@brixton.plc.uk
Valuer CB Richard Ellis – King Sturge
Website www.brixton.plc.uk
Brixton plc
Company Summary
Brixton plc (BXTN) owns or manages more than 19 million sq ft of industrial and warehouse space in the UK. The
portfolio is located predominantly in the south east of England, with a particular focus on the Heathrow and west
London markets. BXTN operate through two principal subsidiary companies. Brixton Investments is responsible for
acquisitions, disposals and development. B-Serv is the customer service-focused manager of property owned by
BXTN and its joint ventures, Equiton and Heathrow Big Box Fund.
Analyst’s Comment
BXTN (August 19 2008) owns £2bn of income producing commercial property in the UK. Its interim results for 6M to
30/6/008 show that asset value is down 10% and the NAV per share is down 17.8% to 448p. BXTN is 69% geared (loan
to value) which amplifies the fall in asset value when considered at the NAV per share level. There remains a state of
considerable uncertainty, and this is evident in the apparent reluctance of the various property indices to react to the
reality of much lower achievable values. There have been few transactions on which to base asset values. The issue
now is how much further could property values fall. The good news is that rents are up 5.5%, allowing BXTN to
increase its interim dividend by 2.1% to 4.9p, bringing the annual total to 13.7p (though the final dividend of 8.8p
may be increased). Shares are on a 45% discount and a dividend yield of 5.5%. (Aug-19-08)
Portfolio Summary
BXTN owns and/or manages in excess of 19 million sq.ft in over 1,300 units (BXTN’s share now worth £2.45bn) in
nearly 90 estates. Greater London makes up 77%, by value, of the whole portfolio.
Portfolio - Top Five Properties
Property Area Cost
(£m)
Date of
Acquisition
Ownership
(%)
Current
Income
(£m p.a)
Origin 24 acres 47.1 Jul-07 100 -
Premier Park 845,000 sq ft 71.75 Nov-00 100 6.6
Northfields 717,000 sq ft 55.111 Mar-05 100 2.4
Rockware Avenue 489,000 sq ft n/a Jun-07 100 1.5
Greenford Park 971,000 sq ft £33.48 Mar-99 100 6.1
Source: BXTN at June 30 2008
Geography %
Heathrow 38
Park Royal 33
Greater London 6
South East 15
Manchester 8
Source: BXTN at June 30 2008
Investment Manager
Mr Wheeler (b.1960) joined BXTN in 1985 and was appointed property director in June 1997 and chief executive in
April 2000.
Investment Strategy
BXTN produces results by focusing on a successful acquisition and development programme, effective asset
management, customer service and strategic joint ventures. This approach is underpinned by an innovative financial
strategy which gives the company flexibility, a competitive advantage and an investment-grade credit rating.

Autumn 2008 42
Listing Details
Bloomberg BLD LN
Exchange AIM
ISIN GB00B11PLD04
Domicile Isle Of Man
Investment Focus
Geography Bulgaria
Strategy Developer
Current Trading
Price 25.00p
NAV date 13-Oct-08
NAV frequency H
Discount -76.9%
Dividend yield -
20
40
60
80
100
120
Apr-06 Apr-07 Apr-08
Assets
Cash £16.7m
% cash 22.6%
Loans £8.2m
Gross gearing 11.1%
Net gearing -11.5%
Management
Annual fee n/a
Key individual Christo Iliev
Tel. +44 (0)20 7067 0700
E-mail ndibden@webershandwick.com
Valuer Savills
Website www.bld.bg
Bulgarian Land Development plc
Company Summary
Bulgarian Land Development plc (BLD) is a company incorporated to act as a residential and commercial property
developer in Bulgaria. It offers investors the opportunity to invest in Bulgaria’s rapidly growing economy with the
benefit of the considerable experience of the company’s management team. BLD intends to generate an attractive
rate of return for shareholders by taking advantage of the numerous opportunities in the Bulgarian property market.
BLD was admitted to AIM in March 2006, following a share placing which raised gross proceeds of £25m at 100p per
share. In February 2007 an additional placing raised £15m. The company’s initial focus is on residential and resort
developments in Bulgaria’s Black Sea and ski resorts. However, BLD maintains flexibility to invest in other residential
property development projects elsewhere in Bulgaria, particularly in Sofia, the capital, and in commercial property
opportunities. BLD engages in new property development in its target regions, but also looks at opportunities to
acquire properties ‘off-plan’ for resale, to acquire or invest in land and development sites for short-term returns and
to conduct other related activities. It has a strategically close relationship with AG Capital, Bulgaria’s largest
integrated real estate advisory company, which the directors believe will greatly assist the sourcing of land and sites
for new developments.
Analyst’s Comment
We are not surprised that construction costs have risen, but the impact on NAV is disappointing. We would like to see
European infrastructure grants unfrozen, which would re-stimulate FDI in Bulgaria and improve investors’
confidence. BLD is yet to announce the remaining land purchases and to give the plot locations and development
plans. We still believe that BLD has the best managers amongst its peers and at 57% discount the shares are good
value. (Sep-23-08)
Portfolio Summary
Interim results for 6M to 30/6/08: after revaluation NAV is 103p (down 21% from 130p @ 31/12/07). The reduction is
due partly to an increase in building costs of 20%, increased development periods and also a change in valuation
approach. Sales of residential units are progressing well. The latest acquisitions are the Printing House office
development project and two large land acquisitions south of Sofia. BLD is conducting a review of its existing
projects, where best to employ capital and how to respond to shareholders’ requests to return some capital to
investors.
Project Sector Location Committed
(£m)
Area
(sq.m)
July Morning Seaside Resort Residential Kavarna 2.88 95,000
Riverland Ski & Leisure Resort Residential Borovets 4.2 56,100
Harmony Hills Residential Balchik - -
BLD Sofia Tower Residential Sofia 4 32,000
BLD Office Park Office Sofia 5.2 23,500
Source: BLD at June 30 2008
(£m)
Bulgaria Apartments 25.03 13.686
Bulgaria Diversified 9.10 4.977
Bulgaria Office 20.99 11.477
Bulgaria Property 17.86 9.764
Source: Fundamental Data at April 22 2008
Investment Manager
Mr Iliev graduated from the Economic University of Varna with a Master’s degree in Economics and Marketing. In the
early 1990s he established one of the first real estate agencies in the local market, from which AG Capital eventually
emerged. Mr Iliev is chairman of AG Capital and a founder and CEO of Bulgarian Land Development plc. He is a
Certified International Property Specialist (CIPS) and a member of FIABCI, NAR, RICS, a board member of BBLF
(Bulgarian Business Leader Forum) and was awarded Young Manager of the Year 2004 by the EVRICA Foundation.
Investment Strategy
BLD maintains flexibility to invest in other residential property development projects elsewhere in Bulgaria,
particularly in Sofia, the capital, and in commercial property opportunities.

Autumn 2008 43
Listing Details
Bloomberg BPD LN
Exchange AIM
ISIN GB00B058TT05
Domicile UK
Launch date 04-Jan-05
Investment Focus
Geography Bulgaria and Eastern Europe
Strategy Developer
Sector Commercial
Current Trading
Price 18.00p
NAV date 30-Jun-08
NAV frequency H
Discount -71.7%
10
20
30
40
50
60
70
80
90
100
Jan-05 Jan-06 Jan-07 Jan-08
Assets
Cash £26.0m
% cash 41.2%
Loans £3.3m
Gross gearing 5.1%
Net gearing -35.1%
Management
Management group Bulgarian Property Mgt
Annual fee 2%
Performance fee 20% over 8% on realisations
Key individual Ivo Hesmonhalgh
Tel. +44 (0)20 7243 1336
E-mail ivo@bpdplc.com
Valuer Colliers International
Website www.bpdplc.co.uk
Bulgarian Property Development plc
Company Summary
Bulgarian Property Development plc (BPD) acquires sites and land for commercial development in Bulgaria. Its
strategy includes site acquisition through plot accumulation and consolidation and acquiring large suitable sites in
locations which already have zoning for commercial use.
Analyst’s Comment
Following recent sales, BPD now has nine projects: all are at early stages. Most have delays and hold ups, waiting for:
planning permission, master plan approval and electricity connections – one, at the ski resort in Bansko, has been
mothballed altogether. All should have valuation uplifts once the planning process has been progressed. However, it
looks like the whiter-than-white approach adopted by BPD managers does not tend to get local authorities moving
quickly. The easy asset sales have been done now. Shareholders will have to wait some time before the next special
dividend. (Sep-25-08)
Portfolio Summary
Interim results for 6M to 30/6/08: total value up 9.4% to €82m; special 19p dividend; NAV 63.7p; net cash of €17m
after restructuring. If planning approval at Sofia Centre Commercial site (BPD’s most significant asset) is approved,
this will increase its value and add 23p to NAV.
Portfolio analysis
Property Cost to
BPD (€m)
BPD share (%) Market Value
(£m)
% of portfolio
Sofia Ring Road One 2.18 100 7.25 11.2
Sofia Ring Road Two 1.02 100 1.58 2.4
Misc ring road sites 0.51 100 1.08 1.7
Airport Site 1 1.25 100 4.96 7.7
Airport Site 2 0.92 100 3.45 5.3
Commercial Park Sofia 26.33 100 39.40 61.0
Bansko 0.83 100 0.70 1.1
Pleven 0.69 38 0.89 1.4
Vidin 1.60 50 1.00 1.5
Burga 0.59 100 1.48 2.3
Sandanski 1.60 100 1.40 2.2
Ruse 1.57 100 1.41 2.2
Total 39.06 100 64.59 100
Source: BPD at June 30 2008
(£m)
Source: BPD at June 30 2008
Investment Manager
Mr Hesmondhalgh has a degree in economics and law from Cambridge University. He qualified as a solicitor and,
after a period in private practice with Travers Smith Braithwaite & Co., left to promote his property interests on a full-
time basis. He is the managing director of two small unlisted public property companies (Portobello Developments
plc and Londonwide Properties plc) in addition to being a director of several private companies. He was responsible
for setting up The Cobden Club, the well-known private members club in Notting Hill. Mr Hesmondhalgh has over 20
years’ experience in all kinds of property development. His wide experience should ensure that BPD is well run and
that development opportunities are correctly assessed and implemented.
Investment Strategy
BPD’s directors believe that it is appropriate for the company to continue to acquire additional strategic properties
for development and additional land in Bulgaria, and that it should continue to do so in the immediate future rather
than waiting for the development of its current projects to be completed. Increasing numbers of international
developers and purchasers of institutional grade investments have been coming to Bulgaria. BPD believes that it has
an advantage over these newcomers as it has an existing acquisitions team in place with a proven track record. As
competition increases, good opportunities at attractive prices may begin to diminish and BPD believes that it is
important for the company to continue to build up its land portfolio, thus enabling it to achieve advantages of scale.

Autumn 2008 44
Listing Details
Bloomberg CNMI LN
Exchange AIM
ISIN GG00B1FCZR96
Domicile Guernsey
Investment Focus
Geography Europe – America
Sector Marinas
Current Trading
Price 22.90p
NAV date 30-Jun-08
NAV frequency Q
Discount -74.1%
Dividend yield -
0.9
0.95
1
1.05
1.1
20
30
40
50
60
70
80
Feb-07 Feb-08
Assets
Cash €17.6m
% cash 29.4%
Loans €4.5m
Gross gearing 7.5%
Net gearing -21.9%
Management
Management group Marina Mgt. Intl. Ltd.
Annual fee 1.85% of NAV
Key individual Nick Maris
Tel. +44 (0)20 79203150
E-mail mail@cnmarinas.com
Valuer CB Richard Ellis
Website www.cnmarinas.com
Camper & Nicholson Marina Investments Ltd
Company Summary
Camper & Nicholson Marina Investments Limited (CNMI) focuses on the acquisition, development, redevelopment
and operation of an international portfolio of both new and existing marinas and related real estate in the
Mediterranean and the US.
Analyst’s Comment
Current research indicates that demand exceeds supply for marina berths. At the same time, new marina
development is restricted owing to geographical limitations, development costs, and environmental and planning
rules. Over the past few years there has been an explosion in global yacht production and consequently demand for
marina berths has increased, resulting in a steady rise in berthing rates, particularly around the Mediterranean. CNMI
aims to consolidate a highly fragmented market and deliver a compelling investment case for marinas as an
undervalued asset class. Although sales of smaller yachts are falling, the super yacht order book is strong. (Sep-18-08)
Portfolio Summary
Interims for six months to 30/6/08: Net assets €52m; NAV 104c per share. three marina projects (Malta, Turkey and
Grenada). It is now fully invested and considering further equity fundraising. CNMI would like to buy more marinas
and continue building more super yacht berths. The super yacht order book remains strong, with a multi year stream
of new yacht deliveries. Encouraging berth rate increases in some Mediterranean and Caribbean marinas.
Property Portfolio
(%)
Net Assets
(%)
Value
(€m)
Grand Harbour Marina 48.94 40.00 20.8
Port Louis Marina 47.29 38.65 20.1
Cesme Marina 3.76 3.08 1.6
(€m)
Grenada Property 35.55 20.100
Malta Property 36.79 20.800
Turkey Property 2.83 1.600
Investment Manager
Mr Maris, chairman and CEO, has 14 years’ experience as a marina owner, with some 37 years experience in the
marine sector. He is currently chairman of C&N (Marinas) Ltd, the international marina consultants, and chairman
(and shareholder) of Grand Harbour Marina Ltd.
Investment Strategy
CNMI generates returns for investors through the acquisition, development and operation of an international
Camper & Nicholsons branded portfolio of new and existing marinas and marina-related real estate.

Autumn 2008 45
Listing Details
Bloomberg CPIL LN
Exchange AIM
ISIN VGG182601028
Investment Focus
Geography China – Guangzhou
Sector Shopping malls
Current Trading
Price 20.50p
NAV per share RMB6.28
NAV date 30-Jun-08
NAV frequency H
Discount -96.7%
Dividend yield -
0
1
2
3
4
5
6
20
30
40
50
60
70
80
90
100
110
Aug-07 Aug-08
Price(GBX) (L.H.S)
NAV(RMB) (R.H.S)
Assets
Total assets RMB5,552.5m
Cash RMB118.8m
% cash 2.1%
Loans RMB0.0m
Gross gearing 0.0%
Net gearing -2.1%
Management
Annual fee 2%
Key individual Charlie CS Lin (CEO)
Tel. +852 2219 9669
E-mail dennis.yau@canton-properties.com
Valuer Knights Frank
Website www.canton-properties.com
Canton Property Investment Ltd*
Company summary
Headquartered in Hong Kong and incorporated in February 2007, Canton Property Investment Limited (CPIL) invests
in companies that are involved in the development, management and operation of shopping malls in the People's
Republic of China. CPIL focuses primarily on opportunities in Guangzhou, one of China's wealthiest cities in terms of
GDP per capita. The company is a strategic partner of the Guangzhou Metro, which offers strong potential
development opportunities. CPIL’s existing portfolio combines a growing rental stream with strong potential for
capital appreciation. Currently, it holds two property assets in the Beijing Road area, a premier shopping area in the
Yuexiu district in Guangzhou.
Analyst’s comment
CPIL shares were suspended on October 2 2008 after executive chairman Mr Keng Wong went missing. On Friday
October 31 2008 CPIL announced that its assets have been frozen. The local government has frozen all three of its
assets (technically called ‘attachment orders’), under orders of the local Economic Crime Investigation Unit. We
assume that this is because there must be criminal proceedings against the missing Mr Wong, who also has not paid
for shares he recently purchased. Now there is a RMB75m (US$11m) claim from the main contractor at the main asset
for unpaid bills. Construction work at this site has now stopped. Provided that a long-term funding solution can be
found for CPIL we expect this issue to be resolved and construction work can be restarted. (Nov-20-08)
Portfolio
Property Sector Area
(sq.m)
Valuation Completion
Comic City Shopping Centre 33,000 US$177.3m 2006
Mall of Canton Shopping Centre 110,000 US$246.6m Early-2009
Canton Financial Centre Shopping Centre 234,660 3,029 RMBm 2011
Source: CPIL at June 30 2008
Country Sector % Value (RMBm)
China Property 101.65 5,375.118
Investment Manager
CPIL’s CEO Mr Lin (b.1951) has over 27 years’ working experience in the real estate industry, including 14 years in the
US. Prior to joining the company, Mr Lin was executive director and CEO at Prosperity REIT, the first private sector
REIT publicly listed in Hong Kong. While at Prosperity, Mr Lin was responsible for strategic development, investment
management, supervision of the management team and day-to-day operations, covering a portfolio of seven high
quality commercial properties in Hong Kong. Prior to joining Prosperity, Mr Lin was an associate director and general
manager of Sino Land Company Limited and a director of the Sino Group, a listed company in Hong Kong. From
2003 to 2004 he was CEO of Shanghai Gang Hong Industrial Development Company Limited,where he oversaw the
group’s shopping mall development. From 1993 to 2000 Mr Lin was a director of Hang Lung (China) Ltd and in
charge of the development of two landmark projects in Shanghai, ‘The Grand Gateway’ and ‘Plaza 66’. Mr Lin started
his career in the real estate industry in 1978 with the Tenants & Owners Development Corp. in San Francisco,
California as a financial controller. In 1986 he formed Prime Realty and Development Company in San Francisco and
was the broker/president before moving back to Hong Kong in 1992. Mr Lin holds a BS Accounting degree from
Woodbury University, Los Angeles, USA and is a Certified Property Manager (CPM), Certified Commercial Investment
Member (CCIM), and Certified Real Estate Brokerage Manager (CRB). Mr Lin also holds a Hong Kong Estate Agent's
(Individual) licence.
Investment Strategy
CPIL’s objective is to generate returns for investors from capital appreciation and to achieve an attractive yield
through rental income. With the extensive knowledge and experience of the management in the PRC property
industry, CPIL intends to achieve its objective by creating and maintaining a diversified portfolio of properties at
various stages of development. This portfolio will include completed retail/commercial properties and projects
currently under construction in Guangzhou, in particular, the Pearl River New City, and other regions of China with
high growth potential in the short to medium term.
* Libertas Capital is NOMAD and broker to this company.

Autumn 2008 46
Listing Details
Bloomberg CAL LN
Exchange LSE
ISIN GB0001741544
Domicile UK
Investment Focus
Geography Germany – UK
Strategy Investor
Current Trading
Price 72.00p
NAV per share 0.00p
NAV date 31-Mar-09
NAV frequency H
Discount -
0
500
1000
1500
Assets
No. of properties/projects n/a
Cash £27.8m
% cash 2.4%
Loans £515.5m
Gross gearing 44.6%
Net gearing 42.2%
Management
Annual fee n/a
Performance fee n/a
Key individual Hugh Scott-Barrett
Tel. +44 (0)20 7932 8000
E-mail sarah.jones@capreg.com
Valuer DTZ
Website www.capreg.com
Capital & Regional plc
Company Summary
Capital & Regional plc (CAL) is a co-investing property asset manager. This means that CAL manages property assets
for funds in which it holds a significant stake. This enables its equity and management to be leveraged over a large
portfolio and enhances returns to shareholders. CAL aims to build best-of-class specialist management teams for the
retail and leisure sectors in which it operates. CAL invests in property sectors with sound fundamentals, where active
management can make a difference. The company aims to recruit and retain the best specialist talent across the
business. It is structured as a co-investing asset manager, aiming to access the most efficient equity and debt for
each of its activities.
Sector %
Shopping centres 31
Germany 18
Leisure 26
Retail 22
Fix 3
Source: CAL at June 30 2008
Investment Manager
Mr Scott-Barrett has been chief executive since April 1 2008. He was previously a member of ABN AMRO's managing
board and served as chief operating officer, between 2003 to 2005, and chief financial officer from 2006 to July 2007.
Mr Scott-Barrett brings over 25 years' experience of both corporate and investment banking, having also worked at
SBC Warburg prior to joining ABN AMRO. He was educated in both Paris and Oxford.
Investment Strategy
CAL continues to support the delivery of out performance from the funds where it acts as property asset manager
and free up capital from the sale of assets held at group level. The company builds on the strength of its
management teams as property asset managers in the retail and leisure sectors, and looks to ensure that future
commitments of capital do not result in concentration of risk for the group or tie up capital for long periods without
the ability to create liquidity over the medium term. CAL looks to deliver a more integrated platform to both existing
and prospective partners as well as ensuring that management is incentivised to continue to deliver excellent
operating performance.

Autumn 2008 47
Listing Details
Bloomberg CPT LN
Exchange AIM
ISIN GB00B0B66533
Domicile Isle of Man
Launch date 26-Jul-05
Investment Focus
Geography Czech Republic, Hungary, Bulgaria,
Poland, Romania, Slovakia and the Baltic States
Strategy Investor
Sector Commercial
Current Trading
Price 23.00p
NAV date 30-Jun-08
NAV frequency H
Discount -84.4%
10
30
50
70
90
110
130
150
Aug-05 Aug-06 Aug-07 Aug-08
Assets
Cash £66.5m
% cash 8.7%
Loans £366.3m
Gross gearing 47.9%
Net gearing 39.2%
Management
Management group Carpathian Asset Mgt
Annual fee 0.4%
Key individual Paul Rogers
Tel. +44 (0)20 7834 8060
E-mail paul.rogers@carpathianam.com
Valuer DTZ
Website www.carpathianplc.com
Carpathian plc
Company Summary
Carpathian plc (CPT) (formerly Dawnay, Day Carpathian) is a retail commercial property investment company which
invests in central and eastern Europe. Its primary focus is on shopping centres, supermarkets and retail warehousing
in several target countries in CEE including Croatia, the Czech Republic, Hungary, Bulgaria, Poland, Romania, Slovakia
and the Baltics.
Analyst’s Comment
Construction costs have been rising fast in Romania, up 20% in 18 months. Much of this has been pushed up by a few
larger developers. The number of projects that make it to actual start of construction is expected to fall, so
developers may need to accept lower fees. Development projects seem to be taking longer than expected. The
change in the management contract has cut costs. Values in Poland and Hungary have fallen, but we will not know
the amount until the next full valuation for the year end accounts. Having bought at property yields of 7%-7.5%
should mean that the change in yields should not affect CPT’s valuations too much. The company is more suitable for
general exposure to the CEE real estate market. However, experienced investors may prefer single country
companies where management is more expert and focused.
Largest tenant bankrupt: Interfruct (a cash and carry retailer in Hungary) is CPT’s biggest tenant and accounted for
8% of CPT’s profit after tax. Interfuct has gone bust, affecting 8% of total profits; rent roll was £5.36m, 14% of the
total; eleven months of Interfuct’s rent is insured so CPT has time to find replacement tenants; this affects 23
properties; this portfolio is likely to be broken up and sold to other developers. Interfruct’s bankruptcy (announced in
September 2008) would normally make a big hole in CPT’s finances. However, Interfruct’s own bank has guaranteed
the rent and has just paid €6.4m, which covers eleven months of rent. So, not only is CPT able to re-rent the sites
previously occupied by Interfruct, but has already got rent covered from them. We do not expect it to be easy to re-
rent these sites, which must have been tailored to Interfruct’s requirements, but the rent covered buys CPT time to
find new tenants (Nov-20-08).
Portfolio Summary
Total lettable area 392,486 sq.m; vacancy rate c.6% before taking into account the Interfruct termination,
representing 24% of total GLA; average lease length 3.8 years; rent collections (excluding Interfruct) above 95% (to
June 30 2008); total potential developable area above 80,000 sq.m – approvals and planning permits for these areas
are expected in one to three years.
Interim results for 6M to 30/6/08: NAV up 23.5% (not on a new valuation, which is only done for the annual results);
rent up 47.5%; £650m (€810m) property portfolio spread across seven countries; 1,000 investment units at 15
locations valued at £566m; four development properties all in Romania valued at £46.5m; three new loans agreed
(one investment loan and two construction funding) totalling £133m; £356m total debt in 15 different and
independent tranches with a combined LTV of 63%; cash £66.5m which could be used to fund construction at four
development projects; severed final links with Dawnay, Day Group; name change from Dawnay Day Carpathian to
Carpathian; transfer of PanTerra into a new company now named Carpathian Asset Management; before end of 2008
CPT plans to move up from AIM to the main LSE and switch to reporting in euros; dividend cut from 8p p.a. to 5p p.a.
Property Portfolio (%) Net Assets (%) Value (£m)
Promenada Shopping & Business Centre 21.75 40.15 122.8
Interfruct Portfolio (23 properties) 11.23 20.73 63.4
Geant Portfolio (Four properties) 10.88 20.07 61.4
Plaza Portfolio (Four properties) 10.43 19.26 58.9
Agrokor portfolio (Six properties) 7.39 13.63 41.7
Varyada Shopping Centre 6.78 12.52 38.3
MID Portfolio (Two Czech properties) 5.39 9.94 30.4
(£m)
(£m)
Cash & Fixed
Interest
Property 7.69 51.443 Latvia Shopping
Centres
1.43 9.528
Croatia Property 6.32 42.266 Lithuania Shopping
Centres
3.94 26.353
Czech
Republic
Property 10.41 69.632 Poland Property 29.21 195.309
European
Emerging
Property 6.39 42.750 Romania Property 6.28 41.962
Hungary Property 26.27 175.652 Romania Shopping
Centres
2.05 13.683

Autumn 2008 48
Listing Details
Bloomberg CCPL LN
Exchange AIM
ISIN IM00B1XCMK33
Investment Focus
Geography China
Strategy Developer
Current Trading
Price 38.00p
NAV date 30-Jun-08
NAV frequency H
Discount -74.2%
1.7
1.8
1.9
2
2.1
2.2
2.3
30
40
50
60
70
80
90
100
110
120
130
Jun-07 Jun-08
Assets
Cash US$154.9m
% cash 14.0%
Loans US$185.5m
Gross gearing 16.7%
Net gearing 2.8%
Management
Management group SOCAM Asset Mgt. Ltd
Annual fee 2%
Management notice period 10yrs; 6mths
Key individual Philip K. T. Wong
Tel. +852 2296 8038
E-mail info@ccproperties.com.hk
Valuer Savills
Website www.ccproperties.com.hk
China Central Properties Ltd
Company Summary
China Central Properties Limited (CCPL) is AIM-listed and focuses on the development of partially-completed
property projects in major and secondary cities in mainland China. CCPL has a diversified portfolio of 14 properties
including commercial, retail and residential complexes, strategically located at the centres of Beijing, Chengdu,
Chongqing, Dalian, Guangzhou, Qingdao and Shenyang.
Analyst’s Comment
CCPL has sold its property project ‘Mass Relief’ for RMB436m (£36m), a gain of RMB155m (£13m). The previous NAV
was US$2.02 per share on net assets of US$603m, as at 31/12/07. CCPL is an affiliate of the Shui On Group, a
diversified property development, construction and construction materials consortium with business interests in
Hong Kong and mainland China. CCPL is able to leverage on the strength of Shui On Group’s proven expertise,
experience and reputation in the real estate development and construction market. As a buyer of partially-built
projects, CCPL sees lots of opportunities at the moment with the number of forced sellers increasing. (Sep-05-08)
Project City Sector GFA Completion
Huapu Centre Beijing Commercial 128,000 Completed
Central Point Chengdu Commercial 120,000 2010
Orient Home Chengdu Commercial 168,000 2011
Chuangyi Centre Guangzhou Residential 100,000 2010
Central Plaza Ph1 Shenyang Commercial 209,000 2011
Central Plaza Ph2 Shenyang Commercial 264,000 2012
Source: CCPL at June 30 2008
(US$m)
China Property 64.66 329.791
Investment Manager
Mr Wong (b.1957) is the managing director of CCPL and SOCAM Asset Management (HK) Limited. He was employed
by Shui On Construction Company Limited from 1979 to 1992 in various positions, including deputy general
manager. Mr Wong was engaged as property development consultant for the company's partially-completed
property development business in October 2005 and rejoined the company in October 2006 as director, focusing on
property development, performing property development, business development and commercial functions. Mr.
Wong has over 25 years’ experience in construction management, investment and property development. He is a
member of the Dalian Municipal Committee of the Chinese People's Political Consultative Conference. He holds a
Bachelor of Engineering degree from McMaster University and is a member of the Hong Kong Institution of
Engineers.
Investment Strategy
CCPL focuses primarily on medium to large, partially-completed property projects. The company aims to grow a
portfolio with geographic and property asset type diversification. CCPL seeks to commit substantially all of the net
proceeds of the placing and the convertible bond offering available for investment within 18 months of admission
to AIM. The company enhances asset value by utilising the integrated capabilities of the Investment Manager. CCPL
will manage the company’s investments in order to maximise value for shareholders.

Autumn 2008 49
Listing Details
Bloomberg CREO LN
Exchange AIM
ISIN JE00B1P8F991
Domicile Jersey
Investment Focus
Geography China
Strategy Investor
Current Trading
Price 184.72p
NAV date 30-Jun-08
NAV frequency H
Discount -81.0%
Dividend yield -
160
260
360
460
560
660
760
860
960
Jul-07 Jul-08
Assets
Cash £78.0m
% cash 9.6%
Loans £253.2m
Gross gearing 31.1%
Net gearing 21.5%
Management
Management group Treasury Holdings
Annual fee 1.5%
Management notice period 3yrs; 1 yr
Key individual Richard David
Tel. +86 138 1818 7975
E-mail rdavid@treasuryholdingschina.com
Valuer C&W; CBRE; DTZ; Knight Frank
Website www.china-reo.com
China Real Estate Opportunities Ltd
Company Summary
China Real Estate Opportunities Limited (CREO) focuses on large-scale development opportunities for income-
producing assets such as office, logistics and retail properties and high-yielding sectors such as hotels and luxury
residential and leisure resorts. CREO is a fund managed by Treasury Holdings China, a subsidiary of Treasury
Holdings, which also manages Real Estate Opportunities (LSE:REO, LSE:REOA, LSE:REOP). CREO raised £259m when it
listed on AIM on July 11 2007 at £7.56 per share.
Analyst’s Comment
CREO has seven projects, 75% are income producing at 8%-9% yield once the leases are renewed, with cost of debt
around 7.5%. The portfolio was valued at £760m on June 30 2008, but after currency movements since then this is
now £850m. This should take the NAV from £9.74 at June 30 2008 to over £11 now, putting CREO shares on 85%
discount. CREO has £78m in cash, some of which is to go on the pipeline projects. The new development loan shows
it has no problem accessing bank finance for development projects, which is a key stumbling block for many
developers in China. There is still income arbitrage of rents over debt costs and it looks like CREO is able to increase
rents significantly, even after new offices come on-line. The ever present growth in the economy continues to drive
growth and demand for commercial offices. CREO has a much larger portfolio than its London listed peers and, with
the majority of its properties already producing income, it looks much less risky than its predominantly development
focused rivals. This makes CREO an exciting prospect.
China market overview: GDP growth over 3Q08 was 9.0%, and 9.9% for year to date, highlighting considerable
continued momentum and although the prospects for the China economy are not immune to the deteriorating
external environment, this growth trend represents a strong foundation for China to weather the current economic
upheaval. China's retail sales increased by 22% in the last nine months, underpinning continued strong demand for
retail space. In addition, the Shanghai retail rental market continued to enjoy a buoyant performance with growth of
5.7% quarter on quarter, whilst vacancy rates were down by 0.4% in the quarter as demand, in particular from
international retail, continues. Shanghai prime office rental performance was stable overall in Q3, following the
impact of considerable additional supply in recent months which led to an increase in market vacancy rates during
the quarter. (Nov-05-08)
CREO had £78m in cash. (Nov-20-08)
Portfolio Summary
CREO’s portfolio is 75% income-producing and 25% in development. The short three year lease length common in
China means CREO can increase rents frequently. 21 lease renewals were agreed since July 1 2008 at 10% to 50% rent
increases. Occupancy in the investment properties is over 90%. Development projects are progressing according to
plan and CREO has secured a new development loan for its logistics park, where construction is about to begin. (Nov-
05-08)
Property Portfolio
(%)
Net Assets
(%)
Value
(£m)
City Centre 1 70.17 99.9 534.59
Central Plaza 15.42 23.3 117.46
Tangdao Bay 2/3 6.57 9.9 50.04
Treasury Building 6.02 9.1 45.83
Beijing Logistics Park 0.93 1.4 7.07
City Centre Development 4 0.90 1.4 6.87
(£m)
Investment Manager
Mr David has worked in the real estate industry since 1981 and brings a wealth of experience to his role as managing
director of Treasury Holdings China. Mr David has been working in China since 1999; most recently, for seven years as
the head of China real estate for Macquarie Bank Limited of Australia.
Investment Strategy
CREO’s strategy is to deploy Treasury Holdings skills as a property developer in the dynamic Chinese market. The
bulk of the company’s assets have redevelopment, refurbishment or development potential. CREO is positioned for
capital growth and does not anticipate paying a dividend for a minimum of two years.

Autumn 2008 50
Listing Details
Bloomberg CRF LN
Exchange AIM
ISIN GB00B13PT348
Domicile Jersey
Investment Focus
Geography UK and Europe
Strategy Investor
Sector Commercial
Current Trading
Price 90.00p
NAV date 30-Sep-08
NAV frequency H
Discount -19.3%
Dividend yield 7.2%
90
100
110
120
130
140
150
160
170
Jun-06 Jun-07 Jun-08
Assets
Cash £30.9m
% cash 12.1%
Loans £134.9m
Gross gearing 52.7%
Net gearing 40.6%
Management
Management group Corovest Fund Mgrs
Performance fee -
Key individual Mike Watters
Tel. +44 (0)20 7811 0100
E-mail mwatters@corovest.co.uk
Valuer Colliers; CBRE
Website www.ciref.je
Ciref Ltd
Company Summary
Ciref Limited (CRF) is a Jersey-registered, closed-ended property investment and development company. It invests in
commercial real estate, primarily in the United Kingdom and Europe, with a focus on retail and commercial assets.
CRF, the successor entity to the Corovest International Real Estate Fund, was admitted to trading on AIM on May 26
2006. The company is managed by Corovest Fund Managers Limited, a BVI regulated fund and investment manager.
Analyst’s Comment
CRF’s European portfolio is mainly let to discount retailers and should do well in poor economic conditions. In many
cases these discounters are in the process of expanding the number of their stores within Germany and into other
parts of Europe. The level of dividend is linked to the NAV (4.5% of NAV), so we are not surprised that the dividend is
cut. (Nov-20-08)
Portfolio Summary
Annual results for year to 30/9/08: NAV 111.59p, down 25.8%; dividend 2.51p down 20% but consistent with policy of
paying dividend equivalent to 4.5% of NAV; continues to expand in Europe; some development projects have been
delayed; portfolio of 26 investments (including a portfolio of 26 Kwik-Fit centres in UK, a portfolio of 22 petrol
stations in UK; four German portfolios); no rent arrears across the portfolio; acquisition of 50% of the managers of
Wichford plc (LSE:WICH); cash £17.9m; loans £108m.
Property Sector Value
(£m)
Ownership
(%)
Houndshill, Blackpool Retail Centre 151.83 70.68
Trinity Walk Shopping Centre Retail Centre 72.04 71.67
West Orchards Shopping Centre Retail Centre 53.00 81.25
Birchwood Shopping Centre Retail Centre 37.00 33.30
German Portfolio 4 Retail Centre 30.04 91.62
Delamere Place Retail Centre 27.44 90.78
Source: CRF at September 30 2008
(£m)
Germany Property 16.68 42.073
Jersey Property 5.40 13.620
Switzerland Property 4.69 11.835
UK Property – Shares 0.10 0.259
UK Property 75.70 190.978
UK Unlisted Equities - 0.004
Virgin Islands British Property 0.03 0.065
Investment Manager
Mr Watters is a registered professional engineer with a BSc Civil Engineering degree and an MBA. He has over 18
years' experience in the investment banking and real estate industries. Mr Watters has held directorships of some of
South Africa's top-rated listed property funds including Sycom Property Fund and Hyprop Investments Ltd as well as
the £260 million Sapphire Retail Fund in the United Kingdom.
Investment Strategy
CRF´s policy is to invest in a diversified portfolio of commercial properties, property securities and PCIVs primarily in
the United Kingdom and Europe. The underlying philosophy for CRF is to make investments into entities
concentrating on the retail, industrial and office real estate sectors. The company is also committed to making
investment in the healthcare sector. The investments are made in the form of equity and subordinated loans
invested into special purpose entities (SPEs), which in turn invest in property and/or property related assets on a
leveraged basis. CRF also invests in mezzanine debt secured by real estate assets. Properties and property related
assets are selected, where value can be added, through active asset management and enhancement of underlying
properties. Assets that have reached maturity with little opportunity for further value enhancement are traded for
properties with development potential. Investment opportunities are identified by the Investment Manager and its
advisers through agents and other third parties. Investment approval processes are established to ensure all
acquisitions (and disposals) are thoroughly screened while utilising proper due diligence and corporate governance
procedures.

Autumn 2008 51
Listing Details
Bloomberg CHI LN
Exchange LSE
ISIN GB0032098047
Domicile UK
Investment Focus
Geography UK
Strategy Investor
Sector Commercial
Current Trading
Price 22.89p
NAV date 31-Oct-08
NAV frequency M
Next NAV announced 15-Dec-08
Discount -60.6%
10
30
50
70
90
110
130
150
Assets
Cash £4.0m
% cash 2.6%
Loans £87.4m
Gross gearing 57.1%
Net gearing 54.5%
Management
Management group Close Invts. Ltd
Annual fee 1.5%
Performance fee -
Key individual Peter Roscrow
Tel. +44 (0)20 7426 4174
E-mail info@closeinvestments.com
Valuer DTZ
Website www.closeinvestments.co.uk
Close High Income Properties plc
Company Summary
Close High Income Properties plc (LSE:CHI; LSE:CHID) invests in UK commercial properties. It has two separate
portfolios, each with its own share class. The D share portfolio only invests in multi-let courtyard offices (with no
industrial exposure). The ordinary share is a diversified portfolio of industrial (55%), offices (33%) and mixed (10%).
Analyst’s Comment
The NAVs of the ordinary and D shares have fallen 21% and 35% respectively in one month, whereas other UK
property companies have this degree of falls in one year. Before the effects of gearing, the property values are down
8.5% and 15% since June 30 2008. The D portfolio comprises multi-let courtyard offices and has 16% voids, reflecting
the impact of the new tax on empty properties. The managers have not managed to find new tenants nor sell some
of the properties. Someone did not do their job properly and CHI has changed the asset management team. Gearing
on the D shares is now at the maximum allowed 65% LTV and the company is deep in conversation with its bankers.
In order to retain cash: dividends on the D shares have been cancelled and the manager has kindly reduced its fees
by 0.5% (now 1.5% on the ordinary share portfolio and 1.125% on the D portfolio). We do not expect asset values to
recover in the medium term and, although the ordinary share portfolio looks to be within its covenant limit, the D
portfolio, already in breach, can only get worse. This part of the portfolio could be forced to wind up by the bank,
which may trigger further problems for the ordinary share portfolio. (Oct-09-08)
Property Portfolio
(%)
Net Assets
(%)
Value
(£m)
Webb Ellis Business Park 5.09 12.09 7.28
Ikon Trading Estate, Hartlebury 4.58 10.88 6.55
Farthing Road Ind Estate 4.02 9.55 5.75
Groundwell Farm Ind Est 3.64 8.64 5.20
Preston Technology Centre 3.26 7.74 4.66
Stadium Court, Luton 2.83 6.73 4.05
Bellway Ind Est, Newcastle Upon Tyne 2.8 6.65 4.00
Investment Manager
Peter Roscrow, ACA (Australian), is the deputy managing director of CBIL and is responsible for its property fund
management activities. Peter qualified as a chartered accountant in Australia prior to coming to the UK in 1988. Since
then he has been responsible for establishing the property fund management activities of CBIL and is closely
involved with the development of new property investment products. He has overall responsibility for the property
portfolio.
Robert Mandeville, FRICS, is the owner of Berkshire Asset Management Limited which has contracted with the
Property Investment Adviser to provide property management services thereto. Mr Mandeville has over 30 years’
experience in the property market, of which the last 19 years have been spent in developing and trading commercial
and industrial property investments throughout the UK. This has been done either on his own account or jointly with
other parties including banks and public property companies.
Gwynne Furlong, FRICS, has over 30 years’ experience as a chartered surveyor which has particularly focused on
investing in and managing commercial property. He has previously been the property director at Enterprise plc,
where he was responsible for managing a portfolio valued at approximately £60m. Also whilst at Enterprise plc, he
was responsible for establishing the Mercury Enterprise Property Fund, a £150m fund involving Mercury Asset
Management and Nationwide (as senior debt provider).
Robert Mandeville and Gwynne Furlong have direct responsibility for the sourcing of acquisition opportunities for
the group and for the subsequent day to day management of the properties acquired.
Investment Strategy
The board continues to review the company’s strategy, which is likely to include further selected disposals of
properties. However, given the illiquid state of the UK commercial property market, further sales at satisfactory
valuations may be difficult to achieve. The board and the Property Investment Adviser have undertaken a review of
the group's operating expenses with a view to improving earnings per share. The board is pleased to announce that
the Property Investment Adviser has agreed to reduce its annual management fee by 25% with effect from
November 1 2008. From this date the annual fee in respect of the Ordinary Share gross assets will be reduced from
2% to 1.5%. In respect of the ‘D’ Ordinary Share gross assets, the annual fee will reduce from 1.5% to 1.125%. The
company has also reached agreement with both the independent valuers, DTZ, and its brokers that their fees will be
reduced by a similar percentage with effect from November 1 2008. It is estimated that these costs savings may
amount to £680,000 in a full year based on the value of the property portfolio at September 30 2008.

Autumn 2008 52
Listing Details
Bloomberg CHID LN
Exchange LSE
ISIN GB00B0RTZ046
Domicile UK
Investment Focus
Geography UK
Strategy Investor
Sector Commercial
Current Trading
Price 12.00p
NAV date 31-Oct-08
NAV frequency M
Discount -67.2%
Dividend yield 0.1%
10
30
50
70
90
110
130
Assets
Cash £0.7m
% cash 2.0%
Loans £19.7m
Gross gearing 55.0%
Net gearing 53.1%
Management
Management group Close Invts. Ltd
Annual fee 1.125%
Performance fee -
Key individual Peter Roscrow
Tel. +44 (0)20 7426 4174
E-mail info@closeinvestments.com
Valuer DTZ
Website www.closeinvestments.co.uk
Close High Income Properties plc (D Shares)
Company Summary
Close High Income Properties plc (LSE:CHI; LSE:CHID) invests in UK commercial properties. It has two separate
portfolios, each with its own share class. The D share portfolio only invests in multi-let courtyard offices (with no
industrial exposure). The ordinary share is a diversified portfolio of industrial (55%), offices (33%) and mixed (10%).
Analyst’s Comment
The NAVs of the ordinary and D shares have fallen 21% and 35% respectively in one month, whereas other UK
property companies have this degree of falls in one year. Before the effects of gearing, the property values are down
8.5% and 15% since June 30 2008.The D portfolio comprises multi-let courtyard offices and has 16% voids, reflecting
the impact of the new tax on empty properties. The managers have not managed to find new tenants nor sell some
of the properties. Someone did not do their job properly and CHI has changed the asset management team. Gearing
on the D shares is now at the maximum allowed 65% LTV and the company is deep in conversation with its bankers.
In order to retain cash: dividends on the D shares have been cancelled and the manager has kindly reduced its fees
by 0.5% (now 1.5% on the ordinary share portfolio and 1.125% on the D portfolio). We do not expect asset values to
recover in the medium term and, although the ordinary share portfolio looks to be within its covenant limit, the D
portfolio, already in breach, can only get worse. This part of the portfolio could be forced to wind up by the bank,
which may trigger further problems for the ordinary share portfolio. (Oct-09-08)
Stephenson Court, Bedford 21.58 50.17 7.38
Appleton Ct, Wakefield 13.33 31.00 4.56
Farady Ct, Burton-upon-Trent 10.85 25.22 3.71
Dalton Court, Blackburn 10.41 24.20 3.56
Whitworth Court, Runcorn 9.94 23.12 3.40
Basset Court, Northampton 9.71 22.57 3.32
Newton Court, Wolverhampton 9.65 22.44 3.30
Source: Fundamental Data at August 31 2008
UK Office 97.72 34.200
Investment Manager
Peter Roscrow, ACA (Australian), is the deputy managing director of CBIL and is responsible for its property fund
management activities. Peter qualified as a chartered accountant in Australia prior to coming to the UK in 1988. Since
then he has been responsible for establishing the property fund management activities of CBIL and is closely
involved with the development of new property investment products. He has overall responsibility for the property
portfolio.
Robert Mandeville, FRICS, is the owner of Berkshire Asset Management Limited which has contracted with the
Property Investment Adviser to provide property management services thereto. Mr Mandeville has over 30 years’
experience in the property market, of which the last 19 years have been spent in developing and trading commercial
and industrial property investments throughout the UK. This has been done either on his own account or jointly with
other parties including banks and public property companies.
Gwynne Furlong, FRICS, has over 30 years’ experience as a chartered surveyor which has particularly focused on
investing in and managing commercial property. He has previously been the property director at Enterprise plc,
where he was responsible for managing a portfolio valued at approximately £60m. Also, while at Enterprise plc, he
was responsible for establishing the Mercury Enterprise Property Fund, a £150m fund involving Mercury Asset
Management and Nationwide (as senior debt provider).
Robert Mandeville and Gwynne Furlong have direct responsibility for the sourcing of acquisition opportunities for
the Group and for the subsequent day to day management of the properties acquired.
Investment Strategy
The board continues to review the company’s strategy, which is likely to include further selected disposals of
properties. However, given the illiquid state of the UK commercial property market, further sales at satisfactory
valuations may be difficult to achieve. The board and the Property Investment Adviser have undertaken a review of
the group's operating expenses with a view to improving EPS. The Property Investment Adviser has agreed to reduce
its annual management fee by 25% w.e.f. November 1 2008. From this date the annual fee in respect of the Ordinary
Share gross assets will be cut from 2% to 1.5%. In respect of the ‘D’ Ordinary Share gross assets, the annual fee will fall
from 1.5% to 1.125%. The company has also reached agreement with both the independent valuers, DTZ, and its
brokers that their fees will be reduced by a similar percentage with effect from November 1 2008. It is estimated that
these costs savings may amount to £680,000 in a full year based on the value of the property portfolio at September
30 2008.

Autumn 2008 53
Listing Details
Bloomberg CIC LN
Exchange AIM
ISIN GB0033698720
Domicile UK
Investment Focus
Geography UK
Current Trading
Price 108.50p
NAV date 31-Mar-08
NAV frequency H
Discount -38.0%
Dividend yield -
50
70
90
110
130
150
170
190
210
230
250
Assets
Cash £41.1m
% cash 54.2%
Loans £0.0m
Gross gearing 0.0%
Net gearing -54.2%
Management
Management group Self managed
Annual fee n/a
Performance fee n/a
Key individual Robert Ware (CEO)
Tel. +44 (0)20 7408 2322
E-mail robertware@conygar.com
Valuer Knight Frank
Website www.conygar.com
Conygar Investment Company plc
Company Summary
Conygar Investment Company plc (CIC) is a property trading and development group dealing primarily in UK
property. CIC aims to invest in property assets where it can add significant value using its property management,
development and transaction structuring skills.
Analyst’s Comment
CIC has cash so is in a good position to buy distressed assets. However, it is in no rush to do so as the managers say
there is worse still to come. There could be significant uplift in value when the three marina projects progress
through their development stages. (Dec-12-08)
Investment Manager
Mr Ware (b.1955) is chief executive of CIC. He served as a director of Development Securities plc between 1988 and
1994, filling the roles of joint managing director and finance director in the latter stage of his tenure. In 1994 he left
to take up the position of managing director of Dunton Group plc, where he stayed until November 1996. He joined
MEPC plc in June 1997 serving first as corporate development director and then as deputy chief executive between
June 1997 and June 2003. Mr Ware is a non-executive director of Tarsus Group plc, Marwyn Value Investors II Limited,
Raven Mount plc, Gartmore Growth Opportunities plc and Terra Catalyst Fund. He is a fellow of the Institute of
Chartered Accountants in England and Wales.
Investment Strategy
The Conygar Investment Company plc is a property trading and development group dealing primarily in UK
property. The group aims to invest in property assets where it can add significant value using its property
management, development and transaction structuring skills.

Autumn 2008 54
Listing Details
Bloomberg RIG LN
Exchange AIM
ISIN GG00B1GVK032
Domicile Guernsey
Investment Focus
Geography Global
Strategy Investor
Current Trading
Price 20.00p
NAV date 17-Nov-08
NAV frequency W
Discount 36.2%
10
20
30
40
50
60
70
80
90
100
110
Dec-06 Jan-08
Assets
Cash £0.0m
% cash 0.0%
Loans £96.3m
Gross gearing 51.6%
Net gearing 51.6%
Management
Management group CQS
Annual fee 1.5%
Key individual Mark Conway
Tel. +44 (0)7201 6900
E-mail mark.conway@cqsm.com
Valuer
Website www.cqsrigfinance.com
CQS Rig Finance Fund Ltd
Company Summary
CQS Oil Rig Financing Limited (RIG) is a closed-ended investment company registered in Guernsey. RIG started
trading on AIM and CISX on December 18 2006 when it raised £48.7m in equity. A second fundraising in November
2007 raised £49m (net). The company invests primarily in debt instruments issued to finance the construction,
modification and/or refurbishment of rigs and other infrastructure and/or equipment used for the offshore
exploration and production of oil and natural gas. The fund’s Investment Adviser is CQS Investment Management
Limited – responsible for the management of the portfolio by sourcing and trading a portfolio of secured debt
instruments using fundamental credit and industry analysis to identify instruments with an attractive risk-adjusted
yield.
Analyst’s Comment
RIG shares were suspended on October 30 while it tried to fix financial problems with its lender. RIG needs to reduce
its gearing significantly and may need to raise more equity and re-organise its capital structure. At the time of
suspension the NAV was 30.76p, versus the share price of 20p at suspension. On November 30 2008 RIG has
announced a new NAV of 14.68p as at 17/11/08. The NAV has halved in a few weeks. We believe that there are forced
sellers in the oil rig financing bond market, which is forcing down prices and hence hitting its NAV. We do not think
that the fundamentals of the oil rig market have changed significantly, the current c.$50 oil price per barrel
notwithstanding, The long-term demand for rigs and related equipment exceeds current supply. Many of the
companies that have issued these bonds are in the later stages of rig construction. Some are already built and leased
out to oil majors, earning the owners significant rents and covering bondholders’ interest. Normality should return to
the rig bond market in time. RIG just needs enough secure financing to see it through the current weakness. (Nov-19-
08)
Portfolio Summary
NAV = 14.68p as at 17/11/08. Portfolio of 30 bonds issued by builders/owners of rig and related assets. Sectors: 57%
drilling; 26% production; 17% services. Maturity of underlying assets: 55% of the portfolio has completed
construction of the rig asset which is in operation and under contract to oil majors; 10% has a LOI with an end user;
35% is not yet under contract.
Portfolio - Top investments
Name RIG type Built Exposure
(%)
Running Yield
(%)
Petroprod Ltd Production Construction 7.7% 17
DDI Holding Drilling Construction 6.6% 12
Nexus Production Construction 6.5% 16
Petrojack Drilling Built 6.4% 12
Remedial Cyprus Ltd Services Construction 6.3% 16
Rubicon Offshore Production Built 5.6% 13
Petroprod Ltd Giant Jackup Construction 5.4% 20
Source: RIG at October 27 2008
Collateral Type Long Market Value
(%)
Location Total
(%)
FPSO 28.6 Singapore 44.8
Giant Jackup 14.2 On Location 24.0
Jackup 20.5 China 12.8
Light Well Intervention 3.5 Dubai 5.1
Semisubmersible Driller 20.4 Korea 4.4
Transport Vessel 2.2 USA 3.3
FDPSO 4.2 Norway/China/Indonesia 3.1
Source: RIG at June 30 2008
Investment Manager
Mr Conway is head of credit trading at CQS and the senior portfolio manager of the CQS Capital Structure Arbitrage
Fund, which has been nominated twice for Euro Hedge Credit Hedge Fund of the Year. Prior to CQS, Mr Conway
worked at CSFB for six years as a senior convertible bond credit analyst. He also worked on the buy side for Allied
Irish Bank, Capital Markets in London, and before that as a Senior Credit Analyst. He began his career working for
Allied Irish Bank in Dublin. Mr Conway holds a BSc in Financial Economics from Birkbeck College, London University.
Investment Strategy
RIG sources investment opportunities primarily through its network of relationships with commercial and
investment banks as well as brokers, who arrange intermediate or otherwise trade offshore infrastructure debt
instruments. In addition, RIG may source opportunities through its contacts in the energy industry.

Autumn 2008 55
Listing Details
Bloomberg CBX LN
Exchange AIM - Frankfurt
ISIN GB00B3BPBV21
Domicile UK
Investment Focus
Geography Croatia
Strategy Investor
Sector Leisure
Current Trading
Price 72.50p
NAV date 31-Mar-08
NAV frequency H
Discount 270.7%
Dividend yield -
0
20
40
60
80
100
120
Aug-08
Assets
Cash £2.3m
% cash 4.7%
Loans £15.8m
Gross gearing 32.0%
Net gearing 27.3%
Management
Annual fee n/a
Performance fee n/a
Key individual Gerhard Huber
Tel. +385 (0) 99 214 9636
E-mail g.huber@cubuslux.com
Valuer
Website www.cubuslux.com
Cubus Lux plc
Company Summary
Cubus Lux plc (CBX) focuses on three complementary segments of the Croatian tourist industry, two of them with
strong cash flow producing qualities: first, CBX operates two all year round casinos in the tourist resorts of Pula and
Selce; secondly, CBX currently operates one 200+ berth marina on the island of Ugljan, just off the coast of Zadar, the
capital of Dalmatia; and, thirdly, development and sales of villas and apartments that will generate significant
additional profits. A good pipeline of projects guarantees continuation of profits from the resort developments.
Property Location
Casino Croatia – Pula
Marina Croatia – Sutomiscica
Residential Croatia – “Olive Island Resort” and “Golf Resort”
Source: CBX at October 03 2008
Investment Manager
Mr Huber graduated with a JD from the law school at the University of Salzburg and a degree in business
administration from the University of Vienna, both in Austria. He then joined the management consulting
department of KPMG, now Bearing Point, working in the Frankfurt, Tokyo, New York and Paris offices, focusing on
retail and investment banking. In 1991 he became COO of Bankhaus Maffei & Co., a private banking subsidiary of
Bayerische Hypo-und Wechselbank in Munich, then the second largest bank in Germany. Working in the Hypo-
Group, Mr Huber established two subsidiaries including the DAB Bank, Europe’s first discount broker trading at the
Frankfurt stock exchange. In 1995 he moved to London to head-up Fidelity Brokerage’s European retail and financial
intermediary unit. Mr Huber, founder of Enba plc, the European internet bank, served as chairman and CEO until the
sale to BBVA in 2000. Since then he has been involved in Croatian real estate projects as well is in various early stage
investments.
Investment Strategy
Specific strategies in respect of the various activities of CBX include: growing its casino business, in and outside
Croatia, by leveraging the existing licence by acquisition;. growing the marina business by creating a series of small
to medium-sized four star plus marinas along the Adriatic coast; the development of managed holiday resorts in
Croatia to create recurring revenue and net asset for the group, in which hotel, commercial space and common areas
are retained in the ownership of the company, and to boost property profit further through one-off real-estate
developments in the region as opportunities arise.

Autumn 2008 56
Listing Details
Bloomberg DTR LN
Exchange AIM
ISIN GB00B0RFL714
Investment Focus
Geography Germany
Strategy Investor
Sector Commercial
Current Trading
Price €0.05
NAV date 30-Jun-08
NAV frequency H
Discount -95.1%
0
0.2
0.4
0.6
0.8
1
1.2
1.4
Assets
Total assets €2,465.5m
Cash €152.0m
% cash 6.2%
Loans €1,800.0m
Gross gearing 73.0%
Net gearing 66.8%
Management
Management group Treveria Asset Mgt
Annual fee 0.4%
Key individual Damian Wisniewski
Tel. +44 (0)20 7834 8060
E-mail n/a
Valuer DTZ
Website www.dawnaydaytreveria.com
Dawnay, Day Treveria plc
Company Summary
Dawnay, Day Treveria plc (DTR) invests in income-producing retail property assets across Germany.
Analyst’s Comment
This strategic review was started in June when Dawnay Day collapsed. DTR has now severed its links with Dawnay
Day. Other funds are internalising their management to become property trading companies and we predicted the
same would happen here. The collapse of the former management group would seem an ideal excuse to do the
same thing here and avoid a long notice period. Termination of the management contract €1m, equivalent to one
and a half months’ notice since the management fee was 0.4% p.a. The internalisation of the management effectively
turns DTR from a fund to a self managed trading company. This should align managers’ interest with shareholders
and also reduce costs. The average rental yield on the portfolio is 7.0%. Debt LTV covenant breaches remain a
possibility and the outcome of discussions with banks is key. The falls in property valuations have put this company
in breach of at lease two bank loan covenants. This has forced suspension of dividends and the sale of some
properties. High gearing is good when valuations rise but hurts harder when they fall. There is no quick fix here – the
company has to de-gear as fast as possible and prevent the banks from effectively becoming the fund manager. A
sign of further problems to come is the failing of two of the top ten tenants. This will reduce the rent cover of bank
loan interest payments. We are pleased that DTR now has a clear property management team in place, but
uncertainty here lasted too long. (Dec-03-08)
Portfolio - Top Ten Tenants
Tenant Rent Roll (%)
C&A 7.8
Metro Group 6.5
Rewe 3.8
Kaufhof 3.5
Real 3.4
Kaufland 2.4
Hertie 2.2
Source: DTR at September 30 2008
Category Properties Area
(sq.m)
Valuation
(€m)
Portfolio
(%)
Gross
Yield (%)
High Street 259 613,000 957 43.09 6.85
Shopping Centre 28 311,000 528 23.77 7.27
Retail Warehouse 154 587,000 612 27.56 7.92
Total Retail 441 1,511,000 2,097 94.42 7.27
Mixed Commercial 9 156,000 124 5.58 7.58
Total Portfolio 450 1,667,000 2,221 100 7.29
Source: DTR at June 30 2008
Investment Manager
Mr Wisniewski was appointed chief operating officer and chief financial officer of the asset manager engaged by DTR
from March 2008. He is now a director of Treveria Asset Management Limited with overall responsibility for finance
and accounting. From June 2005 to February 2008, Mr Wisniewski was chief operating officer at the Wood Wharf
Limited Partnership, prior to which he spent 13 years at Chelsfield plc, initially as head of finance and latterly as
group finance director.
Investment Strategy
DTR's principal objective is to generate total returns for shareholders through the payment of regular dividends and
growth in net asset value, derived through capital appreciation of its portfolio – this will be achieved by investing in a
diversified portfolio of German commercial real estate assets, focusing on retail, which covers a range of tenants and
a wide geographical area. The target dividend payout ratio is 85% of recurring net operating profit (excluding re-
valuation gains and losses).

Autumn 2008 57
Listing Details
Bloomberg DGRE LN
Exchange AIM
ISIN JE00B1S0VN88
Domicile Jersey
Investment Focus
Geography Global
Strategy Investor
Sector Commercial
Current Trading
Price 31.00p
NAV date 30-Jun-08
NAV frequency Q
Discount -87.3%
20
70
120
170
220
Apr-07 Apr-08
Assets
Cash £73.0m
% cash 2.7%
Loans £1,572.9m
Gross gearing 58.1%
Net gearing 55.4%
Management
Management group Delek Belrom
Annual fee n/a
Performance fee share options
Management notice period 5yrs from July 07
Key individual Ilik Rozanski
Tel. +44 (0)7776 171 314
E-mail nadav@delekglobal.com
Valuer GVA Grimley; DTZ; ALTUS
Website www.delekgre.com
Delek Global Real Estate Ltd
Company Summary
Delek Global Real Estate Limited (DGRE) is an established real estate company with a high quality portfolio of
property investments in western Europe and Canada – including 196 properties in the UK, 36 in Canada, 23 in
Germany, 93 in Scandinavia and five in Switzerland – covering 2.3 million sq.m. DGRE's tenants are characterised by
their strong credit ratings and long-term leases. The total value of the portfolio is £4.5bn, of which DGRE's share is
£2.22bn.
Analyst’s Comment
Only 15% of shares in DGRE are in public hands. The rest are owned by the Delek Real Estate Group. (Nov-21-08)
UK Germany Canada Switzerland Scandinavia
No. of properties 193 23 36 5 93
Total Market Value £3,138m £635m £327m £284m £202m
Share in Market Value £1,129m £464m £280m £223m £174m
Share of Loan Balance £727m £368m £141m £168m £135m
Share of Net Asset Value £402m £96m £139m £55m £39m
Loan to Value 64% 79% 50% 75% 78%
Net Operating Income £65.0m £27.8m £20.3m £9.4m £9.5m
Source: DGRE at June 30 2008
Sector % Country Sector % Value
(£m)
Hotels 13 Canada Property 11.23 273.000
Industrials 25.2 Cash & Fixed Interest - 3.66 88.971
Office 41.7 Germany Property 20.58 500.000
Scandinavia Property 7.74 188.000
Shopping Centres 20.1
UK Property 46.58 1,132.000
Investment Manager
Mr Rozanski, president and CEO, was appointed as a director of DGRE on March 15 2007. He has been the president
and CEO of Delek Belron International and the CEO of Delek Real Estate for the past six years and the CEO of Dankner
Investments for the past three years. Mr. Rozanksi serves as director of a number of DGRE's subsidiaries and affiliates.
He holds degrees in Business Administration and Economics from Northwood University in Boston and Rupin
College in Israel, respectively. Following admission, Mr. Rozanski has continued in his roles at Delek Real Estate, Delek
Belron International and Dankner Investments, but spends approximately 20% of his time performing these roles,
devoting approximately 80% of his time to DGRE.
Investment Strategy
DGRE intends to take advantage of economic factors and market dynamics to invest in countries with strong and
robust economies, in companies that hold income-generating assets with high returns. It carries out continuous
portfolio monitoring, ensuring both effective and efficient capital deployment, and an attractive risk-reward profile
through asset betterment, monetisation and refinance. This is accomplished through physical improvement, re-
zoning, lease extensions, re-branding and gradual tenant upgrade. DGRE aims to expand its geographic presence
across Canada and in new locations in western Europe, in which substantial banking financing can be secured
through non-recourse and maturity matched loans, and by seizing opportunities to attract new wins and expanding
relationships with top-tier clients – from government, finance and insurance, and corporate sectors. The company
diversifies its investments in additional income-generating real estate sub-sectors, primarily in the commercial and
logistics sectors. In addition, DGRE provides shareholders with a significant and growing cash distribution dispersed
through a high payout ratio.

Autumn 2008 58
Listing Details
Bloomberg DLN LN
Exchange LSE
ISIN GB0002652740
Domicile UK
Investment Focus
Geography UK
Strategy UK REIT
Sector Commercial
Current Trading
Price 663.00p
NAV date 30-Jun-08
NAV frequency H
Discount -59.5%
600
800
1000
1200
1400
1600
1800
2000
2200
Assets
Cash £5.8m
% cash 0.2%
Loans £930.6m
Gross gearing 35.6%
Net gearing 35.4%
Management
Annual fee n/a
Performance fee n/a
Key individual John Burns
Tel. +44 (0)20 7659 3000
E-mail mail@derwentlondon.com
Website www.derwentlondon.com
Derwent London plc
Company Summary
Derwent London plc (DLN) is a UK REIT (w.e.f. 1/7/07) with a commercial property portfolio focused on central
London offices, mainly West End. The merger of Derwent Valley Holdings and London Merchant Securities took place
on February 1 2007, creating Derwent London plc, a leading central London office specialist, with a combined
portfolio valued at over £2.8bn, of which the majority is located in central London. DLN is a design-led, award-
winning property company with a reputation for high quality contemporary architecture and innovative
refurbishment. The company works closely with leading and emerging architects to create imaginative solutions to
enhance its projects. It invests mainly in the West End, but also in newly improving locations where it perceives
future value, bringing quality working environments to people and contributing to London's regeneration.
Landmark schemes by DLN include: Qube W1, Johnson Building EC1, Davidson Building WC2 and Tea Building E1.
Analyst’s Comment
The property portfolio is only revalued every six six months; it has not been revalued this quarter. The next valuation
will be at the end of December, and we expect this to be significantly marked down. Meanwhile, DLN is letting out
more space which will increase rent and tend to improve valuations. A prudent scaling back of future projects (and
those that remain already have good levels of pre-letting), combined with a low level of gearing, should give some
cushion for DLN to withstand future shocks. (Nov-19-08)
Portfolio Summary
Interim management statement for 9M to 30/9/08: 3.3% vacancy; LTV 32.6%, debt £879m; £2.5bn portfolio; cut
future development to only three projects, needing only £100m to complete and already 57% pre-let; outlook:
Central London demand weakened and rents down; positive about London’s West End.
(sq.ft)
Value
Oliver' Yard London-City borders Office 185,772 up to £75m
Horseferry House London-Victoria Office 162,897 up to £75m
The Johnson Bulding London-Holborn Office 157,151 up to £75m
Qube London-Fitzrovia Office-Res-Ret 113,893 up to £75m
Holden House London-Noho Office-Retail 90,545 up to £75m
Source: DLN at September 30 2008
Investment Manager
Mr John Burns (CEO) has been a director of DLN since 1984 and has overall responsibility for group strategy, business
development and day to day operations.
Mr Chris Odom (FD) joined the board in 1988. He is a chartered accountant and has overall responsibility for financial
strategy, treasury, taxation and financial reporting.
Investment Strategy
DLN’s strategy is to own properties in improving areas, which are let on low, undemanding reversionary rents. The
board's strategy is to add value to buildings and sites through creative planning, high quality architectural design
and enterprising lease management. Through this, the company aims to deliver an above average annualised total
return to shareholders.

Autumn 2008 59
Listing Details
Bloomberg DLD LN
Exchange AIM
ISIN GB00B10QQ280
Investment Focus
Geography Germany
Strategy Investor
Sector Commercial
Current Trading
Price 9.50p
NAV date 30-Jun-08
NAV frequency H
Next NAV announced 17-Jun-09
Discount -85.9%
0
10
20
30
40
50
60
70
80
90
Feb-07 Feb-08
Assets
Cash €22.6m
% cash 3.3%
Loans €472.5m
Gross gearing 76.0%
Net gearing 66.7%
Management
Management group Deutsche Land Mgt
Annual fee £650k
Key individual David Maxwell
Tel. +44 (0)20 7647 9671
E-mail davidmaxwell@deutscheland.co.im
Valuer DTZ
Website www.deutscheland.co.im
Deutsche Land plc
Company Summary
Deutsche Land plc (DLD) is a property investment company that concentrates on German real estate with a focus on
commercial assets.
Analyst’s Comment
Asset management initiatives seem to have paid off for DLD as its NAV has not fallen as much as its peers. The
internalisation of the management will turn this from a fund to a trading company, which should have a wider
appeal, particularly from European based institutional investors. Although highly geared, the company does not
seem too close to its banking covenant limits. We agree it is prudent to conserve cash by cost cutting an cancelling
dividends.
Outlook
Property values will continue to fall driven by a softening in yields, particularly in the non-prime market. Germany
stands out as a relative safe haven; rents are stable, investment yields give a positive spread over cost of funds and
capital values are, in many cases, below replacement cost. Debt financing remains available when secured on good
quality real estate. (Sep-30-08)
Portfolio Summary
Interim results for 6M to 30/6/08: NAV 67.6p/€0.854 (down 0.6% in 6M); 54 properties valued at €593m (down 3.6%)
equates to €1,990psm; capitalisation rate applied to the portfolio increased by 23 basis points; loan €472.6m; LTV
76% gross, 74% net vs covenant max of 89%; bank loan interest (€23.1m) covered 1.6x by rent (€37.7m); rent up 2.4%
in 6M; vacancy rate 9%; 343 individual leases; average lease length 5.3 years; cash €22.6m; cost-cutting initiative
begun; dividend cancelled; plans to internalise the management and cease to be a fund by the end of 2008.
Property % of Portfolio % of Net
Assets
Value (€m)
Main Airport Center (MAC) Frankfurt 36.80 99.90 221.4
Mainz Main Site, Mainz 12.92 40.41 77.7
South West Portfolio, SW Germany 11.25 35.21 67.7
City Galerie & Mode Centrum Sauder, Bad 4.94 15.45 29.7
Ruhrgebiet Portfolio 3.79 11.86 22.8
Widumer Platz, Castrop-Rauxel 3.22 10.09 19.4
Business Hotel, Stuttgart 3.21 10.04 19.3
(€m)
Hotels 6 Cash & Fixed Interest - 4 22.6
Office 58 Germany Hotels 7 36.4
Shopping Centres 36 Germany Office 54 349.1
Germany Shopping Centres 35 216.1
Investment Manager
Mr Maxwell, CEO, is one of the founding members of DLD. He holds a degree in Economics and a master’s degree in
Real Estate Finance from the University of Cambridge. He began his career at Bee Bee Developments and went on to
set up The Cleland Group in 2003. Mr Maxwell is a major shareholder in Cleland Capital Ltd, providing equity and
debt funding for UK development companies. Cleland Group currently has UK property development projects of
approximately £30m and a pipeline of approximately £175m.
Investment Strategy
DLD’s core assets can be defined as ‘required retail’. These types of assets are high quality food-anchored retail
facilities in sustainable locations in town centres and suburban areas, with Germany’s largest retailers as the major
tenants on long leases including Rewe, Aldi, Edeka, Lidl and Deichmann. The company’s objective is to build up a
portfolio of this type of asset across Germany, creating a strong income stream, and is currently interested in
acquiring assets in the ‘required retail’ category in all areas of Germany.

Autumn 2008 60
Listing Details
Bloomberg DDE LN
Exchange AIM
ISIN GB00B151M860
Domicile Guernsey
Investment Focus
Geography Germany
Strategy Investor
Sector Commercial
Current Trading
Price €0.10
NAV date 31-Mar-08
NAV frequency H
Discount -85.4%
0
0.2
0.4
0.6
0.8
1
Assets
Cash €42.5m
% cash 3.6%
Loans € 849.9m
Gross gearing 84.9%
Net gearing 67.6%
Management
Management group Develica & DTZ
Annual fee 0.5% gross asset value, plus costs
Performance fee 20% over 10% hurdle
Key individual Richard Thirkell
Tel. +44 (0)20 7016 1850
E-mail n/a
Valuer CBRE
Website www.develicadeutschland.com
Develica Deutschland Ltd
Company Summary
Develica Deutschland Limited (DDE) is focused on creating a well-balanced portfolio, delivering a secure and
growing income stream, from a wide range of leading international and national corporate occupiers. DDE owns a
commercial property portfolio comprising a balanced mix of offices, retail and logistics properties located mainly in
the west of Germany.
Analyst’s Comment
We have reported before about the low volume of European real estate transaction activity. In the UK, where
transactions are much more transparent than on the Continent, valuers have been marking assets down regularly
over the last year. Europe now has to catch up. We expect valuers in Europe to mark down significantly to match
buyers and sellers. DDE’s NAV was down 28% in the year to March 31 2008 and could easily be down this much again
over the current year, given continuing asset value falls and the high level of gearing. The bank loan gearing figure is
already close to its covenant limits. Further falls could put DDE in breach and may trigger forced asset sales – it is no
wonder that DDE has ceased dividend payments.
Outlook
The current uncertainty over values reflects the lack of real estate activity in Europe as buyers hold off in the hope of
price reductions and sellers are unwilling to sell at likely bid prices. This stand-off between buyer and seller provides
valuers with very little reliable evidence of real estate values, so we believe that they are currently adopting a more
cautious approach to property valuations, and may continue to do so for the foreseeable future. (Sep-24-08)
Portfolio Summary
Final results for 12M to 31/3/08: now fully invested having made total property acquisitions of €1.065bn; year end
valuation shows modest decline to €1.007bn; valuations have fallen further post period end, but the company has
not quantified this; NAV per share down 28% (70.07c against 97.82c); cash €42.5m; loans €850m at interest rates of
3.8% to 4.8%; gearing 84.9% by loan to value (LTV) against covenant limit of 88.1%; in current conditions DDE board
wants to conserve cash reserves and will not pay further interim dividends.
Location Sector Area
(sq.m)
Gross Price
(€m)
Gross Rent
(€m)
Central Germany Retail & logistics 102,544 68.9 4.9
Hanover Commercial 220,748 270.0 17.2
Mannheim Office 17,370 18.0 1.4
Retail Retail 42,155 56.7 4.2
North Germany Retail 5,008 7.1 0.5
Fulda, Harsewinkel & Lohne Retail & logistics 82,522 69.6 4.9
Blue Star Office 78,613 266.0 15.6
Source: DDE at June 30 2008
(€m)
Germany Office 85.07 1,007.962
Investment Manager
Mr Thirkell is the fund manager and a director. He joined Develica from Prudential Property Investment Managers
Ltd, where he was responsible for the direct property component of the Prudential Annuity Fund, which he
developed to in excess of £1bn of property assets over a five year period. Mr Thirkell started his career with Healey &
Baker (now Cushman Wakefield), before moving on to County Nat West in 1980, where he was director of the
property advisory services. In 1998 Mr Thirkell went to Prudential, where he held a number of senior positions
including Investment Manager for the Prudential Life Fund, and fund manager for one of the Prudential Retail Funds
and Head of Occupational Property. Prior to joining Develica he was Director of Property Fund Management. Mr
Thirkell holds a BSc and is a fellow of the Royal Institution of Chartered Surveyors.
Investment Strategy
DDE offers a detailed analysis of the property market in each location, through DTZ Research and other sources The
company analyses leasing history and previous marketing initiatives. It identifies capex requirements, while
optimising cost vs value relationships. DDE holds direct discussions with its existing tenants, to identify their
property needs/aspirations, leading to lease restructuring and renewals It targets occupiers in other buildings and
makes direct approaches to them. The company is proactive and aggressive in marketing and incentivisation of staff
and agents: It ensures it closes deals.

Autumn 2008 61
Listing Details
Bloomberg DSC LN
Exchange LSE
ISIN GB0002668464
Domicile UK
Investment Focus
Geography UK
Strategy Developer - Investor
Sector Commercial
Current Trading
Price 260.00p
NAV date 30-Jun-08
NAV frequency H
Discount -50.6%
220
270
320
370
420
470
520
570
620
670
Assets
Cash £64.4m
% cash 15.8%
Loans £193.8m
Gross gearing 47.6%
Net gearing 31.8%
Management
Annual fee n/a
Performance fee n/a
Key individual Michael Marx
Tel. +44 (0)20 7828 4777
E-mail n/a
Valuer DTZ
Website www.developmentsecurities.com
Development Securities plc
Company Summary
Development Securities plc (DSC) is a property development and investment company. Its principal objective is to
carry out substantial, complex developments in a risk-averse manner with a view to adding maximum value for its
shareholders. DSC's major schemes under development have been forward-funded, or the financial risk shared with
a number of different institutional partners; such funding, quite apart from the significant reduction of downside risk,
enables the company to benefit in a material way from any strong improvement in specific letting markets.
Portfolio Analysis
Tenant % Lease %
FTSE 100 1% 0-5 years 37%
Government 2% 5-10 years 26%
PLC/Nationals 52% 10-15 years 12%
Regional Multiples 13% 15-20 years 15%
Local Businesses 32% 20 years+ 10%
Source: DSC at September 30 2008
Retail 70 London 10
Office 14 South East 57
Industrial 11 North 17
Residential 5 South West 16
Source: DSC at June 30 2008
Investment Manager
Mr Marx (b.1947), chief executive and finance director of DSC, was appointed to the board in September 1994. He is a
fellow of the Institute of Chartered Accountants in England and Wales and a member of the UK Listing Authority
Advisory Committee 2004 to 2007, as well as a non-executive chairman of Nationwide Accident Repair Services plc.
Investment Strategy
DSN allocates the majority of its equity to the ownership of an investment portfolio with properties spread across the
UK covering the office, retail and industrial sectors; the mix is driven by market conditions, availability and stock
selection.

Autumn 2008 62
Listing Details
Bloomberg DCI LN
Exchange AIM
ISIN VGG2803G1028
Investment Focus
Geography Greece - Cyprus - Turkey - Croatia
Strategy Investor
Sector Residential - Leisure
Current Trading
Price 44.00p
NAV date 30-Jun-08
NAV frequency Q
Discount -83.1%
Dividend yield -
30
80
130
180
230
Assets
Cash €273.6m
% cash 12%
Loans €340.7m
Gross gearing 14.5%
Net gearing 2.9%
Management
Management group Dolphin Capital Prtnrs
Annual fee 2%
Performance fee 20% of realised profits over 8%
Management notice period
Key individual Miltos Kambourides
Tel. +30 210 3614 255
E-mail miltos@dolphincp.com
Valuer Colliers
Website www.dolphincapitalinvestors.com
Dolphin Capital Investors Ltd
Company Summary
Dolphin Capital Investors Limited (DCI) was first capitalised with €5m in the summer of 2005 by Dolphin Capital
Partners and a select group of investors led by partners of Fortress Investment Group. In December 2005 DCI
completed its admission to trading on AIM, raising an additional €104m at 68 pence per common share and in
October 2006 went on to raise a further €300m in a follow-on issuance priced at 93 pence per common share. The
company currently represents the largest real estate investment company listed on AIM, further to a successful
€450m follow-on offering at 170 pence per common share in June 2007. Since its admission to trading on AIM, DCI
has demonstrated an impressive investment performance. The company has currently almost fully committed the
original €839m net equity funds raised (prior to its latest placing in June 2007), acquiring strategic positions in
Greece, Cyprus, Croatia, Turkey and the Dominican Republic in attractive land holdings and developments spread
over more than 48 million sq.m of land. With an attractive investment pipeline, DCI is set to continue its strong
performance over the coming months, serving to further enhance the company’s leadership position in the
residential resort sector in south-east Europe whilst continuing to generate significant value for shareholders.
Analyst’s Comment
It is sensible to focus on existing projects. There is little detail of how pre-sales are doing, but we expect this to be
slowing down. This may restirict the release of construction loans by their banks. The management’s focus on
getting projects through the planning and approval stages will enhance the value of each project but is unlikely to
lead to asset sales – the market for approved but incomplete resort projects is likely to remain depressed for some
time. We believe the original fund-raisings for DCI were over-hyped and the company has failed to deliver. The one-
dimensional strategy of exposure to Mediterranean tourism was always going to be risky. The slowdown of UK
buyers is not unexpected given the current economic climate. Planned sales of incomplete developments must be a
disappointment to shareholders and management. Share buybacks have done little to improve the share price.
(Dec-03-08)
Portfolio Summary
Interim results for 6M to 30/6/08: total net assets €1.69 bn unchanged in 6M; NAV 244p up 7% after exchange rate
changes between the euro and sterling; NAV after recent share buybacks is 260p; home sales are down 37% as
demand has slowed from UK buyers, though the average sales price is up 25%. Opportunistic early exit programme is
under way with one project sold for €8.4m at a 23% premium to NAV as at June 30 2008 resulting in a 3.5x return on
acquisition value; other realisations are being progressed.
Property Portfolio (%) Net Assets (%) Value (€m)
Venus Rock Golf Resort 8.91 8.63 138
Aristo development (others), Cyprus 8.84 8.57 137
Kilda Hills Gold Resort 5.04 4.88 78
Eagle Pine Golf Resort 2.26 2.19 35
Seascape Hills 2.13 2.06 33
Livka Bay Resort 1.16 1.13 18
Apollo Heights Polo Resort 1.1 1.06 17
Country Sector % Value (€m)
Cash - 12.00 273.6
Croatia Property 2.63 53.1
Cyprus Property 42.35 856.4
Dominican Republic Property 4.62 93.3
Greece Property 26.83 542.5
Investment Strategy
DCI invests in residential units (villas, townhouses, apartments) that have leisure components, such as hotel, golf
course, country club, spa facility, marina or other sport facilities. The properties are located by (or very close to) the
sea within an attractive natural landscape and within driving distance from an airport. They offer comprehensive
community services such as security, maintenance, health services, facilities and property management. DCI adopts
a low-risk investment strategy by acquiring land sites at prices which offer a large discount for south west Europe
and which typically fall below their respective retail market value. The risk profile of DCI’s investments is minimised
by: the use of low bank debt, the majority of each project’s costs being financed by the pre-sale of residential units,
and the exit of each investment being assumed on a self-liquidating portfolio (sale of a project’s residential units)
with no profit attached to the leisure components.

Autumn 2008 63
Listing Details
Bloomberg DUPD LN
Exchange AIM
ISIN IM00B1XH2B90
Investment Focus
Geography Ukraine
Strategy Developer
Sector Commercial
Current Trading
Price 32.00p
NAV date 30-Jun-08
NAV frequency H
Discount -82.0%
Dividend yield -
1.9
2
2.1
2.2
2.3
2.4
2.5
2.6
2.7
2.8
30
50
70
90
110
130
Jun-07 Jun-08
Assets
Cash US$160.1m
% cash 40.0%
Loans US$11.8m
Gross gearing 2.9%
Net gearing -37.0%
Management
Management group Dragon Capital Partners Ltd
Annual fee 1.5%
Management notice period 5yrs; 6m
Key individual Tomas Fiala
Tel. +380 44 490 7120
E-mail n/a
Valuer Knight Frank
Website www.dragon-upd.com
Dragon-Ukrainian Properties & Development plc
Company Summary
Dragon-Ukrainian Properties & Development plc (DUPD) develops projects in Ukraine. It is an AIM-listed real estate
investment company focused on development and re-development opportunities in Ukraine.
Analyst’s Comment
Market outlook: Unlike in western countries, real estate values in Ukraine are not suffering from financial liquidity
crisis as capitalisation rates remain high and unlikely to increase, while rental rates are expected to stay stable or
grow in the coming years. With demand continuing to rise rapidly, and construction volumes remaining insignificant,
the market's landscape remains virtually unchanged, promising high profitability for well-located, quality
developments, in commercial as well as residential sectors. (Aug-07-08)
Portfolio Summary
A summary of its interim results for the six months to June 30 2008 (released August 7 2008): DUPD is now in the
stage of developing out existing projects not starting new ones. It has five developments and two land banking
projects. $217.7m committed, $103m uncommitted. Total assets: $400.5m; NAV: $387.4m; Cash: $160m; Project
value: $125m; Land value: $101m. Estimation of fair value is made using NPV calculations based on certain
assumptions, used in the Knight Frank appraisals, the most important of which are as follows: rental rates (based on
current rental rates); development costs (based on current construction prices); discount rates (ranging from 12.57%
to 13.80%); developers' profit of between 20.0%-25.0%.
Portfolio - Projects
Property Sector Location Gross Area Commitment
(US$m)
Completion
Henryland Group Retail Ukraine 88,000 sq.m 12.0 Late-2009
Pine Forest Residential Kyiv 12.5 hectares 9.0 Mid-2009
Komarova Retail Kyiv 44,123 sq.m 10.7 Spring 2010
Obolon Mixed-Use Kyiv 48,000 sq.m 16.6 End-2011
Vita Poshtova Residential Kyiv 50,000 sq.m 14.0 End-2010
Land banking Mixed-Use Kyiv 675 hectares 140.0 End-2008
Source: DUPD at June 30 2008
(US$m)
Ukraine Property 60.88 239.655
Total 100 393.634
Investment Manager
Mr Fiala, non-executive director, has been the principal shareholder and managing director of Dragon Capital Group,
a Kyiv-based investment bank, since April 2000. Mr Fiala established Dragon Capital as a brokerage and has since
grown it into a leading Ukrainian investment house, specialising in brokerage, investment banking, securities
trading, asset management and private equity investments. Prior to establishing Dragon Capital, Mr Fiala served as
senior executive for five years at Wood & Company, a leading investment bank in the central eastern Europe region.
Mr Fiala is currently serving as chairman of the supervisory board of Karlivka Machine-building Plant, Ukraine’s
leading agricultural equipment producer. He is also a member of the Supervisory Board of Nova Liniya (the largest
DIY supermarket chain in Ukraine), Cantik Enterprises Limited (a Ukrainian retail real estate development company),
Retail Group (one of the largest food retailers in Ukraine), Ukrainebank as well as KP Media (a leading Ukrainian
media holding).
Investment Strategy
The company's strategy is to invest in the development of new commercial properties as well as in the
redevelopment of existing properties in Ukraine. The initial focus is on the development of new and redevelopment
of existing commercial properties in the retail, office and warehousing sectors. However, the company also considers
alternative types of investment in real estate, including land acquisitions with development potential for residential
projects. Initial investment and development activities focus on Kyiv and Kyiv oblasts as well as other major regional
centres of Ukraine where the population exceeds 700,000 people. Investment opportunities in smaller, yet important
centres of Ukraine will also be exploited by the company on a selective basis. While the primary focus is on the
development and redevelopment of commercial properties and, to a lesser extent, on secondary market
acquisitions, the company actively seeks opportunities to enter into sale-and-leaseback arrangements, mainly in the
retail sector where the directors believe such opportunities are likely to be present, given the continued expansion of
this sector in Ukraine.

Autumn 2008 64
Listing Details
Bloomberg EEP LN
Exchange AIM
ISIN GB00B0XQ3R24
Domicile Guernsey
Investment Focus
Geography Bulgaria – Romania – Turkey
Strategy Investor
Sector Commercial
Current Trading
Price 56.00p
NAV date 31-Mar-08
NAV frequency H
Discount -52.8%
40
50
60
70
80
90
100
110
120
Assets
Cash £5.9m
% cash 16.9%
Loans £11.4m
Gross gearing 32.7%
Net gearing 15.8%
Management
Management group Active Property Invts
Annual fee 1.75%
Key individual Keiran Gallagher
Tel. +44 (0)7766 000 773
E-mail kgallagher@activeassets.co.uk
Valuer DTZ
Website www.eepfl.com
Eastern European Property Fund Ltd
Company Summary
Eastern European Property Fund Limited (EEP) is a closed-ended Guernsey-registered company, which has been
established to take advantage of opportunities that exist in the property markets of Turkey, Romania, Ukraine and
Bulgaria. EEP’s objective is to provide shareholders with a high level of income and the potential for significant
capital growth. The company invests in a range of office, retail, industrial and residential properties in or around
major urban centres in its target countries. It is initially focusing upon office and retail properties. Each investment
will be made with a view to taking advantage of attractive yields, and where the directors and the advisers believe
such investments have the potential for capital appreciation.
Analyst’s Comment
EEP should be viewed as a Turkish property investor as most of its assets are in Istanbul and fully let. The political
uncertainty in Turkey is beginning to slow growth in the property sector. The management performance fees cause a
considerable dent in the income statement. We believe that EEP should sell its non-Istanbul properties and
internalise its management. Cutting costs, focusing the portfolio and restarting dividends should appeal to investors.
Romania and Bulgaria – Outlook
In Bucharest, Romania the lack of foreign investment in land has halted residential development schemes, whilst in
Bulgaria commercial development activity around Sofia airport appears to have slowed considerably.
Turkey – Outlook
Turkey has undergone considerable political turmoil in the first half of 2008 as the ruling party (AKP) seemed to be
taking the country down a pro-Islamic route. Inflation was 12% in mid-2008. GDP growth is around 4%. The property
markets have slowed following further moves to curtail foreign property ownership. New legislation is now in place,
one outcome of which is that foreign owned companies, as well as private individuals, require clearance for property
purchases. This may affect the pace of change. Prominent retailers have united in the new shopping malls to
complain that rents are too high, which has resulted in some concessions by owners. (Sep-29-08)
Portfolio Summary
Interim results for 6M to 30/6/08: property value £27m up 8%; net assets £23.2m, 119.88p per share up 1% (vs
118.69p); one new acquisition; refurbishments ongoing on most of the portfolio; ten properties in total (eight in
Istanbul, one in Romania, one in Bulgaria) most are fully let; further fundraising proposals cancelled.
Oriental Passage, Istiklal Street, Istanbul 35.36 37.21 8.82
24 George Washington Street, Sofia 15.92 16.75 3.97
Transalkin Warehouse, Bucharest 15.92 16.75 3.97
Ravouna Apts, 401 Istiklal Street 11.11 11.69 2.77
134-39 Susam Street, Cihangir, Istanbul 7.78 8.19 1.94
6th floor, The Misir Building, Istiklal, 5.35 5.63 1.34
Nil Passage, Istiklal Street, Istanbul 4.42 4.65 1.10
Sector % Country % Value (£m)
Diversified 58.7 Bulgaria 12.22 3.969
Industrials 15.9 Cash & Fixed Interest 23.24 7.550
Office 21.3 Romania 12.22 3.969
Shopping Centres 4.1 Turkey 52.32 16.998
Investment Manager
Mr Gallagher manages EEP's Turkish portfolio. He has over 18 years’ investment management experience and has
been investing in central and eastern European equities for over 14 years. Mr Gallagher has been one of the UK’s
leading European equity managers with AAA ratings from Standard & Poor’s and Forsythe Fund rating agencies and
has won numerous performance awards. He has been investing privately in property for over ten years and in the
emerging markets for the last three years. He has undertaken a number of property developments in different
market segments and through different development stages in Turkey and Bulgaria.
Investment Strategy
EEP invests in a range of office, retail, industrial and residential properties in its target countries, with an initial focus
on office and retail property. The company seeks to invest in income-producing properties in or around major urban
centres in these countries. EEP’s primary policy is to provide the equity financing to purchase existing or newly built
properties. It may also invest in the construction and development or refurbishment of properties, either wholly
owned by EEP or in conjunction with other investors.

Autumn 2008 65
Listing Details
Bloomberg EEE LN
Exchange AIM
ISIN NL0000051043
Domicile Netherlands
Investment Focus
Geography Poland, Czech Republic, Hungary,
Romania, Bulgaria, and Serbia,
Strategy Developer
Sector Residential
Current Trading
Price 22.50p
NAV date 30-Jun-08
NAV frequency H
Discount 1223.2%
Dividend yield -
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
10
30
50
70
90
110
130
150
Dec-05 Dec-06 Dec-07
Assets
Cash €9.2m
% cash 5.8%
Loans €77.9m
Gross gearing 49.5%
Net gearing 43.6%
Management
Annual fee n/a
Performance fee n/a
Key individual Samuel Hibel
Tel. +972 9970 7024
E-mail samuelh@engel.co.il
Valuer -
Website www.engel-ee.com
Engel East Europe NV*
Company Summary
Engel East Europe NV (EEE), a developer of mostly residential projects in central and eastern Europe, listed on AIM on
December 15 2005 when it raised £30m. It focuses on high-end residential and commercial opportunities. Currently,
EEE is developing 4,450 residential units in 17 developments in Poland (four), Czech Republic (four), Hungary (three),
Romania (one), Bulgaria (four) and Serbia (one).
Analyst’s Comment
EEE has conducted a full strategic review and has been refocusing management resources on projects with the best
returns. This has led to the cancellation of two proposals (leading to a write down of €0.4m) and sale of its Canadian
assets. EEE has lost its CEO Eitan Padan (his replacement has not yet been found). It has two outstanding legal claims
in Canada and Hungary, against which EEE has made a €0.3m provision. The over-statement of revenues in previous
years has also been corrected. Total gross assets are €157m, total liabilities €111.9m (of which bank loans are €57m)
and total net assets €45.6m, of which cash is €9.3m. Under the new, focused business plan EEE expects to accelerate
the construction programme and to complete and sell 800 units in 2008 and 640 units in 2009. This is an ambitious
target, given that in the first six months of 2008 only 170 units were taken to profit. Hopefully, all the bad news is
now out on this company. EEE urgently needs to appoint a new CEO who will need to concentrate on completing
and selling the existing projects on target, producing a detailed plan on delivering more than 4,000 residential units
on time and on budget. Expansion into new projects should not be a priority until existing ones have shown clear
progress. Increasing construction costs and reduced demand (as buyers’ ability to take on mortgages is restricted)
will also need to be countered. Clear and regular progress updates to shareholders should help return their
confidence in the company and the share price should start to recover. (Aug-22-08)
Portfolio Summary
Market overview: Local banks have restricted their construction lending and the availability of mortgage finance has
slowed down. This has had a negative impact on the overall pace of commercial and residential property
development in the region, particularly in Poland and Romania. In Bulgaria, the failure of the economy to meet EU
targets has caused both multilateral agencies and investors to re-allocate their funds to other countries. Nevertheless
EEE is seeing good opportunities in Serbia and the Czech Republic.
Location Units Number of Projects
Hungary 1,197 3
Poland 1,271 5
Bulgaria 694 4
Czech Republic 881 4
Romania 407 1
Serbia tbc 1
Source: EEE at June 30 2008
Eastern Europe Property 98.47 122.323
Investment Manager
Mr Hibel, chief financial officer, is acting CEO until a replacement for the previous CEO is found. He has a strong track
record as a senior financial executive with more than ten years’ experience across a range of industries. He was CFO
of a group of technology companies controlled by Formula Systems Limited for five years – the company listed on
NASDAQ and the Tel Aviv Stock Exchange. At Formula Systems he also acted as substitute for the CEO. Prior to that
he was chief financial officer of ITP Group, a private company with communication and international trading interests
in eastern Europe. From 1996 to 1998 he was the head of the accounting and controlling department in Bezeq
International Limited, the Israeli international telecom carrier. Mr. Hibel qualified as a Certified Public Accountant
with KPMG in 1996 and graduated from the Tel Aviv College of Management with a BA in Business Administration.
Investment Strategy
Key strengths of the company are a highly experienced management team and its ability to identify high quality
opportunities in fast-growing central and east European markets which offer excellent investment returns. Through
Boymelgreen Capital and Azorim Group, the company's owners, EEE has extensive experience and knowledge of the
worldwide real estate market and access to the resources necessary to deliver its growth strategy. EEE aims to the
leading real estate player in the target markets through a combination of the following: a professional and highly
motivated management team with more than 60 years of combined experience in the industry; an established track
record in managing, financing and marketing residential projects; a strong international network of agents for
obtaining premium locations; strategic partnerships with major financial institutions (Heitman Fund, Volksbank and
Lehman Brothers); a deep understanding of regulatory procedures, requirements and relations with relevant
authorities in key markets..

Autumn 2008 66
Listing Details
Bloomberg EBP LN
Exchange AIM
ISIN GB00B0QB4K42
Investment Focus
Geography Bulgaria – Romania
Strategy Investor
Sector Commercial
Current Trading
Price 34.00p
NAV date 30-Jun-08
NAV frequency H
Discount -73.5%
1.4
1.45
1.5
1.55
1.6
1.65
1.7
30
50
70
90
110
130
Assets
Cash €7.6m
% cash 1.8%
Loans €170.0m
Gross gearing 39.5%
Net gearing 37.7%
Management
Management group Equest Invt. Partners
Annual fee 1.5% (reduced from 1.8% on 10/7/07)
Key individual Tero Halmari
Tel. +359 851 91 20
E-mail info@equest-partners.com
Valuer CBRE
Website www.equestbalkan.com
Equest Balkan Properties plc
Company Summary
Equest Balkan Properties plc (EBP) is a property investment company focused on commercial, retail and industrial
property in south-eastern Europe. EBP invests in existing commercial property assets, including retail and industrial
properties, with a view to taking advantage of attractive yields, and to developing properties with the added
potential for capital appreciation in the region. As part of its investment strategy, EBP borrows funds from
commercial mortgage lenders, as it anticipates that higher returns to shareholders are achievable through
moderately-leveraged investments. EBP has engaged Equest Property Management Limited (EPML) as Investment
Manager and, in turn, EPML has engaged Equest Partners Limited (EPL) as Investment Adviser, to provide it with
investment advice for the Balkans.
Analyst’s Comment
EBP is under shareholder pressure to address the discount and return cash. The new directors appointed by the
activist shareholders are pushing through property sales. Some have already been sold (such as the prime
investment property City Center Sofia shopping mall) and others will soon follow. The mature investment assets
under the hammer are the retail projects Vitantis, Moldova Mall, and Targoviste, the office buildings Domenii (four
assets) and the Business Centre Skopje. The half-completed projects still under development will be more difficult to
sell, though the TechnomarketDomo-related projects in Serbia (Aurora and Archway) are planned to be sold to the
JV partner. Sales should be at, or above, the recent valuations, which will give investors confidence in the accuracy of
the NAV per share.
Outlook
Local market reports suggest that occupier demand for commercial real estate premises in the Balkan region remains
strong which also provides support for the property market valuations. Global developments in the property sector
have had an impact in the SEE region and there has been some widening of yields. However, investor demand for
prime assets remains firm. (Sep-25-08)
Portfolio Summary
Interim results for 6M to 30/6/08: NAV €1.51 (112p), down 4.4%; total property assets €387.5m valued by CBRE; 13
properties; disposal programme under way; 40% LTV; committed to returning capital to shareholders; official
opening of Vitantis shopping centre in Romania, now 95% let and asset sale process has started.
Project Sector Location Type GLA (sq.m)
City Center Sofia Shopping Mall Bulgaria Investment 24,000
Vitantis Shopping Centre Romania Investment 35,110
Moldova Mall Shopping Mall Romania Investment 22,000
Targoviste Retail Romania Investment 6,537
Domenii Office Romania Investment 3,158
Skopje Office Macedonia Investment
Source: EBP at June 30 2008
Sector % Country % Value (€m)
Office 31 Bulgaria 11.25 34.269
European Emerging 2.94 8.954
Romania 39.27 119.655
Shopping Centres 69
Serbia 15.5 47.240
Investment Manager
Mr Haataja, managing partner, has more than 14 years’ investment expertise in eastern Europe and Russia. From
1994 to 2000 he worked for a private equity fund operating in Russia and established the European Bank of
Reconstruction and Development (EBRD). He was also a principal banker responsible for the European Bank’s private
equity fund investments and involved with management and establishment of funds investing in Central and
eastern Europe, Russia and the Commonwealth of Independent States. Prior to joining the EBRD, Mr. Haataja worked
as a fund manager with a French private equity firm, Siparex, as well as with Coopers & Lybrand in the private equity
and financial services advisory teams.
Investment Strategy
The board has recently undertaken a strategic review of the options open to the company to achieve the objectives
of improving the business plan and asset performance, and narrowing the discount of share price against NAV. The
current strategy is intended to enable the company to focus on its key strengths and opportunities, namely
development; to release capital to continue to invest in selected existing developments; to reduce the share price
discount against NAV; and to return capital to shareholders.

Autumn 2008 67
Listing Details
Bloomberg ERE LN
Exchange AIM
ISIN GB00B064S565
Domicile UK
Investment Focus
Geography India
Strategy Developer
Current Trading
Price 9.63p
NAV date 31-Dec-07
NAV frequency H
Discount -60.0%
Dividend yield -
0
5
10
15
20
25
30
35
40
Assets
Cash £48.6m
% cash 82.1%
Loans £0.0m
Gross gearing 0.0%
Net gearing -82.1%
Management
Annual fee n/a
Key individual Alistair King
Tel. +44 (0)20 7448 8000
E-mail alistair.king@eredene.com
Valuer
Website www.eredene.com
Eredene Capital plc
Company Summary
Eredene Capital plc (ERE) invests in infrastructure projects and real estate development in India. It focuses primarily
but not exclusively on logistics, distribution warehouses and port services. ERE has its own dedicated project team
based in Mumbai and also has the exclusive rights to deals with an Indian investment partner. In addition to its
existing investments, ERE has a deal pipeline of potential projects in strategic locations across India in logistics,
distribution warehouses and port services and real estate developments. Eredene was founded by Mr Alastair King,
the current chief executive, in February 2005. In early 2006, Eredene raised US$100m to capitalise on the foreign
direct investment opportunities in India's newly deregulated real estate sector and subsequently became the first
property fund company for the Indian market to be quoted on AIM. In June 2007, Eredene broadened its strategy to
include investments in Indian infrastructure in sectors including logistics, distribution warehouses and port services
projects. At the same time it sold all its real estate projects to K2, a subsidiary of Yatra (Euronext:YATRA). (K2 is
advised by Saffron Capital, the former advisors of ERE). From May 2008 the objective was changed from commercial
and residential development to solely infrastructure investments. ERE has high quality and supportive shareholders,
including GLG Partners LP, Caledonia & Cayzer Trust, and Henderson Global Investors.
Analyst’s Comment
ERE invests in infrastructure projects in India. At the end of August 2008 ERE announced a new £5m investment in an
inland road and rail container depot in Gujarat, northwest India. There is no similar depot in the region and it is
located near the main north-south railway and National Highway 8. This is ERE’s eighth investment. On October 30
2008 ERE announced a new £5m investment in a container freight station (CFS) by the south India port of Ennore.
ERE has made nine investments and is now 92% invested, which indicates that the company is making good
progress in finding infrastructure projects. We are very keen on Indian infrastructure assets. There are only a few
listed companies that have experienced managers and good quality projects. We are firm believers in the Indian
infrastructure sector. India’s GDP is still forecast to be 7% for 2008, underpinned by increasing global outsourcing as
companies continue to cut costs. This can only increase as the global financial crisis deepens. India’s growth is now
more deeply rooted in the domestic economy and a growing wealthier middle class. India’s cities are growing in size
and wealth, and yet remain poorly interconnected. Infrastructure links are desperately needed and central and
regional governments are actively courting international private sector help in funding these projects. There are
many opportunities in ports, roads, bridges and logistics distribution projects. ERE seems to be demonstrating good
progress in gettingaccess to some of these good projects and we believe it will shortly reach full investment. Trikona
Trinity Capital (AIM:TRC), also an investor in Indian infrastructure, is currently halting making new investments whilst
it reacts to shareholder pressure. This leaves ERE one of the few London listed active investors in this sector at the
moment. (Oct-31-08)
Property Committed
(£m)
Invested to
Date
(£m)
Ownership
(%)
Sector Status
MJ Logistic 11.0 4.9 90 Warehousing Operational
Haldia Logistics
Park
5.25 0.9 50 Logistics
Park
Acquisition
Phase
Kalinganagar 2.6 0.1 50 Logistics
Park
Acquisition
Phase
Box-Trans Logistics 2.9 2.9 40 Maritime
Logistics
Operational
Sattva CFS Vichoor 0.8 0.6 49 Maritime
Logistics
Operational
Matheran Realty 16.4 12.7 55 Residential Construction
Phase
Source: ERE at October 03 2008
(£m)
Investment Manager
Mr Nikhil Naik, non-executive director, was until March 2006 regional director of P&O in India and he has a successful
record in sourcing and managing large infrastructure projects throughout South Asia. An Indian national, Mr Naik led
P&O's activities in South Asia for two years. He was an employee of P&O for ten years, during which time he held a
number of senior positions, including that of CEO of Mundra Port Private Limited, a substantial port operator in
western India. Mr Naik is a core member of the executive team and heads Eredene Capital PLC's advisory team in
India, comprising the investment analysis and execution teams. Mr Naik has an MSc in Finance from the London
Business School.

Autumn 2008 68
Listing Details
Bloomberg ECDC LN
Exchange AIM
ISIN GB00B1BJRB27
Investment Focus
Geography SEE
Strategy Developer
Current Trading
Price €0.35
NAV date 30-Jun-08
NAV frequency H
Discount -69.3%
Dividend yield -
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1
1.1
1.2
Jul-07 Jul-08
Assets
Cash €35.9m
% cash 42.3%
Loans €0.0m
Gross gearing 0.0%
Net gearing -42.3%
Management
Management group Charlemagne Capital
Annual fee 2%
Key individual Alan Cartlidge
Tel. +44 (0) 20 7518 2100
E-mail alan.cartlidge@charlemagnecapital.com
Valuer
Website www.europeanconvergence.com/ecdc
European Convergence Development Company plc
Company Summary
European Convergence Development Company plc (ECDC) invests in a range of early developments which may
comprise any or all of the following sectors in south east Europe: residential, retail, commercial and industrial
property. The principal target countries are Bulgaria, Romania and Turkey, with the ability to invest in Croatia and
Slovakia, but currently most opportunities for investment are in Bulgaria and Romania. ECDC primarily invests in
early stage developments whereby it co-invests with local and international property developers.
Analyst’s Comment
The generally good news from this company echoes comments we have had from other fund managers in the
region. This contrasts with global bad news and is not enough to stem falling share prices. In our view there are still
too many London listed property companies that invest in Bulgaria and Romania. They are too small and illiquid.
(Sep-18-08)
Portfolio Summary
Interims results for six months to 30/6/08: Total assets €85m; cash €36m; NAV €0.8505 per share at 30/6/08, but
revaluation on 27/8/08 increased NAV to €1.14. ECDC now has seven projects in Romania and Bulgaria and
construction has started on four. There is a good pipeline of potential developments which includes projects in
secondary cities and retail projects in Romania, so that the company should be fully invested by end 2008. Local
banks are still happy to lend on quality projects with debt costs at c.3% over EURIBOR.
Projects Sector Location Construction Cost
(€m)
Asmita Gardens Residential Bucharest 121.0
Cascade Euro Tower Office Bucharest 36.2
Galleria Plovdiv Retail Plovdiv 58.0
Source: ECDC at June 30 2008
European Emerging Property 57 49.0
Source: ECDC at June 30 2008
Investment Manager
Mr Cartlidge (b.1965) (property adviser to Charlemagne Capital (IOM) Limited) is a British national. He has been
involved in eastern Europe since 1993, when he became country manager for project management and property
consultants DG Jones & Partners (DGJ) in Bulgaria. In 1997 Mr Cartlidge was the regional east European manager for
DGJ's companies in Bulgaria, Ukraine and Romania. As property adviser to Charlemagne Capital, he has responsibility
for the identification and appraisal of new projects throughout central and eastern Europe and the management of
property investments in Bulgaria and Croatia. This includes the procurement and supervision of redevelopment
projects, company re-structuring and property management to realise optimum asset value leading to management
of exit transactions. In addition to being an associate of the Royal Institution of Chartered Surveyors, Mr Cartilidge
holds a BSc in Quantity Surveying from the University of Westminster and an MBA from the Open University Business
School.
Investment Strategy
ECDC invests in a range of early developments which may comprise any or all of the following sectors in south east
Europe: residential, retail, commercial and industrial property. The principal target countries are Bulgaria, Romania
and Turkey. Opportunities in Croatia and Slovakia may also be sought. The manager, Charlemagne Capital (IOM)
Limited, is currently finding more opportunities for investment in Bulgaria and Romania than in the other
aforementioned countries. The company will primarily seek to invest in early stage developments whereby it co-
invests with local and international property developers. Whilst considered unlikely, ECDC could be the sole investor
on any particular project.

Autumn 2008 69
Listing Details
Bloomberg ECPC LN
Exchange AIM
ISIN GB00B0B7ZC68
Investment Focus
Geography CEE & SEE
Strategy Investor
Sector Commercial
Current Trading
Price €0.09
NAV date 30-Jun-08
NAV frequency H
Discount -66.7%
Dividend yield -
0
0.2
0.4
0.6
0.8
1
1.2
Jul-05 Jul-06 Jul-07 Jul-08
Assets
Cash €60.6m
% cash 60.8%
Loans €19.1m
Gross gearing 19.2%
Net gearing -41.6%
Management
Annual fee 1.25%
Performance fee 15% of total profits
Key individual Alan Cartlidge
Tel. +44 (0)20 7518 2100
E-mail alan.cartlidge@charlemagnecapital.com
Valuer SHM
Website www.europeanconvergence.com
European Convergence Property Company plc
Company Summary
European Convergence Property Company plc (ECPC) is an Isle of Man company, established to take advantage of
opportunities in the property markets of south east Europe. The company invests in commercial, retail and industrial
property in Bulgaria and Romania with a view to taking advantage of high yields and the potential for capital
appreciation.
Portfolio - Project
Project Sector Equity
Investment
External
Borrowings
Acquisition Revaluation
at Sep-30-08
Mall Veliko
Turnovo
Shopping
Centre
€10.6m €19.2m €29.8m €31.5m
Source: ECPC at November 13 2008
(€m)
Eastern Europe Property 33.8 32.550
Investment Manager
Mr Cartlidge (b.1965) (Property Adviser to Charlemagne Capital (IOM) Limited) is a British national. He has been
involved in eastern Europe since 1993, when he became country manager for project management and property
consultants DG Jones & Partners (DGJ) in Bulgaria. In 1997 Mr Cartlidge was the regional east European manager for
DGJ's companies in Bulgaria, Ukraine and Romania. As property adviser to Charlemagne Capital, he has responsibility
for the identification and appraisal of new projects throughout the central and eastern Europe and the management
of property investments in Bulgaria and Croatia. This includes the procurement and supervision of redevelopment
projects, company re-structuring and property management to realise optimum asset value leading to management
of exit transactions. In addition to being an associate of the Royal Institution of Chartered Surveyors, Mr Cartilidge
holds a BSc in Quantity Surveying from the University of Westminster and an MBA from the Open University Business
School.
Investment Strategy
ECPC invests in a reasonable range of commercial, retail and industrial property opportunities in south east Europe,
especially in Turkey, Romania and Bulgaria. The company primarily seeks to invest in income-producing assets in
high quality locations. It may also invest in opportunistic late stage development projects with a capital constraint
and where high rental yields can be reasonably expected. These projects may be located in more developed central
European locations.

Autumn 2008 70
Listing Details
Bloomberg FCPT LN
Exchange LSE
ISIN GB00B05KL904
Domicile Guernsey
Investment Focus
Geography UK
Strategy Investor
Sector Commercial
Current Trading
Price 65.84p
NAV date 30-Sep-08
NAV frequency Q
Discount -36.3%
60
70
80
90
100
110
120
130
140
150
Mar-05 Mar-06 Mar-07 Mar-08
Assets
Cash £82.1m
% cash 7.9%
Loans £229.0m
Gross gearing 21.9%
Net gearing 14.1%
Management
Management group F&C Asset Mgt.
Annual fee 0.6%
Key individual Richard Kirby
Tel. +44 (0)20 7011 5113
E-mail richard.kirby@fandc.com
Valuer DTZ Debenham Tie Leung Limited
Website www.fccpt.co.uk
F&C Commercial Property Trust Ltd
Company Summary
F&C Commercial Property Trust Limited (FCPT) invests in UK property. It is a closed-ended investment company
listed on the main market of the LSE and on the Channel Islands Stock Exchange.
Analyst’s Comment
FCPT is one of the largest property investment companies listed in London. It has total assets of around £1 bn and
low gearing (less than 20%, net of cash), which is well below its 40% covenant limit. It is ably managed by Richard
Kirby, who has a good grasp of the detail on individual properties and their tenants. He has been able to do some
clever negotiating with the local authority planners in London to maximise rental space across the portfolio. The
management team has recently spun out of F&C so should be more motivated to see this fund perform. FCPT is
safely managed, though we concur with Kirby's negative outlook on UK property: “The property market is expected
to remain challenging for the remainder of 2008 and well into 2009 due principally to deteriorating economic
fundamentals and the deepening credit crisis. Occupier markets are also likely to be detrimentally affected by the
weakening economy. Valuers have moved away from equivalent yields to initial yields, being the lead capitalisation
rate. Large properties have been marked down more since the large lot sizes are more illiquid given the current
issues surrounding the credit markets. Rental growth in City and West End offices turned negative at the end of
2Q08. It is now highly likely that a double dip in capital value falls will be experienced. The occupational markets had
held up relatively well in the earlier part of the cycle, but there are now signs of tenants under pressure and
becoming more cautious. Leasing activity is occurring but generally fewer companies are competing for space,
negotiations are taking longer and incentives increasing. Rental values are coming under pressure across all sectors.
There is little sign of any transactional activity.” (Aug-07-08)
Portfolio Summary
Results for 6M to 30/6/08: NAV down 10% in 6M and down 6.9% in 3M to 30/6/08. It looks like the rate of NAV falls are
increasing in the last three months over the previous three months. Total assets: £1.04bn; Property value: £956m
(direct property assets £885m (fall of 9.7%)); Cash: 9.1%; NAV 110.7p; Price: 79.25p; Discount: 28%; Annual dividend
6.0p; Current dividend yield: 7.6%; Gross gearing: 22.3%; Net gearing: 15.6%; Covenant level: 40%; Borrowings:
£230m secured bonds due 2017 Aaa rated by Moody’s, fixed interest rate of 5.23%; Discount control: share buybacks
if discount is wider than 20% for 20 consecutive dealing days or more.
Property Portfolio
(%)
Net Assets
(%)
Value
(£m)
St Christopher's Place, W1 12.5 15.14 119.53
Newbury Retail Park 7.62 9.23 72.88
Lionwalk Shopping Centre, Colchester 7.07 8.56 67.59
Cassini House, SW1 6.8 8.24 65.03
Sears Retail Park, Solihull 6.68 8.09 63.88
Industrial Property IT 5.78 7.01 55.31
Wimbledon Broadway, SW19 5.51 6.68 52.68
(£m)
Industrials 9.9 Cash - 6.07 61.838
Office 40.9 UK Industrials 9.3 94.695
Shopping Centres 49.2 UK Office 38.42 391.214
UK Property 17 173.129
UK Shopping Centres 29.21 297.476
Investment Manager
FCPT is currently managed by F&C but plans to change to the newly formed F&C REIT Asset management, with the
same individual managers as at present. Mr Kirby, investment manager of FCPT, joined F&C Asset Management plc
(F&C) in 1990 and is a director of F&C Property Asset Management plc. He has been a fund manager since 1995 and
has experience of running a number of property portfolios. He is a member of the British Council for Shopping
Centres.
Investment Strategy
At launch FCPT had a capital structure comprising c.75% ordinary shares and 25% secured bonds. Ordinary
shareholders are entitled to all dividends and to all the company's assets after repayment of its borrowings.
Borrowings consist of £230m secured bonds due 2017, with interest fixed at rate 5.23% to June 30 2015. If not
redeemed at this date, the interest becomes 0.60% over LIBOR until the final date of June 30 2017.

Autumn 2008 71
Listing Details
Bloomberg FAB LN
Exchange AIM
ISIN JE00B1G3K654
Domicile Jersey
Investment Focus
Geography Romania
Strategy Income & Development
Current Trading
Price €0.63
NAV date 30-Sep-08
NAV frequency Q
Discount -62.5%
Dividend yield -
0.4
0.6
0.8
1
1.2
1.4
1.6
Dec-06 Jan-08
Assets
Cash €13.8m
% cash 11.8%
Loans €40.8m
Gross gearing 35.0%
Net gearing 23.2%
Management
Management group Fabian Capital Ltd
Annual fee 2% of NAV plus professional costs
Performance fee20% over 8% realised total return
Key individual Mark Holdsworth
Tel. +44 (0)20 7499 99 88
E-mail n/a
Valuer DTZ
Website www.fabianromania.com
Fabian Romania Ltd
Company Summary
Fabian Romania Limited (FAB) is a dedicated Romanian real estate investor focused on the Bucharest offices sector
and in residential units in other cities. It builds class A offices for sale to investment institutions and residential units
for sale to local middle class owner-occupiers. It also owns class A offices which it rents to larger foreign institutions.
Analyst’s Comment
FAB has eleven projects valued at €84.6m including €8m of cash. Projects have completion dates from 2009-2012.
Bank loans are taken out at the project level. FAB still seems able to get construction finance for its development
projects. Residential pre-sales, though slowing, have now passed 85% at FAB’s New Town project, triggering full
draw down of the development loan. The company has decided to postpone some new residential projects given
the more uncertain outlook. We are surprised by the fall in the development profit NAV as higher exit yields reflect
more uncertainly and perceived risk. The situation facing FAB is likely to be similar to other real estate companies in
the CEE and SEE regions. (Oct-27-08)
Property Portfolio
(%)
Net Assets
(%)
Value
(£m)
Baneasa Business Centre 21.53 34.22 29.0
New Town 17.74 28.21 23.9
Cascades 13.73 21.83 18.5
Banu 12.99 20.65 17.5
Lakeview 11.58 18.41 15.6
Cubic Centre 9.28 14.75 12.5
Evo 4.45 7.08 6.0
Investment Manager
Mr Holdsworth (b.1971) is the managing director of FAB. He has more than eleven years’ experience in Romania and
emerging markets, having worked for eight years with ING Barings, a member of the ING group. In 2001 he was
managing director, in charge of the group’s equity, broking and trading operations in eastern Europe, South Africa
and Latin America. In 2003 Mr Holdsworth left ING Barings to promote his property and business interests on a full-
time basis. He was a non-executive director of XXI Century Investments Public Ltd (AIM:XXIC), one of Ukraine’s
leading property developments which is AIM-listed. Mr Holdsworth has over 13 years’ property market experience,
including residential and commercial developments. He graduated with a degree in History from the University of
Edinburgh in 1994 and a postgraduate degree in Political Science from the University of Pennsylvania, where he was
a Thouron Scholar in 1995.
Investment Strategy
FAB's directors believe that investment opportunities in Romanian property are compelling. The country has a
substantial need for modern Class A office space, commercial, retail and housing stock. Romania has enjoyed almost
eight years of strong and uninterrupted economic growth since emerging from recession in 2000. Further growth
should, the directors believe, be underpinned by Romania’s entry into the EU on January 1 2007. Currently, yields on
Romanian property are typically estimated to be between 7.5%-9.0%, offering a favourable premium when
compared with investment opportunities elsewhere in central and eastern Europe. It is the intention of the
Investment Manager to utilise leverage, where appropriate, to maximise the fund’s total return. This, combined with
borrowing funds at relatively low Euro borrowing rates, and the current attractive investment yields achieved on
Romanian property, is expected to generate greater returns for shareholders than would otherwise be achieved
through borrowing in the local currency. The company’s original investment strategy was to purchase both income
producing office buildings and retail freeholds as well as to seek co-investment projects in the office, retail and
residential sub-sectors of the market. Historically, the geographic focus of the fund was Bucharest, but with up to
25% of the fund’s equity available to invest in the regions outside the capital. Going forward, the directors intend to
continue this focus on office buildings, retail freeholds and residential buildings, but will also seek to include
logistics, light industrial and hotel investments where attractive opportunities present themselves. Geographically,
the fund intends to continue to concentrate on the Bucharest municipality and its environs, but will consider
investing more than 25%. of the fund’s equity in the regions outside the capital if suitable opportunities arise. After
purchase, each property will continue to be actively managed by the Investment Manager to maximise yields in
anticipation of the fund’s exit.

Autumn 2008 72
Listing Details
Bloomberg GPOR LN
Exchange LSE
ISIN GB00B01FLL16
Domicile UK
Investment Focus
Geography UK – London
Strategy UK REIT
Current Trading
Price 236.00p
NAV date 30-Sep-08
NAV frequency H
Discount -52.1%
210
310
410
510
610
710
810
Assets
Cash £0.7m
% cash 0.0%
Loans £429.3m
Gross gearing 28.4%
Net gearing 28.3%
Management
Annual fee n/a
Performance fee n/a
Key individual Toby Courtauld (CEO)
Tel. +44 (0)20 7647 3042
E-mail Toby.Courtauld@gpe.co.uk
Website www.gpe.co.uk
Great Portland Estates plc
Company Summary
Great Portland Estates plc (GPOR) is a central London property investment and development company owning over
£1.6bn of real estate.
Geographic Portfolio Sector Portfolio
Geographic Value
(£m)
% Sector Value
(£m)
%
West End 1,339.0 82 Office 1,226.0 75
Southwark 99.0 6
City 197.9 12
Retail 409.9 25
Source: GPOR at May 31 2008
Investment
(£m)
Development
(£m)
Total
(£m)
Office
(£m)
Retail
(£m)
Area
(sq.ft
000s)
North of Oxford St. 635.7 98.1 733.8 556.6 177.2 1284.2
Rest of West End 605.2 - 605.2 384.7 220.5 953.6
City and Southwark 269.2 27.7 296.9 284.7 12.2 785.9
Total 1510.1 125.8 1,635.9 1,226.0 409.9 3023.7
Source: GPOR at May 31 2008
Investment Manager
Mr Courtauld is chief executive for GPOR. From 1991 to 2002 he worked with MEPC and joined the group and was
appointed to the board in 2002. He is a non-executive director of Liv-ex and a member of the board of the Central
London Partnership, the management board of the Investment Property Forum and the Policy Committee of the
British Property Federation.
Investment Strategy
GPOR’s development strategy is to lease new space from developments above target ERV, manage development
risks to gain maximum returns, deliver near-term programmes on time and budget, and add to the medium and
long-term pipeline. It recycles capital by buying properties with relatively low rents and angles to exploit, while it
sells properties with historically high capital values, limited further angles and where capturing rental growth will be
difficult. Its assets are managed by driving rental values and rental income higher, executing individual property
strategies and creating value through asset repositioning.

Autumn 2008 73
Listing Details
Bloomberg HMSO LN
Exchange LSE
ISIN GB0004065016
Domicile UK
Investment Focus
Geography UK – France
Strategy UK REIT
Sector Commercial
Current Trading
Price 531.00p
NAV date 30-Jun-08
NAV frequency H
Discount -61.9%
480
680
880
1080
1280
1480
1680
Assets
Cash £74.1m
% cash 1.0%
Loans £3,079.6m
Gross gearing 41.1%
Net gearing 40.1%
Management
Annual fee n/a
Performance fee n/a
Key individual John Richards
Tel. +44 (0)20 7887 1000
E-mail christopher.smith@hammerson.com
Valuer DTZ Debenham Tie Leung
Website www.hammerson.com
Hammerson plc
Company Summary
Hammerson plc (HMSO) is a leading European real estate company, operating principally in the UK and France. The
group invests in and develops shopping centres, retail parks and prime offices. Its high quality portfolio, of around
1.3 million sq.m of retail space and over 280,000 sq.m of prime offices, is valued at £7.3bn. The company is listed on
the LSE and Euronext Paris.
A hallmark of Hammerson’s approach is its objective of working closely with major occupiers to create buildings that
provide exciting, vibrant and functional working environments.
(sq.m)
Ownership
%
Value
(£m)
Bishops Square London Mixed-Use 75,800 100 560
Italie 2 Paris Shopping Centre 56,900 100 396
Brent Cross London Shopping Centre 83,900 41 357
Bullring Birmingham Shopping Centre 125,200 33 288
Les Trois Quartiers Paris Mixed-Use 29,700 100 275
Source: HMSO at October 03 2008
Sector %
UK Shopping Centre 31
France Retail 26
UK Office 21
UK Retail Parks 15
France Offices 6
Germany Retail 1
Source: HMSO at June 30 2008
Investment Manager
Mr Richards, a chartered surveyor, joined HMSO in 1981 as a development surveyor and was appointed a director of
the company in 1990. He was responsible for HMSO’s UK operations from 1993 to 1998 and was appointed chief
executive of Hammerson in 1999.
Investment Strategy
HMSO’s strategy is to invest, manage and develop property in the retail and office sectors, in key European markets.
This strategy enables the group to maximise returns by taking advantage of different market cycles, while
diversifying risk. By investing in retail property in more than one country, Hammerson benefits from its excellent
relationships with retailers, many of which are pursuing European expansion programmes. The quality of the
portfolio continues to be enhanced through active management. HMSO carries out rigorous reviews of each
property in the portfolio, selling properties when the proceeds can be redeployed in new investments or
developments anticipated to generate enhanced returns. HMSO maintains an active development programme with
the objectives of achieving good returns and creating assets of a type not often available on the open market. The
group continues to build on its excellent reputation for its approach to urban regeneration, its ability to forge strong
relationships with local authorities and its skills in delivering complex development projects.

Autumn 2008 74
Listing Details
Bloomberg HSTN LN
Exchange AIM
ISIN GB00B0PPFY88
Domicile UK
Investment Focus
Geography Europe
Strategy Investor
Sector Commercial
Current Trading
Price 67.50p
NAV date 30-Jun-08
NAV frequency H
Discount -53.4%
60
70
80
90
100
110
120
130
140
150
160
Assets
Cash £49.0m
% cash 9.7%
Loans £205.9m
Gross gearing 40.8%
Net gearing 31.1%
Management
Annual fee £0.475m
Performance fee 12.5% over 10% total return
Key individual Morgan Jones
Tel. +44 (0)20 7016 8820
E-mail n/a
Valuer King Sturge
Website www.hansteen.co.uk
Hansteen Holdings plc
Company Summary
Hansteen Holdings plc (HSTN) focuses on providing its investors with consistent, high and realised returns. This is
achieved through acquisitions of properties over time to create a high yielding property portfolio in Continental
Europe combined with other more opportunistic and management intensive acquisitions which, while lower
yielding, provide greater capital growth potential.
HSTN has focused on Continental European industrial investments which, in the opinion of the board, have higher
yields, cheaper financing costs, and greater opportunity for value improvement through asset management than it
has been possible to achieve in the last few years in the UK. Hansteen also intends to invest in property in the UK
outside the industrial sector, such as land that can be improved by planning gain.
(£m)
Belgium Property 9.76 41.954
Other European countries Property 6.37 27.375
France Property 5.94 25.507
Netherlands Property 38.83 166.823
Source: Fundamental Data at January 14 2008
Investment Manager
Mr Jones, joint chief executive of HSTN, is a chartered accountant who qualified with Touche Ross & Co. in 1984 prior
to becoming a management consultant for its consultancy division. He joined Arlington Securities plc in 1986 as a
development executive and in 1989 left to set up Ashtenne's business with Mr Watson. Mr Jones was joint chief
executive of Ashtenne from 1989 until its successful sale.
Investment Strategy
HSTN focuses on providing its investors with consistent, high and realised returns. This will be achieved through
acquisitions of properties over time to create a high yielding property portfolio in Continental Europe combined with
other more opportunistic and management intensive acquisitions which, whilst lower yielding, should provide
greater capital growth potential. HSTN has focused on Continental European industrial investments which, in the
opition of the board, have higher yields, cheaper financing costs, and greater opportunity for value improvement
through asset management than it has been possible to achieve in the last few years in the UK. Hansteen also
intends to invest in property in the UK outside the industrial sector, such as land which can be improved by planning
gain.

Autumn 2008 75
Listing Details
Bloomberg HGPC LN
Exchange LSE
ISIN GB00B17MXW87
Domicile Guernsey
Investment Focus
Geography Global
Strategy Investor
Sector Listed equities
Current Trading
Price 30.75p
NAV date 31-Oct-08
NAV frequency D
Discount -32.3%
20
40
60
80
100
120
Aug-06 Aug-07 Aug-08
Assets
Cash £1.6m
% cash 4.1%
Loans £7.4m
Gross gearing 18.8%
Net gearing 14.8%
Management
Management group Henderson Global Invts.
Annual fee 0.75%
Key individual Patrick Summer
Tel. +44 (0)20 7818 1818
E-mail Patrick.Sumner@henderson.com
Valuer -
Website www.itshenderson.com/hgpc
Henderson Global Property Companies Ltd
Company Summary
Henderson Global Property Companies Limited (HGPC) invests in listed shares of property companies. HGPC is ideally
suited for those investors who are aiming to achieve a higher gross dividend yield. It aims to provide investors with a
total return (both income and capital growth) principally through investing in listed property securities and
property-related securities globally. HGPC measures its performance against an absolute return objective of 8% p.a.
Portfolio – Largest Properties
Property Portfolio
(%)
Net Assets
(%)
Value
(£m)
Simon Property Group, Inc. 4.3 4.3 1.09
Prologis 3.9 3.9 0.99
Macquarie International 3.9 3.9 0.99
Liberty Property Trust 3.9 3.9 0.99
FF&P Russia Real Estate 3.9 3.9 0.99
Westfield Group 3.7 3.7 0.94
Entertainment Prp. Trust 3.5 3.5 0.89
(£000)
Country % Value
(£000)
Diversified 32.5 Australia 3.44 940.35 Global
(unlisted)
1.28 349.00
Industrials 21.6 Canada 4.46 1,219.92 Netherlands 0.19 50.83
Office 12.4 China 1.95 1,913.00 Scandinavia 0.09 25.42
Shopping
Centres
26.2 European
Emerging
2.24 533.72 Singapore 2.23 609.96
Housing 7.3 European
Emerging
3.9 611.00 UK (listed) 5.04 1,377.00
Cash &
Fixed
7 France 5.21 1,065.79 UK (unlisted) 0.64 175.00
Germany 1.49 1,423.24 USA (listed) 38.81 10,605.17
Investment Manager
Mr Sumner has an MA in Modern Languages from Oxford University and an MSc from the London Business School.
He has more than 20 years’ experience of European real estate markets, with Hillier Parker and with quoted
companies Reinhold, Arcona and Chesterfield Properties. Mr Sumner joined HGPC in 1997. He was a founding
Executive Board Member of EPRA and currently chairs the UK REITs and Quoted Property Group.
Investment Strategy
HGPC takes a global view of property and combines it with local expertise. The company provides a framework
within which opportunities can be identified at a strategic level and complements this with knowledge from its
network of local specialists. A disciplined investment process based upon innovative research enables HGPC to
enhance returns not only at country and sector level, but also in the selection and management of assets. In
selecting, developing and managing property assets, the company seeks to apply good responsible investment
practices. HGPC is free to invest in all types of property securities, in any market or sector worldwide and in small, mid
or large capitalisation stocks. It is not hindered by the weightings of a benchmark index, and seeks to take full
advantage of the low correlation between regions or sectors and to allow the manager to implement best themes
and ideas.

Autumn 2008 76
Listing Details
Bloomberg HCFT LN
Exchange LSE
ISIN GB0004254875
Domicile UK
Investment Focus
Geography UK
Strategy UK REIT
Sector Commercial
Current Trading
Price 270.00p
NAV date 30-Jun-08
NAV frequency H
Discount -63.3%
250
350
450
550
650
750
850
Assets
Cash £0.9m
% cash 2.1%
Loans £1.3m
Gross gearing 3.1%
Net gearing 1.0%
Management
Management group Kingerlee Group
Annual fee n/a
Performance fee n/a
Key individual Jonathan Kingerlee
Tel. +44 (0)1865 840 000
E-mail n/a
Valuer
Website www.kingerlee.co.uk
Highcroft Investment plc
Company Summary
Highcroft Investments plc (HCFT) is a United Kingdom based company that invests in property and equity-listed
investments. The company operates in three business segments: commercial property comprising retail outlets,
offices and warehouses; residential property comprising mainly single let houses; and financial assets comprising
exchange traded equity investments.
Portfolio Summary
In August 2008 HCFT reported that the June 30 2008 valuation was £32m. It is very likely that the formal property
valuation for December 31 2008 will show that further declines have occurred. There have been no transactions in
the property portfolio and the company remains modestly geared. The change of status to a REIT has very positive
implications for tax charges and the dividend payments. The interim property income distribution for 2008 was 7p
per share as compared with a 5p interim dividend in 2007 (5.55p gross equivalent), and this was paid to shareholders
on October 29 2008. NAV at 30/6/08 down to 736p (June 2007: 847p and December 2007: 807p).

Autumn 2008 77
Listing Details
Bloomberg HRCO LN
Exchange AIM
ISIN IM00B1HYQS19
Investment Focus
Geography India
Strategy Developer
Current Trading
Price 90.75p
NAV date 31-Mar-08
NAV frequency H
Discount -86.7%
Dividend yield -
70
170
270
370
470
570
670
Dec-06 Jan-08
Assets
Cash £18.7m
% cash 3.6%
Loans £0.0m
Gross gearing 0.0%
Net gearing -3.6%
Management
Management group Hiranandani Group
Annual fee £2.3m
Performance fee share based
Key individual Priya Hiranandani
Tel. +91 22 6671 8522
E-mail jreiser@hirco.com
Valuer Jones Lang LaSalle
Website www.hircoplc.com
Hirco plc
Company Summary
Hirco plc (HRCO) is one of India’s largest real estate investment companies. It was formed in 2006 to co-invest in
large-scale mixed-use township developments in suburban areas outside city centres in India. These townships will
be predominantly residential and will provide high quality, affordable housing for India’s growing young and
affluent working population. The managers are part of the Hiranandani Group, which has successfully developed the
mixed-use township model over the last 25 years. At the time of its admission to trading, Hirco was the largest ever
real estate investment company IPO on AIM and the largest AIM IPO in 2006.
Analyst’s Comment
HRCO is our preferred choice in the Indian residential development sector. We have met management on several
occaisons and are impressed by the team's progress. The quality of HRCO’s projects means that they can command a
premium to neighbouring residential developments. A phased release of apartments ensures increasing prices for
the later phases. HRCO regularly releases sales progress data via the stock exchange, so investors are not left in the
dark on progress. In September 2008 activist shareholder Laxey Partners took an 8.45% stake. We are glad that
another institution agrees with us. Laxey are activist investors, and we would not be surprised to see a shake-up in
the HRCO board and maybe asset sales followed by return of capital to investors. The conclusion should be a much-
needed narrowing of the discount. (Oct-27-08)
Property Portfolio
(%)
Date of
Investment
Cost
(£m)
Value at Date
(£m)
Panvel 58.88 Jul-19-07 225.0 277.3
Chennai Township 26.96 Feb-13-07 77.8 127.0
Chennai Commercial 14.16 Mar-23-07 47.8 66.7
Total - - 350.6 471.1
Source: HRCO at March 31 2008
India Property 96 504.4
Source: HRCO at March 31 2008
Investment Manager
Ms Hiranandani is the chief executive officer of HRCO. Prior to becoming CEO, Ms Hiranandani was a founder and
CEO of the Zenta Group, a family-owned business process outsourcing company. She oversaw the growth of Zenta
from a start-up to its subsequent sale in 2005. Previously, she managed sales and marketing activities for the
Hiranandani Group. She also worked at Arthur Andersen and was the 2001 recipient of the Indo-American Society for
Young Entrepreneurs award. She is a chartered accountant by qualification and is a graduate of Mumbai University.
Investment returns to HRCO shareholders: the manager Hiranandani Group invests in projects alongside HRCO, with
HRCO putting in 70% and Hiranandani 30%. On a return of capital from each project there is a strict order of priority
of repayment. First HRCO gets back its initial capital, next HRCO gets a preferred return of 12% p.a.; thereafter profits
are split 40:60 HRCO:Hiranandani. Therefore the Hiranandani Group gets paid after HRCO shareholders and the
manager’s interest is clearly aligned with HRCO shareholders.
Investment Strategy
HRCO is capitalising on the significant lack of infrastructure and pent-up demand for residential and commercial real
estate in India, being driven by the country’s dramatic growth over the last decade. The company will take
advantage of this strong multi-sector demand by focusing on the development of complete townships, including
residential, commercial and retail components together with ample social and recreational facilities. All of its
developments are built to the highest quality with a robust supporting infrastructure. The townships will always be
environmentally sensitive and create a very attractive community lifestyle for India’s growing young and affluent
working population.

Autumn 2008 78
Listing Details
Bloomberg HICL LN
Exchange LSE
ISIN GB00B0T4LH64
Domicile Guernsey
Investment Focus
Geography UK
Strategy Investor
Current Trading
Price 102.00p
NAV date 30-Sep-08
NAV frequency H
Discount -14.1%
90
95
100
105
110
115
120
125
130
Assets
Cash £16.8m
% cash 3.8%
Loans £122.4m
Gross gearing 28.0%
Net gearing 24.2%
Management
Management group HSBC Specialist Fund Mgt
Annual fee1.5% in ramp-up phase, 1.1% thereafter
Performance fee nil
Key individual Tony Roper
Tel. +44 (0)20 7992 2772
E-mail hicl.enquiries@hsbcib.com
Valuer
Website www.hicl.hsbc.com
HSBC Infrastructure Company Ltd
Company Summary
HSBC Infrastructure Company Limited (HICL) invests in mature (mostly UK) projects such as hospitals, schools and
police stations. The group currently owns a portfolio of 27 infrastructure investments, of which 26 are PFI/PPP
projects in the UK and Europe. All the projects are now fully operational and have long-term concessions with public
sector clients. The group does not own any demand-based infrastructure investments where income can be affected
by economic conditions. It recently raised £2.5m by issuing 2 million shares at 126.25p to a single institutional
investor. This price is 2.6% premium to the latest NAV of 123.1p (as at March 31 2008).
Analyst’s Comment
Most of HICL's projects have completed the development phases and are in the mature, long term income producing
phase. As many of the projects are guaranteed by governments, this makes HICL a safer dividend paying investment
than many alternatives. We do not expect much variability in the asset value now that the portfolio is mature. We
would expect revenues and so dividends to rise roughly in line with inflation. HICL will be included in the FTSE 250
index from September 22 2008, whcih should help improve awareness and rating of the shares. This has not been
announced by the company but by the FTSE committee (on September 10 2008), so may not be widely known. HICL
should be at or near its full dividend paying potential. Many of its underlying government-backed rental agreements
have rents increasing in line with inflation, so there is a good possibility of dividends similarly rising. HICL could well
be regarded as a safe haven for real estate investors with little NAV variability and inflation hedged. HICL has been on
a premium rating recently, which is in sharp contrast to UK property stocks and shows how investors prefer the
security that UK infrastructure provides. We expect many global infrastructure companies to benefit from investors
switching out of troubled real estate stocks. (Sep-11-08)
Infrastructure Sector Concession
Years
Project
Capex (£m)
Holding
(%)
Value
(£m)
Bishop Auckland
Hospital
Health 60 (2032) 66 36 16.3
Central Middlesex
Hospital
Health 33 (2062) 75 85 19.8
Colchester Garrison Accommodation 35 (2039) 550 42 48.3
Dutch High Speed
Rail Link
Transport 30 (2031) 625 38 76.4
Health & Safety
Laboratory
Education 33 (2035) 60 80 16.5
Home Office
Headquarters
Accommodation 29 (2032) 200 80 79.0
Source: HICL at June 30 2008
Sector % Investment Status % Geographic %
Accommodation 33 Fully operational 94 UK 83
Health 21
Transport 17
Education 12
Law & Order 11
Utilities 9
Construction 6 EU 17
Source: HICL at June 30 2008
Investment Manager
Mr Roper is responsible for the day-to-day management and development of the HICL portfolio and is a member of
the HICL Investment Committee. He joined HSBC Specialist Investments in 2006 from John Laing, where he was
portfolio director. Mr Roper has 14 years' experience in infrastructure investments.
Investment Strategy
HICL intends to hold its infrastructure investments for the long term. It enhances the value of its investments,
extracts upside benefits, mitigates risks and reduces costs by, inter alia: extracting efficiencies from cross-portfolio
economies and scale benefits; gearing, re-financing debt, raising and repurchasing equity; making follow-on
investments in existing projects; monitoring its investments through board representation; and checking adherence
to contractual structures.

Autumn 2008 79
Listing Details
Bloomberg IIP LN
Exchange LSE
ISIN IM00B2QVWM67
Investment Focus
Geography India
Strategy Developer
Current Trading
Price 72.50p
NAV date 30-Jun-08
NAV frequency H
Discount -19.1%
Dividend yield -
70
75
80
85
90
95
100
105
110
Jul-08
Assets
Cash £11.8m
% cash 32.2%
Loans £0.0m
Gross gearing 0.0%
Net gearing -32.2%
Management
Management group Bloomsbury Asset Mgt
Annual fee 2%
Management notice period 5yrs + 12 months
Key individual Andrew Friend
Tel. +44 (0)20 3205 5574
E-mail info@iiplc.com
Valuer
Website www.iiplc.com
Infrastructure India plc
Company Summary
Infrastructure India plc (IIP) is a closed-ended investment company, incorporated in the Isle of Man, providing
investors with the opportunity to invest in Indian infrastructure assets.
Analyst’s Comment
IIP launched on London’s main market in June 2008, raising £33m. It has two assets: a hydro electric plant and a toll
road, taking it to 78% invested. Remaining cash will probably be used for follow-on payments to the existing
projects, yet there is a pipeline of new infrastructure projects in which IIP would like to invest. The company clearly
needs more money for these: there will be an EGM to approve a fresh fundraising. Investors will have comfort in the
managers’ ability to deliver since the IPO proceeds have been invested quickly, so they are likely to support the call
for more cash. However, as the shares trade at 7% discount to the IPO price, if the fundraising actually goes ahead it
will likely be in the form of a C share issue so that existing investors are not diluted. (Aug-21-08)
Property Sector Location Cost
(£m)
Shree Maheshwar Hydel Hydroelectric Power Maheshwar 13.0
Toll Road Toll Road Central India 11.9
Source: IIP at October 07 2008
Investment Manager
Senior strategic advisor, Mr Friend (b.1953), is currently commercial advisor to the Department for Transport in the
UK, a non-executive director of Partnerships UK and Financial Security Assurance (UK) Ltd, and a strategic advisor to
the ING European Infrastructure Fund. Between 1999 and 2006 he worked for John Laing plc, firstly as a managing
director of Laing Investments Limited, a subsidiary of John Laing group, and then as group CEO, where he was
responsible for restructuring the company from a construction company to a leading listed specialist infrastructure
investor. Between 1997 and 1999 Mr Friend worked as an associate director at Macquarie Bank in London and prior
to that was CEO of the City of Melbourne, Australia. His earlier career was spent at the Greater London Council and
working for a range of community and voluntary sector groups.
Investment Strategy
IIP invests at the asset level or via specific holding companies (not via other funds or in the equity of non-specific
parent companies) in infrastructure projects in India. Such investments are focused on the broader sectors of energy
– for example, assets involved in electricity generation, transmission and distribution; infrastructure assets related to
oil and gas, service provision and transmission; renewable fuel production and renewable energy assets – and
transport – including investment in roads, rail, ports and airport assets, and associated transport interchanges and
distribution hubs.

Autumn 2008 80
Listing Details
Bloomberg IGRE LN
Exchange LSE
ISIN GB00B132SB63
Domicile Guernsey
Investment Focus
Geography Global
Strategy Investor
Sector Commercial
Current Trading
Price 38.00p
NAV date 31-Oct-08
NAV frequency D
Discount -54.3%
30
40
50
60
70
80
90
100
110
120
130
Assets
Cash £4.5m
% cash 4.7%
Loans £0.0m
Gross gearing 0.0%
Net gearing -4.7%
Management
Management group ING Clarion Real Estate
Annual fee 1%
Key individual Nick Cooper
Tel. +44 (0)20 7767 5628
E-mail info@ingrealestate.co.uk
Valuer
Website http://inggres.co.uk/
ING Global Real Estate Securities Ltd
Company Summary
ING Global Real Estate Securities Limited (IGRE) provides investors with an attractive total return through investing in
listed and unlisted global real estate securities, selected primarily for their potential to provide high and rising
dividend income leading to long-term capital appreciation. IGRE’s investment policy is flexible – enabling it to invest
in a wide variety of securities. Up to 30% of the total assets may be invested in unlisted real estate securities.
The company expects to pay dividends four times a year. It aims to provide shareholders with an initial gross yield
which is expected to be approximately 4.5% of initial equity invested (based on the issue price of 100p per share)
and to grow its dividends over time.
IGRE has power under its articles to borrow up to an amount equal to 50% of its total assets at the time of the
drawdown. The company’s policy will be to borrow up to 25% of net asset value of the company at the time of
drawdown, up to a maximum of £37.5m, thereby increasing the funds available for investment and seeking to
enhance returns to shareholders.
Property Portfolio
(%)
Sedol
Corestate German Residential Fund 10.47 Unlisted
AMB Europe Fund I FCP-FIS 8.54 Unlisted
Aberdeen Pan Nordic Fund 7.88 Unlisted
DB RREEF Wholesale Property Fund 7.24 Unlisted
Goldman Sachs MTN 0.0 5.51 Unlisted
Svaefastigehter Fund II Capital 3.86 Unlisted
Simon Property Group REIT 2.84 2812452
Source: IGRE at September 30 2008
(£000)
Country % Value
(£000)
Industrials 5.9 Australia 8.04 7,937.89 India 0.51 503.52
Office 9.9 Australia
(Unlisted)
6.88 6,792.62 Japan 1.82 1,796.89
Property 21.3 Brazil 0.72 710.86 New
Zealand
2.27 2,241.17
Shopping
Centres
19.8 Canada 8.27 8,164.97 Singapore 2.6 2,566.98
Housing 2.6 Europe
(listed)
17.76 17,534.45 UK 6.28 6,200.24
Europe
(unlisted)
29.83 29,451.16 US
(Listed)
9.28 9,162.14Unlisted
Equities
40.5
Hong Kong 1.97 1,944.98 US
(Unlisted)
3.77 3,722.00
Investment Manager
Mr Cooper (b.1958) is a managing director of ING Real Estate Investment Management in the UK and head of its
multi-manager division, ING Real Estate Select – responsible for investment in unlisted real estate funds, which now
manage in excess of £2bn. He is a qualified chartered surveyor, holds a degree in Estate Management and has over
25 years’ experience advising clients on investment in real estate both in the UK and overseas. Mr Cooper has been
with IGRE for over 16 years and is now a member of its global board. He chairs the UK’s indirect property investment
committee and is currently chairman of the Association of Real Estate Funds in the UK.
Investment Strategy
IGRE has adopted a defensive strategy through this turbulent period, a strategy which comprises two key elements.
The composition of the portfolio continues to have an income bias, an emphasis that the board is keen to see
maintained. In addition IGRE has maintained its stance of having no gearing at the company level. That said, the
managers and the board will be opportunistic with gearing, utilising debt when there are clear possibilities to add
value for shareholders.

Autumn 2008 81
Listing Details
Bloomberg IRET LN
Exchange LSE
ISIN GB00B0LCW208
Domicile Guernsey
Investment Focus
Geography UK
Strategy Investor
Sector Commercial
Current Trading
Price 23.25p
NAV date 30-Sep-08
NAV frequency Q
Discount -72.3%
20
40
60
80
100
120
140
Nov-05 Nov-06 Nov-07 Nov-08
Assets
Cash £63.7m
% cash 10.5%
Loans £270.0m
Gross gearing 44.5%
Net gearing 34.0%
Management
Management group ING Real Estate Invt Mgt
Annual fee 0.9%
Performance fee n/a
Key individual Michael Morris
Tel. +44 (0)20 7767 5673
E-mail michael.morris@ingrealestate.co.uk
Valuer King Sturge
Website www.ingreit.co.uk
ING UK Real Estate Income Trust Ltd
Company Summary
ING UK Real Estate Income Trust Limited (IRET) is an LSE-listed, closed-end fund with a portfolio of UK, let investment
properties in five commercial sectors: office, retail, retail warehousing, industrial and leisure.
Analyst’s Comment
IRET has cut its dividend by around a third, from 1.5625p per quarter to 1p per quarter. New dividend cover: 125%. A
metric often asked by shareholders of their property managers is the dividend cover from property rents. Many listed
property trusts launched over the last five years have a long-term strategy of getting to full dividend cover, but some
have not got there yet. Current consensus is for UK commercial rental increase to slow and voids to increase, which
puts stress on the target dividend cover. Several property income trusts and their managers have told us that they
are considering cutting dividends. They report that their shareholders seem happy to see dividends fall to a level that
is sustainable. We expect similar dividend cuts in other UK property trusts. As well as being a more prudent strategy,
dividend cuts may be being imposed by banks that see retained cash as adding to cover of their loans. In October
IRET sold a property in Fulham Road, London to an overseas investor for £4.7m at a yield of 6.7% - this is 4.6% below
valuation in June 2008. For IRET to sell at below the valuation of only a few months ago shows how desperate it is for
cash, how there are so few buyers that the buyer can dictate the price, and how much London property has fallen in
the last three months. IRET started selling assets in 2007 and has now sold ten properties for £89m. The manager
clearly expects asset values to fall for the rest of the year, and maybe beyond. Meanwhile, asset management is key
to maintaining the dividend. (Nov-04-08)
Portfolio Summary
Interims for 6M to 30/6/08: dividend cover 0.88x; NAV 97p (down 27%); net assets £442.3m; 54 properties; total
property value £534m; initial yield 6.55%; reversionary yield 7.44%; 6% vacancy; gearing 46.9%; average lease length
8.75 years; total expense ratio 1.38%. IRET’s manager’s outlook is negative for UK real estate, so he is selling
properties to reduce gearing. IRET made sales of £41.7m in the last six months and recently sold a retail warehouse
for £4.5m at a yield of only 2.8%, reflecting its high void rate. IRET should be able to repay all its higher rate non
securitised debt by the year end. Outlook: New commercial property projects are being postponed with little
completions expected beyond the next 12-18 months. This constrained future supply should lead to quicker
occupational recovery. Historically, property values fell by 27% in the early 1990s but took over three years to fall to
this level before starting to recover. The current fall has been quicker so may not last as long. (Aug-29-08)
Unit 5320 Magna Park, Lutterworth 2.79 4.78 20
Phase II Parc Tawe, Swansea 2.79 4.78 20
36-42 Frodsham St, Chester 2.79 4.78 20
Colchester Business Park 2.79 4.78 20
Boundary House, EC3 2.79 4.78 20
Units A-G Riverside Industrial Est, Harlow 2.79 4.78 20
Scot Provident Buildings, Belfast 2.44 4.18 17.5
Geographic Distribution Sector Distribution Lease Strength Covenant Strength
Geography % Sector % Lease
Length
% Tenant
Risk
%
Central
London
9.7 Retail 12.7 0-5 yrs 39.8 Negligible 50
Greater
London
6 Offices 48.1 5-10 yrs 32.2 Low 25
South East 24.2 Industrial 28.5 10-15 yrs 17.4 Low-med 10
East 11.1 Leisure 4.0 15-25 yrs 6.9 Med-high 5
Midlands 17.8 High 2
South West 5.2 Max 7
North 15.1
Retail
Warehouses
6.8 25+ yrs 3.6
Unscored 3
Source: IRET at September 30 2008
Investment Manager
Mr Morris, fund manager, joined the Investment Manager in 2003, working within the acquisitions team. He has been
responsible for purchases and sales for a range of the Investment Manager’s clients’ funds and was involved from an
early stage in the acquisition of the initial property portfolio of the Trust. He has 13 years’ experience in the property
industry with investment broking, occupational agency and management experience and is a director within ING
Real Estate. Mr Morris is a member of both the Royal Institution of Chartered Surveyors and the Investment Property
Forum.

Autumn 2008 82
Listing Details
Bloomberg INL LN
Exchange AIM
ISIN GB00B1TR0310
Domicile UK
Investment Focus
Geography UK
Strategy Developer
Sector Residential
Current Trading
Price 7.25p
NAV date 30-Jun-08
NAV frequency H
Discount -78.0%
Dividend yield -
0
10
20
30
40
50
60
70
Apr-07 Apr-08
Assets
Cash £4.6m
% cash 5.9%
Loans £0.0m
Gross gearing 0.0%
Net gearing -5.9%
Management
Annual fee n/a
Performance fee n/a
Key individual Stephen Wicks
Tel. +44 (0)1923 713 600
E-mail info@inlandplc.com
Valuer
Website www.inlandplc.com
Inland plc
Company Summary
Inland plc (INL) is a dynamic developer of urban regeneration projects in the south of England. INL predominantly
specialises in brown field developments. Its highly experienced team can provide solutions to a variety of difficult
and sensitive land situations. INL successfully navigates the complex planning system, applying meticulous attention
to detail throughout the design process while utilising its close working relationships with local authorities.
Analyst’s Comment
The current environment for new build homes is weak: UK house builder, Barratts, is currently offering 43% discount
for buyers of five or more properties in Leeds. We are not surprised that this has filtered down to falls in land value for
developments.That the NAV fall is only 14% is actually good news. INL is looking for alternative uses for its land bank,
perhaps hotels and nursing homes. (Oct-01-08)
Location County Area
(acres)
End Use
Farnborough Hampshire 24.5 Residential
Poole Dorset 9.5 Mixed-Use
Ashford Middlesex 1.8 Residential
Hayes Middlesex 4.2 Residential
South Ockendon Essex 1.1 n/a
Reigate Surrey n/a Residential
Source: INL at June 30 2008
Investment Manager
Mr Wicks, chief executive, was the founding shareholder and chief executive of Country & Metropolitan plc, which
was floated on the main market of the LSE in December 1999 with a market capitalisation of £6.9m. He directed the
growth of Country & Metropolitan plc until its disposal in April 2005 to Gladedale Holdings plc for approximately
£72m. Mr Wicks has been employed in the construction and housebuilding sector all of his working life and has
extensive knowledge of local and national policies on both green field and brown field sites.
Investment Strategy
INL successfully navigates the complex planning system, applying meticulous attention to detail throughout the
design process while utilising its close working relationships with local authorities. The company’s ability to secure
sites often overlooked by others means its track record in the development of brown field opportunities is second to
none.

Autumn 2008 83
Listing Details
Bloomberg IPI LN
Exchange AIM
ISIN GB00B02TTS55
Domicile Jersey
Launch date 28-Sep-04
Investment Focus
Geography UK – Europe
Strategy Investor
Sector Commercial
Current Trading
Price 6.95p
NAV date 30-Sep-08
NAV frequency Q
Next NAV announced 01-Jul-09
Discount -84.0%
0
20
40
60
80
100
120
140
Oct-04 Oct-05 Oct-06 Oct-07 Oct-08
Assets
Cash £11.9m
% cash 2.6%
Loans £298.2m
Gross gearing 65.9%
Net gearing 63.2%
Management
Management group Invesco Asset Mgt
Annual fee 0.85%
Performance fee n/a
Key individual Rory Morrison
Tel. +44 (0)20 7543 3500
E-mailgraeme_proudfoot@invescoperpetual.co.uk
Valuer DTZ; Knight Frank
Website http://ukpropertyit.invesco.co.uk
Invesco Property Income Trust Ltd
Company Summary
Invesco Property Income Trust Limited (IPI) was launched in September 2004 and aims to give shareholders an
attractive level of income together with the prospect of capital growth through investing in a diversified portfolio of
commercial properties in the European Union. IPI invests in three principal commercial property sectors: office, retail
(including leisure) and industrial.
Analyst’s Comment
IPI had begun to make significant sales, but this seems to have stopped as transactions across all of Europe have
slowed to a trickle. Sales proceeds have been used to repay bank debt to try to reduce gearing to more acceptable
levels. However, this has not been enough and IPI is likely to breach the next test at the end of this year. We do not
believe IPI’s bankers will force the company to wind up and sell all the properties to repay the loan in full. Instead we
expect the bank will focus on the interest cover, which is fine. The dividends have been stopped and capital values
have been falling steadily. Neither of the company’s objectives (see “Company summary” above) is being met and
shareholders are unlikely to be happy with progress. The key error was continuing with the purchase of the German
property portfolio in 2007 after the matching equity fund raising had been cancelled. This led to the excessive
gearing levels, which had the inevitable results in the ensuing falling market. (Nov-17-08)
Property Portfolio
(%)
Net Assets
(%)
Value
(£m)
Le Directoire, St Cloud 13.7 46.08 41.42
St Michel/Ogre 6.8 22.87 20.56
Priory Business Park, Bedford 5.8 19.51 17.53
11 Old Jewry, EC2 5.8 19.51 17.53
Le Diapason 5.8 19.51 17.53
Finsgate House, EC1 5.2 17.49 15.72
Colonel Bourg 5.2 17.49 15.72
(£m)
Belgium Office 7.10 22.673
France Industrials 8.62 27.510
France Office 21.60 68.927
Germany Office 3.32 10.581
Spain Industrials 3.51 11.186
UK Industrials 26.62 84.950
Investment Manager
Mr Morrison, senior director, joined IPI in 2000, having previously been a fund manager for the listed investment
company Invesco Property Income Trust Limited. He has over 13 years’ experience of working with different types of
properties in the British, Irish and Continental European markets, as well as working with and reporting to large
institutional clients, trustees and listed companies. He also worked as an asset manager at Trillium and a fund
manager at CB Hillier Parker. Mr Morrison is a member of the Royal Institution of Chartered Surveyors.
Investment Strategy
In uncertain times, IPI’s portfolio strategy will continue to focus on delivering greater certainty of income from the
company’s property assets, while making orderly disposals of assets, where appropriate, to improve the defensive
qualities and recovery potential of the portfolio. Effective asset management of the properties will emphasise
securing and improving the income profile through the leasing of vacant space, the retaining of existing tenants, and
the negotiation of longer lease terms from tenants. There has been considerable success in this area over the year,
which is continuing.

Autumn 2008 84
Listing Details
Bloomberg IERE LN
Exchange AIM
ISIN LU0273211432
Domicile Luxembourg
Investment Focus
Geography Western European
Strategy Investor
Sector Commercial
Current Trading
Price 25.50p
NAV date 30-Jun-08
NAV frequency Q
Discount -89.2%
2.3
2.4
2.5
2.6
2.7
2.8
2.9
3
3.1
3.2
10
60
110
160
210
Dec-06 Dec-07
Assets
Cash €41.3m
% cash 5.1%
Loans €442.0m
Gross gearing 54.5%
Net gearing 49.4%
Management
Management group Invista Real Estate Inv Mgt
Annual fee 0.95%
Management notice period 18mths
Key individual Tony Smedley
Tel. +44 (0)20 7153 9300
E-mail infoeu@invistarealestate.com
Valuer DTZ
Website www.ieret.eu
Invista European Real Estate Trust
Company Summary
Invista European Real Estate Trust SICAF (IERE) is a closed-ended, Luxembourg-registered investment company with
fixed capital managed by Invista Real Estate Investment Management Limited. IERE invests in a diversified portfolio
of commercial real estate across Continental Europe; the company has an indefinite life. IERE’s objective is to provide
shareholders with an attractive level of income return, together with the potential for capital growth, through
investing in commercial real estate in Continental Europe. The investment strategy of the company has been
predominantly focused on western European countries due to the relative stability, transparency and liquidity of
these markets. The board believes that in order to maximise the stability of the company's income, the optimal
strategy for IERE is to invest in a portfolio of assets not only diversified by location, sector, asset size and tenant
industry, but which also has low vacancy rates and creditworthy tenants.
Property Portfolio
(%)
Net Assets
(%)
Value
(£m)
Heusenstamm, Frankfurt, Germany 12.03 29.23 87.7
Riesa, Germany 7.95 19.32 57.97
Cergy, Paris, France 4.9 11.89 35.68
Lutterberg, Germany 4.59 11.15 33.45
Ecully, Lyon, France 4.49 10.9 32.7
Madrid, Spain 3.67 8.92 26.76
Montreux, France 3.26 7.93 23.78
Portfolio Distribution Geographic Distribution
(€m)
Office 35.7 Belgium 6.86 51.016
Property 51.1 Cash & Fixed Interest 1.94 14.433
Czech Republic 1.96 14.576
France 48.05 357.112
Germany 32.36 240.504
Poland 0.98 7.288
Investment Manager
Mr Smedley joined the Investment Manager in July 2005 as a director to lead the investment programme in
Continental Europe. His main responsibility is the Invista European Real Estate Trust SICAF. Mr Smedley was formerly
a partner of the pan-European investment management firm Fountain Capital Partners, based in Paris (now
Cushman & Wakefield Investors), with primary responsibility for segregated accounts such as TIAA-CREF (Teachers).
Prior to this he was a director of the capital markets group at Jones Lang LaSalle based in Brussels and head of the
Belgium and Luxembourg team; Mr Smedley was responsible for some of the largest real estate advisory transactions
in the European market – realising over £1.8bn in three corporate disposals and advising international investment
clients. He also provided investment management advice to a number of international real estate funds. Mr Smedley
began his career in UK real estate in private practice in 1987; he is a member of the Royal Institution of Chartered
Surveyors and is FSA–approved.
Investment Strategy
The board believes that, in order to maximise the stability of IERE's income, the optimal strategy for the group is to
be invested in a portfolio of assets which is (a) diversified by location, sector, asset size and tenant industry and (b)
has low vacancy rates and creditworthy tenants. The Investment Manager targets assets which it believes exhibit
some or all of the following characteristics: well-located for its purpose; modern or recently refurbished; let to
tenants of good creditworthiness on market standard leases; freehold or long leasehold; low vacancy; net initial
yields higher than those available on prime properties; opportunity to enhance value through active asset
management; and a value in excess of €10m.

Autumn 2008 85
Listing Details
Bloomberg IFD LN
Exchange LSE
ISIN GB00B01HM147
Domicile Guernsey
Investment Focus
Geography UK
Strategy Investor
Sector Commercial
Current Trading
Price 30.50p
NAV date 30-Sep-08
NAV frequency Q
Discount -62.5%
10
30
50
70
90
110
130
150
Jul-04 Jul-05 Jul-06 Jul-07 Jul-08
Assets
Cash £59.2m
% cash 9.0%
Loans £259.5m
Gross gearing 39.3%
Net gearing 30.3%
Management
Management group Invista Real Estate Inv Mgt
Annual fee 0.95%
Key individual Duncan Owen
Tel. +44 (0)20 79305474
E-mail realestate@fd.com
Valuer Knight Frank
Website www.ifpt.co.uk
Invista Foundation Property Trust Ltd
Company Summary
Invista Foundation Property Trust Limited (IFD) is a closed-ended, Guernsey-registered investment company,
managed by Invista Real Estate Investment Management Limited. The company invests in a diversified portfolio of
UK commercial property. It has an indefinite life, but shareholders will have the opportunity to vote on its
continuation at the Annual General Meeting to be held in 2014.
Analyst’s Comment
IFD has an excellent management team behind it. In the past they have cleverly balanced the bank loans and
positioned the property portfolio to give better returns to shareholders than its peers. Gearing has of course
exaggerated the falls in the NAV per share in the current downturn. IFD continues to sell assets and de-gear as the
managers clearly expect the gloom to last some time in the UK real estate sector. Having fixed rate bank debt has
given some stability to revenues and dividends, but repaying this early means significant penalties (in this case
nearly 2% of the amount repaid). This shows clearly why the NAV calculation needs to account for the fair value of
the debt including the market value of the interest rate swap. The portfolio has 62% in the SE UK, including central
London. This region could be more affected than the rest of the UK as a result of the fallout from current difficulties
facing the City of London’s financial institutions.
UK property market comment: The UK market has fallen 24.3% since July 2007 in capital value terms. Values are
expected to fall further over the Q408 as transactional evidence from distressed sellers is adopted. The average net
initial yield according to IPD is now 6.0%, which is back at the level last seen in November 2004.
Outlook: IFD continues its defensive strategy. It has sold an asset in Bolton for £10 m, which is 7% below the
September valuation, and plans further sales to increase cash. Banking covenants have been breached at its major JV
partnership at Plantation Place, London EC3 (IFD has a 28% interest in this). (Oct-29-08)
Portfolio Summary
Quarterly NAV at 30/9/08: 81.3p; down 13.7%; property value down 8%. (including JVs). Movement in interest rate
swaps cut 3.5% off NAV; property portfolio: 66 assets, £443m total value; 242 tenants; 6.61% gross portfolio yield
(rising to 7.7% based on current rental value). £51.7m cash. Debt: £50m of loan was repaid early incurring break costs
of £0.9m; total loans now £213.5m fixed at 5.58% to 2014; LTV 46% (37.5% net of cash) vs 60% covenant limit.
Property Portfolio
(%)
Net Assets
(%)
Value
(£m)
National Magazine House, W1 8.61 13.45 51.0
Portman Sq House, W1 5.68 8.88 33.7
Minerva House 4.69 7.32 27.8
Plantation Place, EC3 3.92 6.12 23.2
The Galaxy, Luton 3.75 5.85 22.2
Reynard Business Park 3.04 4.75 18.0
Victory House 2.84 4.43 16.8
UK Office 54.83 352.409
Investment Manager
Mr Owen, managing director and CEO of IFD, has overseen the growth of its AUM from £4bn to £8.6bn. Previously,
he was a main board director of Insight Investment and a founder of specialist property boutique Gatehouse
Investment Management. He was also a partner at Jones Lang Wootton and a director at LaSalle Investment
Management. Mr Owen has studied at Insead Business School, is FSA-approved and is a member of the Royal
Institution of Chartered Surveyors.
Investment Strategy
The board aims to maximise the stability of IFD’s income by investing in a portfolio of assets which (a) is diversified
by location, sector, asset size and tenant exposure and (b) has low vacancy rates and creditworthy tenants. Maximum
in one asset is 15% of gross assets. Maximum rent from one tenant is 10% of total rent. From time to time the board
may also impose limits on sector, location and tenant types. At present, the board has not set a limit on the
proportion of the portfolio that can be invested in development property.

Autumn 2008 86
Listing Details
Bloomberg IRP LN
Exchange LSE
ISIN GB00B012T521
Domicile UK
Investment Focus
Geography UK
Strategy Investor
Sector Commercial
Current Trading
Price 69.00p
NAV date 30-Sep-08
NAV frequency Q
Discount -36.5%
50
70
90
110
130
150
Jun-04 Jun-05 Jun-06 Jun-07 Jun-08
Assets
Cash £2.5m
% cash 1.3%
Loans £60.3m
Gross gearing 30.4%
Net gearing 29.1%
Management
Annual fee 0.85%
Performance fee n/a
Key individual Ian McBryde
Tel. +44 (0)20 7506 1121
E-mail ian.mcbryde@fandc.com
Valuer DTZ
Website www.isispropertytrust2.com
IRP Property Investments Ltd
Company Summary
IRP Property Investments Limited (IRP), formerly ISIS Property Trust 2, invests in directly held UK commercial property
assets. The trust aims to provide ordinary shareholders with an attractive level of income together with the potential
for capital and income growth from investing in a diversified UK commercial property portfolio.
Analyst’s Comment
The portfolio is quite concentrated, with the top ten properties accounting for 65% of the total value. The outlook
remains poor and transaction volumes are still very low. We expect the next NAV for 4Q08 to be worse. IRP it was well
within its gearing covenant limits and its 7.2p annual dividend should be met. Nevertheless, we expect continued
valuation falls. Its previous low vacancy of 3.3% has started to rise, now at 5%, as we forewarned. This may rise further
as the recession bites. (Nov-21-08)
Portfolio Summary
Quarterly trading update for 3M to 30/9/08: NAV 108.7p, down 10.2%; £60m loan from Lloyds TSB Scotland, fixed at
5.655% until 2017; net gearing 33%, maximum covenant level is 60%; quarterly dividend unchanged at 1.8p; forecast
annual dividend unchanged at 7.2p; property portfolio value £181.4m, down 5.3% in 3M; two of its top ten
properties fell more than 10% in value; two tenants have gone into receivership but only accounted for less than 2%
of total rent; three rent reviews led to increased rents; 5% vacancy; 8.3 years average lease length.
Property Town Portfolio
(%)
48-49 St James' Street London, SW1 9.4
Unit 3663, Echo Park Banbury 8.9
Units 1-8 Lakeside Rd Colnbrook 8.3
Mercury House,1 Dove Wynd Bellshill 6.6
1-2 Lochside Way Edinburgh 6.2
Southampton Intern Park Eastleigh 5.8
30/40 The Parade Leamington Spa 5.6
Source: Fundamental Data at September 30 2008
Portfolio Distribution Geographic Distribution
(£m)
Industrials 38.8 UK Industrials 34.28 65.500
Office 30.6 UK Office 30.67 58.600
Shopping Centres 30.6 UK Property 4.61 8.800
Investment Manager
Mr McBryde is responsible for the Friends Provident Life Office (Commercial and Industrial) Fund, the Friends
Provident LAL Closed Fund portfolios and an external fund managed on behalf of Friends First. He is also responsible
for stock selection, strategy and management of portfolios. Mr McBryde is a Chartered Surveyor, with experience in
professional practice and local authorities. He joined Friends Provident Life Office in 1982 and served as both an
Investment and a Management Surveyor before becoming a Fund Manager in 1995. Mr McBryde is a past Chairman
of the Surrey Branch of RICS.
Investment Strategy
At launch on June 1 2004, the company had a capital structure comprising approximately 60% ordinary shares and
40% bank debt. Ordinary shareholders are entitled to all dividends declared by the company and to all the
company's assets after repayment of its borrowings. As at September 30 2007 borrowings consisted of a loan of
£60m drawn down for a period of ten years to January 10 2017. The loan carries interest at 0.50% over LIBOR for the
first three years and 0.45% thereafter. This variable rate has been fixed through an interest rate swap, which matures
on January 10 2017. The swap fixes interest payable on the initial drawdown at 5.655% p.a. for the first three years
and 5.605% p.a. thereafter.

Autumn 2008 87
Listing Details
Bloomberg ISH LN
Exchange AIM
ISIN IM00B1FW3316
Investment Focus
Geography India
Strategy Developer
Sector Commercial
Current Trading
Price 24.00p
NAV date 31-Mar-08
NAV frequency H
Discount -84.1%
Dividend yield -
10
30
50
70
90
110
130
150
Dec-06 Jan-08
Assets
Cash £40.6m
% cash 17.9%
Loans £31.3m
Gross gearing 13.8%
Net gearing -4.1%
Management
Management groupNeerav Invt. Advisory Services
Annual fee 2%
Management notice period 10 yrs
Key individuals Neel and Ravi Raheja
Tel. +91 022 2600 2177
E-mail panikar@mcomgroup.com
Valuer Cushman and Wakefield
Website www.ishaanrealestate.com
Ishaan Real Estate plc
Company Summary
Ishaan Real Estate plc (ISH) is a property investment company which invests in Indian real estate development
projects located in southern and western India, with a focus on Indian IT parks and SEZ projects, and also selectively
in other real estate assets in India such as commercial, hospitality, retail and residential development projects eligible
for foreign direct investment.
Analyst’s Comment
Pre-lettings and pre-sales has slowed down following the weakening of the global economy and the delaying of
expansion plans by Indian companies. This has led ISH to extend the completion schedules for some of its projects.
Construction will only start once a good level of pre-letting has been agreed. We believe that the long-term
prospects for these large residential, retail and IT projects is still good, however there will be a period of uncertainty
in the short term. (Dec-03-08)
Property Location Sector Area
(sq ft)
Completion
Mindspace Airoli IT SEZ 3.9 m 4Q11
Mindspace Pocharam IT SEZ 3.8 m 1Q12
Mindspace Madhapur IT SEZ 4.7 m 3Q10
Inorbit Madhapur Mixed use 1.08 m 1Q09
Inorbit Pune Mixed use 684,000 3Q09
Vivarea Mumbai Residential 1.5 m 3Q09
Commerzone Bangalore Mixed use 1.01 m 1Q10
Source: ISH at October 03 2008
(£m)
India Property 82 186.0
Source: ISH at June 30 2008
Investment Manager
Mr Neel Raheja, a member of the K Raheja family, has 13 years of business experience in Indian real estate. He holds a
post-graduate Certificate in Commerce, a degree in Law and Owner/President Management Programme from
Harvard Business School. Within K Rahaja Corp., Mr Raheja, as group director, is responsible for all operations of the
real estate business, which includes residential townships, business and IT parks and mixed-use developments across
the country, and the strategic expansion in the mall business. He has also spearheaded the hotel business
development. His other directorships include Shopper's Stop Limited, Inorbit Mall (India) Pvt. Ltd, Crossword
Bookstores Ltd and Chalet Hotel Ltd. Mr Raheja is also the founding member of the Asia-Pacific Advisory Committee
of the International Council of Shopping Centres.
Investment Strategy
ISH’s investment criteria include developing a portfolio with geographic and sector diversification and acquiring
interests in projects in which the Raheja entities are shareholders. The company seeks to commit substantially all of
the net proceeds of the offer available for investment within 18 months of admission, as well as realising the group's
investments in a way that maximises returns for shareholders.

Autumn 2008 88
Listing Details
Bloomberg IPT LN
Exchange LSE
ISIN GB0033674564
Domicile UK
Investment Focus
Geography UK
Strategy Investor
Sector Commercial
Current Trading
Price 75.25p
NAV date 30-Sep-08
NAV frequency Q
Discount -41.0%
60
80
100
120
140
160
180
Assets
Cash £13.0m
% cash 8.8%
Loans £40.2m
Gross gearing 27.3%
Net gearing 18.5%
Management
Annual fee 0.85%
Performance fee n/a
Key individual Ian McBryde
Tel. +44 (0)20 7506 1120
E-mail ian.mcbryde@fandc.com
Valuer DTZ
Website www.isispropertytrust.co.uk
ISIS Property Trust Ltd
Company Summary
ISIS Property Trust Limited (IPT) invests in income producing properties in the UK. The trust aims to provide ordinary
shareholders with an attractive level of income together with the potential for capital and income growth from
investing in a diversified UK commercial property portfolio.
Analyst’s Comment
The portfolio is quite concentrated, with the top ten properties accounting for 65% of the total value. News on the
top two properties by value shows values are down 5.5% and 7.5% in three months, but offset by a good rent
increase at one floor at the Mayfair office. The outlook remains poor and transaction volumes are still very low. We
expect the next NAV for 4Q08 to be worse.
UK Property Market Outlook
Investment activity for UK commercial property remains subdued, with institutional investors being net sellers for
the past seven quarters. Some overseas and private buyers, who have little or no reliance on debt, are net buyers of
property, but at considerably reduced prices. In the main, however, buyers are holding off as there is a general
consensus that the market will decline further before any improvement is seen. The occupational market is
becoming more challenging, with consumer confidence affecting retail property both in and out of town. The
financial crisis is having obvious effects on the office sector, particularly the City of London. (Nov-21-08)
Portfolio Summary
For three months to 30/9/08: NAV 127.5p, down 7.3%; £40m loan with Lloyds TSB Scotland fixed at 5.655% to 2017;
net gearing 20.6%; covenant level 60%; dividends unchanged at 2p per quarter and expects to pay unchanged 8p
p.a.; slowing rental growth in the South East has particularly hit two assets: offices in Chelmsford down 7.5% to
£9.9m and office at 14 Berkeley St. Mayfair down 5.2% to £14.4m, although a rent review on the first floor here
increased by 86% to £81.50 per sq.ft.
Property Portfolio
(%)
Value
(£m)
14 Berkeley Street, London 11.5 14.421
County House, Chelmsford 7.9 9.9066
18/19 Regent St, Swindon 6.7 8.4018
King William House, Hull 6.0 7.524
Unit D300, Weybridge 5.8 7.2732
7 Beverley Way, New Mald 5.6 7.0224
1/2 Network Bracknell 5.5 6.897
Source: IPT at September 30 2008
(£m)
UK Office 34.41 49.111
Investment Manager
Mr McBryde is responsible for the Friends Provident Life Office, (Commercial and Industrial) Fund, the Friends
Provident LAL Closed Fund portfolios and an external fund managed on behalf of Friends First. He is also responsible
for stock selection, strategy and management of portfolios. Mr McBryde is a Chartered Surveyor, with experience in
professional practice and local authorities. He joined Friends Provident Life Office in 1982 and served as both an
investment and a management surveyor before becoming a fund manager in 1995. Mr McBryde is a past chairman of
the Surrey Branch of RICS.
Investment Strategy
The board is satisfied with the level of gearing at this time, and in recent months IPT has had a strategy of reducing
net borrowings by holding the cash generated from sales, rather than purchasing properties. This strategy has
mitigated the adverse effect that the gearing level would have had on the net asset value as property valuations
were de-rated. The company is in a good position, with cash reserves and an additional borrowing facility of £10m
available to purchase property on competitive terms when the time is right.

Autumn 2008 89
Listing Details
Bloomberg ITA LN
Exchange AIM
ISIN VGG497051091
Domicile BVI
Investment Focus
Geography Brazil
Sector Residential
Current Trading
Price US$0.52
NAV date 30-Jun-08
NAV frequency H
Discount -58.4%
Dividend yield -
0.5
0.6
0.7
0.8
0.9
1
1.1
1.2
1.3
Jun-07 Jun-08
Assets
Cash US$29.0m
% cash 26.0%
Loans US$0.0m
Gross gearing 0.0%
Net gearing -26.0%
Management
Management group Itacare Capital Prtnrs
Annual fee n/a
Performance fee n/a
Key individual Pedro de Miranda
Tel. +55 11 3443 7304
E-mail ir@itacarecapital.com
Valuer -
Website www.itacarecapital.com
Itacare Capital Investments Ltd
Company Summary
Itacare Capital Investments Limited (ITA) is a real estate investment company focused on high-end residential resorts
in Brazil.
Analyst’s comment
The strong NAV growth for ITA (up 18% in six months) is underpinned by a strong and stable Brazilian economy:
4.75% GDP growth predicted for 2008. Enhanced transport infrastructure and increased international flight routes
make travel to the region quicker and easier, which should also benefit ITA as this makes its beachfront resort
developments more easily accessible. (Sep-19-08)
Portfolio Summary
Interim results for the six months ended June 30 2008. NAV up 18% in 6M (30/6/08: $1.25; December 31 2007: $1.06);
Profit $5.2 m ($0.4m loss 1H07); EPS $0.06 (loss of $0.02 p/share for equivalent period in 2007). Refinancing of
Warapuru phases 2 and 3 will provide better terms for the company, together with safeguards in the event of further
delayed delivery; Interests in two new assets acquired: Bahia Beach and Warapuru phase 3; Term sheet signed with
Fasano Hotels for the development of the Fasano Trancoso project.
Project Funds Committed
(US$m)
Funds Invested
(US$m)
Completion
Duas Barras 8.2 6.0 -
Warapuru 2 12.0 6.9 -
Três Praias 16.5 16.4 -
Bahia Beach 16.0 16.0 End-2009
Warapuru 3 14.0 5.7 -
Source: ITA at March 31 2008
(US$m)
Brazil Property 77.31 81.500
Investment Manager
Mr Miranda (b.1973) (MD of the manager) is the founder and managing director of Itacare Capital Partners Ltd. He
was a director at Dolphin Capital Partners Limited, the investment manager of Dolphin Capital Investors Limited, a
real estate private equity fund with over $500m under management and quoted on AIM, and the strategic adviser to
a private commercial real estate fund with over $60 m focused on eastern Europe. Prior to that Mr Miranda was a vice
president at Edison Advisors, an affiliate of GE Capital, where he advised buy-side clients looking to invest new equity
in companies struggling with highly leveraged capital structures and/or undergoing bankruptcy restructuring, in a
variety of sectors such as real estate, transportation, forest products, manufacturing, food & beverage and shipyard
services. He also advised on disposals and recapitalisations of distressed companies that were part of the $7bn GE
Capital Funding loan portfolio. Previously, Mr Miranda worked in London as an investment banking associate at
Credit Suisse First Boston in the mergers and acquisitions group. In 2000, he was part of the deal team at Goldman
Sachs that advised on the merger between Vallehermoso and Prima Inmobiliaria, one of the largest real estate
transactions in Spain. Prior to that, Mr Miranda worked at Citibank International, where he was involved in several
business expansion initiatives for Citibank’s Global Consumer Bank in Argentina, Brazil, Chile, Mexico and Venezuela.
Mr Miranda holds a BS degree in Computer Engineering and Computer Science from the University of Miami and an
MBA in Finance from the Sloan School at the Massachusetts Institute of Technology.
Investment Strategy
ITA’s reputation and local network, together with its proactive and focused approach to rapidly add value real estate
projects, means that it has superior sourcing of investment opportunities. The company has extensive acquisition
investment owing to its diligence and ability to execute complex land acquisition transactions, and is selective in
partnering with groups that add expertise and execution capability. ITA is in a lead position as a preferred source of
equity with flexible structure and fast execution.

Autumn 2008 90
Listing Details
Bloomberg JRIC LN
Exchange AIM
ISIN GG00B1FB3X85
Domicile Guernsey
Investment Focus
Geography Japan
Strategy Investor
Sector Residential
Current Trading
Price 39.25p
NAV date 31-May-08
NAV frequency H
Discount -58.5%
30
40
50
60
70
80
90
100
110
Assets
Cash £22.9m
% cash 10.6%
Loans £118.4m
Gross gearing 54.9%
Net gearing 44.3%
Management
Management group KK Halifax Asset Mgt
Annual fee 0.5%
Key individual Alec Menikoff
Tel. +81 3 5563 2147
E-mail info@jricl.com
Valuers Savills, DTZ, K.K. Tokyo Kantei
Land Coordinating Research Inc
Website www.jricl.com
Japan Residential Investment Company Ltd
Company Summary
Japan Residential Investment Company Limited (JRIC) was established to make and hold investments in residential
property in Japan.
Investment Manager
The key personnel at the Investment Adviser and/or Colliers Halifax are Alec Menikoff and Rudolph Richard van Rooij.
Mr Menikoff (b.1970) has over eight years’ Japanese real estate experience including four years at Colliers Halifax
where he serves as General Manager, Investment Division with responsibility for investment advisory, transaction
support, and valuation and is the lead investment adviser for the company. Previously, Mr Menikoff was a member of
Deutsche Bank’s Real Estate Private Equity Group supporting real estate and non-performing loan portfolio
acquisitions. He served as General Manager – Asia for Loews Cineplex International where he oversaw multiplex
theatre business development activities throughout Japan. At the real estate development arm of Sony Corporation
Mr Menikoff was the chief financial planner for a 300,000 sq.ft retail facility in Tokyo. He holds an MBA from Yale
School of Management.
Mr van Rooij (b.1963) is the representative director and managing director of Colliers Halifax. He joined Colliers
Halifax in 1993 and has been its managing director since January 1997. Prior to joining Colliers Halifax, he was Senior
Account Manager at Dewe Rogerson, an investor relations firm. Mr van Rooij is also a member of the Tokyo Business
Leaders Forum, a select advisory panel to the Mayor of Osaka City, and is a councillor of The Japan Netherlands
Society, and a member of its Operating Committee. He has 18 years experience in Japan, mostly in real estate.
Investment Strategy
JRIC intends to invest in and hold Japanese residential property predominantly situated in major conurbations which
offer attractive yields and the potential for capital growth. Up to 15% of the gross asset value (calculated at the time
of investment) may be invested in commercial property, once fully invested and measured at the time of investment.
Although it is not the intention that the fund will seek actively to invest in commercial property, it may acquire
properties which include elements of commercial property (for example, shops that are situated on the ground floor
of an apartment block). In addition, JRIC may acquire a portfolio of properties comprising a mixture of residential and
commercial properties. In this event the fund, subject to prevailing market conditions, will seek to sell any free-
standing commercial properties.

Autumn 2008 91
Listing Details
Bloomberg JSM LN
Exchange AIM
ISIN KYG821151092
Domicile Cayman Islands
Investment Focus
Geography Vietnam – Cambodia
Strategy Investor
Current Trading
Price US$0.30
NAV date 30-Jun-08
NAV frequency H
Discount -71.4%
Dividend yield -
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1
1.1
Jul-07 Jul-08
Assets
Cash US$136.9m
% cash 51.4%
Loans US$0.0m
Gross gearing 0.0%
Net gearing -51.4%
Management
Management group JSM Capital Indochina
Annual fee 2%
Performance fee 20% over 10% + catch up
Key individual Craig D. Jones
Tel. +1 310 393 7535
E-mail ir@jsmindochina.com
Website www.jsmindochina.com
JSM Indochina Ltd
Company Summary
JSM Indochina Limited (JSM) was formed to engage (through subsidiaries and joint ventures) in property investment
and development opportunities, located mainly in Indochina. The investment objective of the company is to provide
shareholders with total returns over the medium to long term, with an emphasis on capital growth. JSM’s portfolio of
properties comprises both operating assets and projects under construction, principally in Ho Chi Minh City, Vietnam
and in Phnom Penh, Cambodia. As of December 31 2007, the company holds investments in Hieu Duc Joint Stock
Company. During the year ended December 31 2007, JSM acquired JSM Ounalom Co. Ltd, JSM Embassy Center Co.
Ltd, MM Colonial Mansion Co. Ltd, JSM Colonial Mansion I Ltd, JSM Colonial Mansion II Ltd and Hieu Duc Joint Stock
Co. (Hieu Duc).
Property Portfolio
(%)
Net Assets
(%)
Value
(£m)
Parkom Embassy Center 42.44 12.22 31.7
JSM Ounalom 12.65 3.64 9.45
JSM Siem Reap 11.38 3.28 8.5
Saigon View 11.11 3.2 8.3
Icon, District 3 9.09 2.62 6.79
Colonial Mansion I 8.3 2.39 6.2
Colonial Mansion II 4.47 1.29 3.34
(US$m)
Apartments 50 Cash & Fixed Interest 71.2 184.711
Diversified 50 Cambodia 4.78 12.400
Vietnam 24.02 62.300
Investment Manager
Mr Jones has over 22 years’ experience in real estate development, construction, finance and property management.
He also has over ten years of experience in Indochina, which includes pursuing the acquisition and development of
properties that constitute the initial portfolio and visible pipeline. Mr Jones is a California-licensed commercial real
estate broker. Prior to founding JSM Construction, he was a successful commercial real estate broker with Sommer-
Broida Commercial Brokerage and Broida Commercial Brokerage.
Investment Strategy
The real estate portfolio comprises real estate assets which are either already operational, under construction or
suitable for the development of serviced apartments and retail centres usually with an 18-36 month completion
period. One of JSM’s key strengths is the existing local relationships and experience of its senior investment
professionals. Strong relationships with local development partners enable the company to be involved in the
management of all phases of development, including land acquisition, design, entitlements, construction and
management. JSM is therefore in a position to continue to source future investment opportunities and is confident
that JSM Indochina offers an identified, credible and visible pipeline. JSM intends to grow the real estate portfolio
primarily by investing in development projects with its partners and managing these projects in order to maximise
rental income and value. In addition, it will invest in existing properties. Ultimately, JSM seeks to fully exploit the
benefits of its investments through increasing yields or, where the opportunity arises, via disposals or re-financing.

Autumn 2008 92
Listing Details
Bloomberg KDDG LN
Exchange AIM
ISIN NL0006146185
Investment Focus
Geography Ukraine
Strategy Developer
Current Trading
Price 8.00p
NAV per share 0.00
NAV date 31-Dec-08
NAV frequency H
Discount -
Dividend yield -
0
50
100
150
200
Dec-07
Assets
Cash US$78.4m
% cash 8.2%
Loans US$31.1m
Gross gearing 3.3%
Net gearing -5.0%
Management
Management group Self managed
Annual fee n/a
Performance fee n/a
Key individual Petro Slipets
Tel. +38 044 288 0358
E-mail ir@kddgroup.com.ua
Valuer Colliers
Website www.kddgroup.com.ua
KDD Group NV
Company Summary
KDD Group NV (KDDG) is a developer in Ukraine, with a diversified portfolio of real estate projects comprising offices,
residential complexes, retail centres and mixed-use projects. KDDG currently has nine projects, of which three are in
the groundwork and early construction phase and six are at various stages of design and development. These
projects, which have a total planned gross area of c.2.7 million sq.m, are located in the capital region of Kyiv, with the
exception of one residential project in L’viv.
Analyst’s Comment
KDDG has US$1bn of property assets; it is not a fund. The political uncertainty in the governing coalition does not
seem to be causing problems for real estate developers – their problems are ones of access to bank loans.
Developers are experiencingproblems in Ukraine because of the difficulty of getting construction financing. Larger,
well-funded non-speculative projects should be able to complete; smaller developers are likely to be the ones who
fail. Residential projects seem to be the ones most likely to stall. Fundamentals for commercial real estate seem to be
sounder.
Ukraine Market Comment
Financial problems have postponed all IPOs of Ukrainian developers scheduled for 2008. There is high demand for
yield-generating assets supported by the investment funds. Demand and rental rates for commercial real estate
remain strong: rent charges for A-class offices increased by 16%, while rent for retail units of 100 m2 -300m2 rose by
20%-40%. The supply of offices remains low (e.g. only 95,000m2 of offices were delivered to the Kyiv market in
1H2008). Source: Colliers International
Household disposable income was up by a real 14.7% Y-Y in 1H08, although demand in the residential sector (except
for the luxury segment) decelerated. The prices fell by only a few percentage points on the secondary market, went
flat on the prime market and remained unchanged in the regions. Commercial banks increased interest rates for US$
denominated mortgages to an average 14%, thus slowing down mortgage growth rates. Some developers are
experiencing liquidity problems due to insignificant residential presales. Unable to finance construction, they are
slowing down or stopping projects’ realisation and starting to sell parts of their land banks. This results in a slow
down of competition, which should lead to a slight decrease in construction costs and create some support to the
price level. (Sep-30-08)
Portfolio Summary
Interim results for 6M to 30/6/08: Total assets US$954 m (up 13%); net assets US$708m (up 13%); property assets
US$908m (up 18.3% after revaluation by Colliers); net profit US$70.6m; construction stage on three projects.
Portfolio - Top Projects
Property City Land Plot Area
(ha)
Sector Value
(US$m)
PecherSKY Kyiv 0.81 Residential 77.1
WTC Kyiv Kyiv 1.52 Office 249.2
Kureni Kyiv 0.52 Hotel 41.7
Sky Towers Kyiv 0.74 Office 293.8
Zazimye Kyiv 110 Residential 84.9
Zhytomyr Highway Kyiv 57 Mixed-use 73.3
Source: KDDG at Jun-08
Investment Manager
Mr Slipets (b.1973) was appointed as the CEO of KDDG in November 2007, having joined the company in 1994. He
has been responsible for trade operations and has been actively involved in various projects including the L’viv
Edible Oil Plant, the chain of fast-food restaurants, Puzata Hata, and the two residential construction projects of
Vvedensky and Diplomat-Hall. He initiated the WTC Kyiv and PecherSKY projects. Mr Slipets obtained a Master’s
degree from Kyiv Institute of Food Technologies and a Specialist’s degree in Law from Kyiv Academy of Labour and
Social Relations. He has previously held directorships at JSC Index Bank and JV Kyiv-Donbas.
Investment Strategy
KDDG focuses upon high growth, real estate segments and large-scale, investment grade commercial properties. It
maintains a balanced development portfolio and identifies and acquires premium land plots in Kyiv and major cities
in Ukraine for development. KDDG selectively outsources portions of the development process to leading business
partners.

Autumn 2008 93
Listing Details
Bloomberg KEIF LN
Exchange LSE
ISIN GB00B1CH3174
Domicile Guernsey
Investment Focus
Geography W & N Europe
Strategy Investor
Sector Commercial
Current Trading
Price 17.50p
NAV date 30-Jun-08
NAV frequency Q
Discount -85.6%
10
30
50
70
90
110
130
Assets
Cash £16.4m
% cash 3.5%
Loans £288.7m
Gross gearing 61.0%
Net gearing 57.5%
Management
Management group Kenmore Financial
Annual fee 0.9%
Performance fee20% over 10%, half paid in shares.
Key individual Mark J Cutting
Tel. +44 (0)20 7629 4480
E-mail mark.cutting@kenmore.co.uk
Valuer CBRE
Website www.kenmoreeifund.com
Kenmore European Industrial Fund
Company Summary
Kenmore European Industrial Fund (KEIF) invests only in let commercial properties in western Europe. It has a
portfolio of 100 properties across seven countries valued at c.£450m. The fund was established to invest in industrial
real estate assets primarily across western and northern European jurisdictions, excluding the UK. Kenmore Financial
Services Limited, a subsidiary of the Kenmore Property Group, manages the portfolio.
Analyst’s Comment
Because KEIF has such a spread of property across western Europe, news and results at KEIF represent a good
summary of the whole of the western European commercial property sector it continues to sell propeties and
degear, which is a good policy. It clearly does not expect the European property sector to improve in the near term:
and we still consider property values will fall across western Europe. We expect that the next NAV will be down.
European property market outlook: European property values continue to decline as a result of the wider economic
climate, with the industry expecting values to fall further through to the end of 2008. Lack of credit has seen the
investment market slow considerably, with transactions mostly limited to individual property sales of assets under
€20m. While occupier demand remained strong in 3Q08, albeit slower than expected for the summer months, tenant
demand is expected to slow as economies see sluggish GDP growth and, in some cases, recession. Bank debt
remains difficult to source at gearing levels over 50%, and recent interest rate cuts have not been reflected in the
terms offered by the banks, with the inter-bank lending rate remaining stubbornly high and reflecting the banking
institutions' continued concerns about lending to one another. The European property market is not expected to
recover in the near term. Higher CPI is a positive factor in the current market and should help offset some of the
downward value pressure, and tenants are expected to minimise their own costs by remaining in situ on lease expiry,
avoiding moving costs. (Nov-20-08)
Portfolio Summary
NAV as at 30/9/08: 107.2p, down 11.7% in 3M; ungeared fall in property value was 3.3% to €495m (£393.6 m);
vacancy 12%; portfolio yield 8.03%, up 0.26%; gearing 62%; max covenant is 70% gearing; interest on loans fixed at
4.10% for 2.8 years; four properties sold in 3M for £40.1m in total; now has 105 properties; ongoing sales programme
with proceeds used to repay debt and to reduce gearing; quarterly dividend 3.06p, which is an increase in line with
ECB inflation.
Property Portfolio
(%)
Net Assets
(%)
Value
(£m)
Marshallweg 1, Veghel 5.62 15.95 25.06
Drammen Fjordpark, Norway 3.72 10.56 16.58
Brackler-Hellweg, Dusseldorf 3.23 9.18 14.42
Nieuwlandaan, Aarschot 3.21 9.11 14.30
Ansatie 5, Vantaa, Finland 2.73 7.76 12.18
Le Parc aux Vignes, France 2.65 7.52 11.82
Argenthaler, Strabe 11, Simmern 2.3 6.54 10.28
Country Sector %
Belgium Property 13
Finland Property 6
France Property 44
Germany Property 10
Netherlands Property 2
Norway Property 17
Sweden Property 8
Source: KEIF at September 30 2008
Investment Manager
Mr Cutting, head of European asset management, joined KEIF in 2006. Prior to this, he worked with fund managers
Curzon and Heitman. Mr Cutting brings ten years’ experience operating asset management teams in Europe.
Investment Strategy
KEIF’s investment strategy is focused on acquiring properties in established commercial locations which offer the
potential for income and capital growth. The company invests in real estate which demonstrates the potential for
high and sustainable yields and occupancy rates and properties where value can be created through active asset
management without relying on yield compression or rental growth. In particular, KEIF focuses on vacancy levels,
covenant strength and the potential to re-let the property. This may include re-letting risk, some refurbishment or
development or other active management.

Autumn 2008 94
Listing Details
Bloomberg LAND LN
Exchange LSE
ISIN GB0031809436
Domicile UK
Investment Focus
Geography UK
Strategy UK REIT
Current Trading
Price 901.00p
NAV date 30-Sep-08
NAV frequency H
Discount -41.9%
870
1070
1270
1470
1670
1870
2070
2270
Assets
Cash £48.8m
% cash 0.3%
Loans £5,426.5m
Gross gearing 32.7%
Net gearing 32.4%
Management
Annual fee n/a
Performance fee n/a
Key individual Francis Salway
Tel. +44 (0)20 7413 9000
E-mail n/a
Valuer Knight Frank
Website www.landsecurities.co.uk
Land Securities Group plc
Company Summary
Land Securities Group plc (LAND) is a FTSE 100 company which owns and manages approximately 7.6 million sq.m of
commercial property and provides property services to more than 2,500 private and public sector clients.
Project City Sector Ownership
(%)
Area
(sq.m)
Completion
Cardinal Place, SW1 London Offices 100 51,130 Completed
Bankside 2&3, SE1 London Offices 100 35,550 Completed
One Wood Street, EC2 London Offices 100 15,020 Completed
New Street Square, EC4 London Offices 100 62,340 April 2008
50 Queen Anne’s Gate, SW1 London Offices 100 30,140 May 2008
Source: LAND at March 31 2008
Retail Distribution London Distribution Trillium Distribution
Retail Portfolio Value % London Portfolio % Trillium Area
(sq.m)
Shopping Centres £4.0bn 65 West End Offices 37 Office 3.0m
Retail Warehouses £1.8bn 29 City Offices 16 Education 0.8m
Other £0.4m 6 Mid-Town Offices 17 Health 0.6m
Central London
Shops
14
Inner London
Offices
13
Total £6.2bn 100
Other 3
Other 0.4m
Source: LAND at October 07 2008
Investment Manager
Previously an investment director at Standard Life Investments, Mr Salway joined the group in October 2000 and was
appointed to the board in April 2001. He became chief operating officer in January 2003 and group chief executive in
July 2004. Mr Salway is also vice president of the British Property Federation.
Investment Strategy
LAND’s strategy is to invest in commercial property in sectors where it has expertise and operational skills which give
competitive advantage. In these sectors the group applies risk management skills and actively re-cycles capital with a
view to delivering total returns in excess of the cost of equity.

Autumn 2008 95
Listing Details
Bloomberg LCSR LN
Exchange AIM
ISIN GG00B2334D09
Domicile Guernsey
Investment Focus
Geography Romania
Strategy Developer
Current Trading
Price 17.75p
NAV date 31-Dec-07
NAV frequency H
Discount -90.2%
Dividend yield -
1.9
1.95
2
2.05
2.1
2.15
2.2
10
30
50
70
90
110
130
150
Aug-07 Aug-08
Assets
Cash €2.3m
% cash 6.6%
Loans €0.5m
Gross gearing 1.4%
Net gearing -5%
Management
Management group Lewis Charles Secs.
Annual fee 2%
Key individual Loraine Pinel
Tel. +44 (0)20 7456 9100
E-mail LP@lewischarles.com
Valuer Regatta Real Estate Co. (REAG)
Website www.romaniapropertyfund.com
Lewis Charles Romania Property Fund Ltd
Company Summary
Lewis Charles Romania Property Fund Limited (LCSR) invests in both residential and commercial property in
Romania, primarily, although not exclusively, in and around Bucharest and other large Romanian cities. It floated on
AIM in August 2007, raising £27.4m.
Analyst’s Comment
Although the Romanian economy is slowing, GDP growth is still expected to be over 6% for 2008. The
supply/demand for residential property is attractive and new Bucharest apartments are likely to be a segment which
performs well. LCSR has only two projects, both of which are at early stages in their development. No significant
movement in the share price is expected until these are more mature, apartment sales have been successful and
development funding is in place.
The Romanian Economy
Growth in the economy continues to be strong. In the first six months of 2008 growth was 8.0% but should be 6.5%
for the full year 2008 versus 5.1% in 2009 (Source: Oxford Economics). Much of the growth to date has been driven by
consumer demand, which is expected to slow gradually over the coming year. However, the underlying background
for consumers remains favourable with above inflation wage growth, lower unemployment and credit readily
available. On the negative side, the current account deficit is large at nearly 14.0 % of GDP, and any improvement is
expected to be gradual. Inflation, although high at over 8.0%, is expected to start to fall on the back of the recent
softening in oil prices and a good harvest (the weighting of food in the CPI index is the highest among the EU27 at
37.5%).
Property Market
With the many uncertainties stemming from the financial crisis that started in the US, the pace of growth in the
residential market has been slower than in 2007. In the medium to long term, however, the Romanian residential
market is expected to continue to experience growth as it depends on the supply/demand ratio, which is still
extremely low. By the end of 2008 the stock of new product is expected to be around 5,000 units, and that should
increase to around 15,000 by the end of 2010 (various sources). The yearly absorption of new apartments is expected
to increase from 10,000 in 2008 to around 20,000 units in the next three to four years. (Sep-26-08)
Portfolio Summary
Interim results for 6M to 30/6/08: NAV 172p/€2.17 up 23% since launch (02/08/07) in sterling terms; two projects;
good progress at both development projects.
Project Location Sector Size Status Completion
Zenith Ploiesti Retail & Leisure 58,000
(sq.m)
Building permit
granted 21/7/08
End-2010
Mogosoaia Bucharest Residential 1,000
(apts)
Building permit will
be applied for in
4Q08
2012
Source: LCSR at March 31 2008
- Cash 6.8 2.4
Romania Developments 89.7 31.3
Total assets - 100 33.7
Source: LCSR at June 30 2008
Investment Manager
Ms Pinel has been managing funds since 1977 when she joined L’Abeille (Groupe Victoire) in Paris as a fixed income
fund manager. She then moved to the Canadian insurance company, Manufacturers Life Insurance, where she spent
15 years managing the global fixed income funds: she also ran the European equity portfolios and was a director of
MIIM UK. In 1997 Ms Pinel moved to Royal Bank of Canada, where she headed up the Private Client Department in
London (she was a director of both RBCIM UK and RBCIM USA), until moving to Theodoor Gilissen at the end of 2001
to head up the hedge fund/private client team. Ms Pinel moved to Lewis Charles Securities Ltd in September 2004.
Investment Strategy
LCSR's preferred method of investment is through partnerships with developers. It is expected that such
partnerships will usually take the form of a development management agreement or a joint venture with a
developer. The company considers taking advantage of bank borrowings, which should not exceed 70% of land
acquisition and development costs in respect of a particular project save in exceptional circumstances. LCSR may
also invest in land which, at the time of acquisition, it has no intention to develop in order to build up a strategic land
bank in areas where it believes that profitable developments could be undertaken at some time in the future,
whether by LCSR or a third party. The proceeds of transactions in the property portfolio and any rental income
derived from such portfolio (net of any performance fee due) may be reinvested into further investments by LCSR.

Autumn 2008 96
Listing Details
Bloomberg LCSS LN
Exchange AIM
ISIN GB00B0BV8078
Domicile Guernsey
Investment Focus
Geography Bulgaria
Strategy Investor
Sector Residential
Current Trading
Price 17.75p
NAV date 30-Jun-08
NAV frequency H
Discount -86.4%
Dividend yield -
1
1.1
1.2
1.3
1.4
1.5
1.6
10
20
30
40
50
60
70
80
90
100
110
Oct-05 Oct-06 Oct-07 Oct-08
Assets
Cash €2.6m
% cash 3.3%
Loans €13.2m
Gross gearing 16.8%
Net gearing 13.5%
Management
Management group Lewis Charles Secs
Annual fee 2%
Key individual Loraine Pinel
Tel. +44 (0)20 7456 9100
E-mail LP@lewischarles.com
Valuer Forton Intl.; King Sturge
Website www.sofiapropertyfund.com
Lewis Charles Sofia Property Fund Ltd
Company Summary
Lewis Charles Sofia Property Fund Limited (LCSS) is a property investment fund specialising in Bulgarian residential
properties.
Analyst’s Comment
Bulgaria’s GDP figures look good compared to those of western Europe (6.35% vs 1.2% for 2008). LCSS has nine
projects at different stages of development, which is excellent for diversity, though some will be affected by the
lower take-up of holiday homes and ski apartments. It is still of some concern that the EU froze infrastructure grants
to Bulgaria in July on the grounds of corruption, which sends clear negative signals and will probably lead to lower
FDI. Investor sentiment will improve when the EU grants re-start.
The Bulgarian Economy
Bulgaria's GDP growth is expected to be 6.35% for 2008 before slowing towards 5.4% for 2009. Much of the
deceleration may be from slower trade with the weaker Eurozone. Consumer spending is holding up well, supported
by strong income growth (though average earnings were up 24% in 2Q 2008, they are still the lowest in the EU).
Unemployment continues to fall and at 6% is at its lowest level in eight years. However, inflation is still a concern at
14.5% p.a. in July. This should fall after a good harvest and lower oil prices, but is not expected to drop to single
digits until well into 2009. The large current account deficit is also a concern. (Source: Oxford Economics)
Bulgarian Property Market Update
Prices of new apartments in Sofia rose 9%-18% in 1H08. Areas just outside the ring road on the south of Sofia (e.g.
Simeonovo, Lozen and Bistritsa) are attracting strong investor interest and several large residential projects are
planned here. Prices of ski and sea holiday properties have not risen and the sector has been hit by the international
financial crisis. In Bansko there are now few development opportunities because the municipality refuses to grant
any more construction permits, and building activity has moved to the nearby townships of Razlog and Dobrinishte.
Prices of high-end apartments in Razlog bucked the trend and rose by around 10% during 1H08 (a block of luxury
apartments by the golf course is on sale for €1,990 psm). (Sep-30-08)
Portfolio Summary
Interim results for 6M to 30/6/08: Total assets €78.5m; net assets €65.3m; NAV 122p, up 5% in sterling terms; NAV
€1.54, down 2.5% in euro terms; good progress in sales and construction at many of its nine projects; no significant
bank loans.
Property Land Area
(sq.m)
Build Area
(sq.m)
Cost
(£m)
Value
(£m)
Portfolio
(%)
Sofia Kambanite Bristritsa 100,713 100,713 9.150 26.994 31.7
Sofia Vetz Simeonovo 49,516 93,165 12.379 20.364 23.9
Razlog/Bansko 18,354 26,119 8.813 9.554 11.2
Banya 121,420 182,130 3.581 9.319 10.9
Goverdarci 36,581 34,604 4.237 7.281 8.5
Plovdiv 12,151 12,712 3.890 4.218 4.9
Veliko Tarnovo 13,443 26,886 2.494 3.440 4
Source: LCSS at June 30 2008
- Cash 3.3 2.6
Bulgaria Investment properties 72.1 56.6
Bulgaria Developments 23.4 18.4
Bulgaria Total assets 100 78.5
Source: LCSS at June 30 2008
Investment Manager
Ms Pinel has been managing funds since 1977 when she joined L’Abeille (Groupe Victoire) in Paris as a fixed income
fund manager. She then moved to the Canadian insurance company, Manufacturers Life Insurance, where she spent
15 years managing the global fixed income funds: she also ran the European equity portfolios and was a director of
MIIM UK. In 1997 Ms Pinel moved to Royal Bank of Canada, where she headed up the Private Client Department in
London (she was a director of both RBCIM UK and RBCIM USA), until moving to Theodoor Gilissen at the end of 2001
to head up the hedge fund/private client team. Ms Pinel moved to Lewis Charles Securities Ltd in September 2004.
Investment Strategy
LCSS offers an opportunity to invest in the Bulgarian residential property market and, in particular, apartments and
villas to be built in and around Sofia and purchased mainly by local residents. LCSS invests in residential
developments mainly, but not exclusively, in and around Sofia and may also invest in its adjacent ski resorts.

Autumn 2008 97
Listing Details
Bloomberg LII LN
Exchange LSE
ISIN GB0006834344
Domicile UK
Investment Focus
Geography UK
Strategy UK REIT
Current Trading
Price 538.00p
NAV date 30-Sep-08
NAV frequency Q
Discount -44.8%
500
600
700
800
900
1000
1100
1200
1300
1400
Assets
Cash £117.8m
% cash 1.4%
Loans £3,857.8m
Gross gearing 45.0%
Net gearing 43.7%
Management
Annual fee n/a
Performance fee n/a
Key individual David Fischel
Tel. +44 (0)20 7960 1207
E-mail feedback@lib-int.com
Valuer DTZ
Website www.liberty-international.co.uk
Liberty International plc
Company Summary
Liberty International plc (LII) is a major UK FTSE 100 listed property company, with shareholders’ funds of £4.7bn and
property investments of £8.6bn, of which UK regional shopping centres comprise 75%. Assets of the group under
control or joint control amount to £11.0bn. LII converted into a UK Real Estate Investment Trust (REIT) on January 1
2007.
Investment Manager
Mr Fischel joined LII in 1985: he was appointed finance director in 1988, managing director in 1992 and chief
executive in March 2001.
Investment Strategy
LII aims to produce outstanding long-term returns for shareholders through capital and income growth. The group
focuses on premier property assets, particularly shopping centres and other retail, which have high potential, scarcity
value and require active management and creativity.

Autumn 2008 98
Listing Details
Bloomberg LSR LN
Exchange LSE
ISIN GB00B1VS7G47
Domicile UK
Investment Focus
Geography UK
Strategy UK REIT
Sector Commercial
Current Trading
Price 23.00p
NAV date 31-Mar-08
NAV frequency H
Discount -83.3%
20
40
60
80
100
120
140
160
180
200
May-07 May-08
Assets
Cash £5.2m
% cash 2.1%
Loans £113.2m
Gross gearing 45.0%
Net gearing 42.9%
Management
Annual fee 1.1%
Performance fee -
Key individual Mike Riley
Tel. +44 (0)20 7187 4444
E-mail mike.riley@LSReit.co.uk
Valuer Allsop LLP
Website www.localshoppingreit.co.uk
Local Shopping REIT plc
Company Summary
Local Shopping REIT plc (LSR) is a leading owner of local retail property throughout the UK, investing principally in
local parades and neighbourhood venues for ‘top-up’ shopping.
Analyst’s Comment
The portfolio is well diversified. The company makes good progress at filling vacancies, increasing rents and selling
properties when they have run out of value-enhancing initiatives. Bluntly, they buy at high yields and sell on at low
yields. It is possible that, as they claim, local independent retailers (70% of their tenant base) will be more motivated
to survive in the recession than the high street chains. But we doubt that they will be completely immune. The
number of closed and empty shops seems to be growing on many high streets in the UK. The increasing void in LSR’s
portfolio may be an early sign of this. LSR itself has no problem with its bank loans (none of its loans have LTV
covenant tests) and it has £60m of undrawn debt – it will be in a good position to buy up properties from distressed
sellers. LSR is holding off buying at the moment, presumably as it expects conditions to get worse. Instead, LSR will
focus on asset management initiatives and selling ex-growth properties.
Portfolio Breakdown
Value Range No. of Properties Value
(£m)
Equivalent Yield
(%)
£0–£100k 62 5.0 7.64
£101–£200k 244 37.2 7.44
£201–£500k 218 67.2 7.48
£501k–£1m 93 65.9 7.43
£1–£3m 32 48.9 7.72
£3m + 3 13.7 7.71
Total 652 237.9 7.53
Source: LSR at October 07 2008
Geography %
South East 24.3
Scotland 14.6
North West 12.3
South West 11.3
Yorkshire and Humberside 9.7
Other 27.8
Source: LSR at October 07 2008
Investment Manager
Mr Riley has worked in the property industry since 1986, having trained as a chartered surveyor with Hillier Parker.
Following this he joined Chesterton International, becoming managing director of its property finance arm, De Groot
Collis Financial Services Limited. Mr Riley joined HBV Real Estate Capital in 1997, becoming joint managing director in
1999. He was then at Quintain Estates and Development Plc from July 2001, holding the role of chief executive from
March 2002. In October 2002 Mr Riley moved to Castlemore Securities Limited, where he was a director until January
2005, when he became a director of LSR.
Investment Strategy
LSR focusrs on accretive acquisitions in sustainable locations, using its REIT status to buy companies with deferred
tax liabilities. It employs active asset management to generate income and capital growth, with robust financing
ensuring debt is low cost, long term and hedged. LSR maintains a prudent level of gearing, recycles capital through
sales of lower yielding and ex-growth properties, and employs efficient systems for purchases, sales and asset
management.

Autumn 2008 99
Listing Details
Bloomberg LSP LN
Exchange AIM
ISIN GG00B1Z5TP40
Domicile Guernsey
Investment Focus
Geography UK
Strategy Investor
Sector Commercial
Current Trading
Price 83.00p
NAV date 31-Mar-08
NAV frequency H
Discount -14.9%
80
85
90
95
100
105
110
115
120
Nov-07 Nov-08
Assets
Cash £182.1m
% cash 60.3%
Loans £21.8m
Gross gearing 7.2%
Net gearing -53.0%
Management
Management group LSI Management LLP
Annual fee n/a
Performance fee n/a
Key individual Stewart Little
Tel. +44 (0) 20 7484 9000
E-mail n/a
Website www.londonandstamford.com
London & Stamford Property Ltd
Company Summary
London & Stamford Property Limited (LSP) invests in commercial property principally in the UK and also overseas.
Property Portfolio
(%)
Net Assets
(%)
Value
(£m)
Elm Park Ct & Forest House, Crawley 6.18 30.89 17.04
Campbell Rd, Stoke-on-Trent 4.43 22.15 12.22
Barracks Rd, Newcastle-under-Lyme 3.63 18.13 10
Gillingham Business Park, Kent 1.56 7.79 4.3
(£m)
Investment Manager
Mr Little joined LSP in July 2006. Prior to this, he spent six years working within Deutsche Bank’s real estate asset
management business with particular focus on their unitised property sector funds. The role encompassed all sectors
of the commercial property market and various projects within the closed ended ventures funds. Mr Little began his
career at Healey & Baker, where he spent six years within the retail agency division.
Investment Strategy
LSP invests in commercial property, including office, retail and distribution real estate assets, principally in the UK.
The company also considers opportunities overseas, where the directors consider the opportunity exists to extract
above-average returns for shareholders. LSP is an active investor and implements strategies to enhance the quality
and value of acquired assets and improve annual rental values.

Autumn 2008 100
Listing Details
Bloomberg MPO LN
Exchange AIM
ISIN GB00B1436N68
Domicile Guernsey
Investment Focus
Geography Macau
Strategy Developer
Current Trading
Price 55.00p
NAV date 30-Jun-08
NAV frequency H
Discount -70.1%
Dividend yield -
1.8
2
2.2
2.4
2.6
2.8
50
60
70
80
90
100
110
120
130
140
Assets
Cash US$80.6m
% cash 43.5%
Loans US$0.0m
Gross gearing 0.0%
Net gearing -43.5%
Management
Management group Sniper Capital
Annual fee 2%
Key individual Tom Ashworth
Tel. +852 2292 6700
E-mail info@snipercapital.com
Valuer Savills
Website www.mpofund.com
Macau Property Opportunities Fund Ltd
Company Summary
Macau Property Opportunities Fund Limited (MPO) is a US$250m closed-end investment fund incorporated in
Guernsey and traded on the AIM market of the LSE. The company’s investment policy is to provide shareholders with
an attractive total return through investing in property opportunities in one of the world’s most dynamic and fastest
growing regions - Macau and the western Pearl River Delta of southern China.
The fund is managed by Sniper Capital Limited, an independent investment manager specialising in property
investment opportunities in niche, undervalued and developing markets.
Analyst’s Comment
We believe that growth in Macau’s economy will continue, underpinned as it is by huge FDI casino and hotel
developments, and by government infrastructure projects further linking it to the region’s population. MPO, with five
main projects and a good pipeline of opportunities, is currently one of the best ways to take advantage of the area’s
growth.
Property Portfolio
(%)
Net Assets
(%)
Value
(£m)
One Central, Macau 67.78 71.67 106.26
Rua do Laboratorio, Macau 12.53 13.25 19.64
Senado Square, Macau 10.23 10.81 16.03
Rua da Penha, Macau 7.06 7.47 11.08
(US$m)
China Property 100 156.772
Investment Manager
With over twenty years of experience in international financial markets in both London and Asia, Mr Ashworth has
been located in Hong Kong since 1995 where he has established and successfully grown businesses focused on
finance and asset management. In the past five years Mr Ashworth identified and diversified into several property-
related investment ventures which culminated in the formation of Sniper Capital in 2004.
Investment Strategy
MPO targets undervalued and strategically positioned properties in key growth sectors in Macau and the western
Pearl River Delta region of southern China which exhibit the potential to deliver IRRs of over 20%. These
opportunities may include development and redevelopment projects, as well as existing properties which are well-
positioned to benefit from the continued re-rating and growth of the region.

Autumn 2008 101
Listing Details
Bloomberg MKIF LI
Exchange IOBU
ISIN US5560922042
Domicile US
Market value -
Market value -
Investment Focus
Geography South Korea
Strategy Investor
Current Trading
Price US$3.10
NAV date 31-Mar-08
NAV frequency Q
Discount -
0
1
2
3
4
5
6
7
8
9
Assets
Total assets KWon2,018.2m
Cash KWon83.5m
% cash 4.1%
Loans KWon130.3m
Gross gearing 6.5%
Net gearing 2.3%
Management
Management group Macquarie Shinhan
Infrastructure Asset Mgt
Annual fee 1.25%
Key individual Jason Pak
Tel. + 82 2 3705 8550
E-mail Jason.Pak@macquarie.com
Valuer -
Website www.macquarie.com/mkif
Macquarie Korea Infrastructure Fund
Company Summary
Macquarie Korea Infrastructure Fund (MKIF) is one of the leading private sector infrastructure funds in Korea, with the
largest portfolio of infrastructure assets in Korea that have been constructed under the Private Participation in
Infrastructure (PPI) Act .
Investment Manager
Mr Pak joined Macquarie Shinhan Infrastructure Asset Mgt (MSIAM) as chief operating officer in October 2007 with
the primary responsibility of heading strategic planning and investor relations. Prior to this, he spent four years on
the equity capital markets and M&A advisory side with Macquarie Securities. Before joining Macquarie, Mr Pak
worked in the corporate finance division of KPMG, in both Seoul and in London, on the M&A advisory side for five
years. Mr Pak graduated in Business Economics from the University of California, Santa Barbara, and has an MBA from
Drucker School of Management, Claremont Colleges (USA).
Investment Strategy
MKIF invests in concession companies which construct or operate infrastructure assets in Korea through equity and
debt.

Autumn 2008 102
Listing Details
Bloomberg MBF LN
Exchange AIM
ISIN JE00B1VN4914
Domicile Jersey
Investment Focus
Geography Bulgaria
Strategy Investor
Current Trading
Price €0.40
NAV date 30-Jun-08
NAV frequency H
Discount -68.7%
Dividend yield -
0.4
0.6
0.8
1
1.2
1.4
Jun-07 Jun-08
Assets
Cash €0.2m
% cash 0.5%
Loans €0.5m
Gross gearing 1.4%
Net gearing 0.8%
Management
Management group Madara Capital
Annual fee 1.5% of NAV
Key individual Scott Perkins
Tel. +44 (0)20 7534 3338
E-mail info@madaracapital.com
Valuer Colliers International
Website www.madaracapital.com
Madara Bulgarian Property Fund Ltd
Company Summary
Madara Bulgarian Property Fund Limited (MBF) is a property investment fund specialising in the Bulgarian market.
With a portfolio of land in prime coastal and mountain locations, which is in the process of being developed into
mixed-use residential and commercial sites, the fund is managed and advised by a team with unique local
knowledge, development expertise, and experience of the international financial markets.
Portfolio Summary
The fund currently owns land totalling 408,341 sq.m located near Byala on the central Black Sea coast, south of
Varna. Foster + Partners have completed the detailed masterplan for 200,000 sq.m of buildable space in Byala as part
of a 1.2 million sq.m total project in conjunction with the development partner, BBT Projects. The project entails
luxury residential apartments, townhouses and villas along with a hotel, retail space and leisure facilities.
Negotiations continue with a number of parties interested in investment in the Black Sea Gardens project. The type
and level of investment varies across the parties. Colliers International EOOD is co-ordinating the negotiation process
and, whilst the progress of any potential investment has been slower than originally anticipated, the directors are
confident of achieving a satisfactory conclusion, although at this stage the timing of any deal is unclear. The fund has
entered into a conditional agreement to acquire land totalling 124,000 sq.m close to the centre of the established ski
resort of Borovets. The land in Borovets has taken longer than anticipated to complete; however, progress is being
made and completion is expected on around 40% of the land.
Portfolio
Project Sector Location Area
(sq.m)
Architect
Black Sea Gardens Luxury resort Byala 408,341 Foster + Partners
Source: MBF at June 30 2008
(£m)
Bulgaria Property 100 36.7
Source: MBF at June 30 2008
Investment Manager
Mr Perkins is a non-voting director and UK resident. Between 1994 and 1999, he was a project manager for Bovis
(now Bovis Lendlease), working on large construction projects in the UK, New York, Denmark, Hong Kong and
Malaysia. Mr Perkins then worked in the City of London for five years as a stockbroker at Bank of America, ING and
Man Group. In 2003, having been personally involved in Bulgarian property since 2001, he was the founder and
director of Balkan Holiday Homes Limited, the first UK limited company selling Bulgarian property. Mr Perkins holds
an MBA from the London Business School.
Investment Strategy
MBF’s investment objective is to generate total returns, primarily through appreciation in the capital value of its
property investments in Bulgaria, but also with the potential for dividends over the medium and long term. The fund
has set an investment hurdle of a 20% Internal Rate of Return.

Autumn 2008 103
Listing Details
Bloomberg MERE LN
Exchange LSE
ISIN GB00B1460W25
Domicile Guernsey
Investment Focus
Geography Germany – Austria – France – Spain –
Holland
Strategy Investor
Sector Commercial
Current Trading
Price 60.50p
NAV date 30-Jun-08
NAV frequency Q
Discount -90.8%
60
160
260
360
460
560
660
Jun-07 Jun-08
Assets
Cash £28.7m
% cash 4.1%
Loans £387.1m
Gross gearing 55.3%
Net gearing 51.2%
Management
Management group Matrix Property Fund Mgt.
Annual fee 0.15% + 1% acquisition fee
Key individual Rob Randall
Tel. +44 (0)20 7925 3327
E-mail n/a
Valuer -
Website www.mereit.info
Matrix European Real Estate Investment Trust Ltd
Company Summary
Matrix European Real Estate Investment Trust Limited (MERE) is an investment company with limited liability,
incorporated and registered in Guernsey as an open-ended company on December 21 2005 for the purpose of
investing in European commercial real estate. MERE became a closed-ended company on April 25 2007 and was
admitted to the Official List of the UKLA and to trading on the LSE on June 4 2007.
Analyst’s Comment
Given the company’s negative outlook, the manager is considering asset sales, proceeds from which will be used to
reduce borrowings and fund share buybacks. MERE may also internalise its management, so changing from an
investment fund into a trading company. This should decrease costs and may widen its appeal, especially to
European property analysts and investors who do not normally like the fund structure.
Property Portfolio
(%)
Net Assets
(%)
Value
(£m)
IZD Tower, Wagramer Strasse, Vienna 32.1 83.69 197.92
Europort, Kelsterbach, Germany 15.2 39.63 93.72
Rue de Perat, Saint Etienne, France 10.8 28.16 66.59
Stadtcenter, Dϋren, Germany 8.2 21.38 50.56
228-230 Munstersrabe, Dusseldorf, Germany 5.4 14.08 33.3
Plan du Bois, La Gaude, Nice, France 4.9 12.78 30.21
Fackelstrasse, 1/Kerstrasse 12, Kaiserslautern 4 10.43 24.66
(£m)
Hotels 5 Austria 31.64 197.303
Industrials 24 Cash & Fixed Interest 1.14 7.102
Office 53 France 19.77 123.314
Germany 38.56 240.463
Shopping Centres 18
Spain 5.93 36.994
Investment Manager
Mr Randall is a director of Matrix Group Limited and is a managing member of the investment adviser. Mr Randall
joined Matrix Group Limited in 1996 and has been responsible for developing the business in structuring,
syndicating and managing commercial property investments.
Investment Strategy
MERE focuses on significant single properties or geographic concentrations where value enhancement can be
achieved through strong asset management. The company also seeks to provide a diversified exposure to European
real estate with a focus on the property markets of the major stable western European economies.

Autumn 2008 104
Listing Details
Bloomberg MCKS LN
Exchange LSE
ISIN GB0005522007
Domicile UK
Investment Focus
Geography UK
Strategy UK REIT
Sector Commercial
Current Trading
Price 134.00p
NAV date 31-Mar-08
NAV frequency H
Discount -66.7%
120
170
220
270
320
370
420
470
Assets
Cash £5.1m
% cash 1.5%
Loans £127.8m
Gross gearing 38.3%
Net gearing 36.8%
Management
Annual fee n/a
Performance fee n/a
Key individual Simon Perkins
Tel. +44 (0) 118 950 2333
E-mail info@mckaysecurities.plc.uk
Valuer Mellersh and Harding - CB Richard Ellis
Website www.mckaysecurities.plc.uk
McKay Securities plc
Company summary
McKay Securities plc (MCKS) is a commercial property investment company, with Real Estate Investment Trust (REIT)
status, specialising in the development and refurbishment of quality buildings within established and emerging
growth areas of central London and the south east of England.
Portfolio – Top Five Properties
(sq.ft)
100 Bothwell Street Glasgow Office -
Great Brighams Mead Reading Office -
Lotus Park Staines Office 19,600
Wimbledon Gate London Office and retail 58,835
1 Old Queen Street London Office 21,735
Source: MCKS at March 31 2008
Office 79 South East 43
Industrial 19 London/City 7
London/Victoria 9
Outer London 11
London Residential 2
Scotland 9
Source: MCKS at March 31 2008
Investment Manager
Mr Perkins joined MCKS in 2000. He was appointed a director in April 2001, and managing director in January 2003.
Mr Perkins is a member of the Nomination Committee.

Autumn 2008 105
Listing Details
Bloomberg MXF LN
Exchange LSE
ISIN GG00B1DVQL92
Domicile Guernsey
Investment Focus
Geography UK
Strategy Investor
Sector Health Care
Current Trading
Price 56.00p
NAV per share 70.3p
NAV date 30-Sep-08
NAV frequency Q
Discount -20.3%
Dividend yield 4.5%
50
60
70
80
90
100
110
Assets
Cash £24.0m
% cash 14.0%
Loans £101.1m
Gross gearing 58.8%
Net gearing 52.0%
Management
Management group MedicX Group
Annual fee 1.5% of gross assets + 3% of rents
Management notice period
Key individual Mike Adams
Tel. +44 (0)1483 869500
E-mail mike.adams@medicx.co.uk
Valuer King Sturge
Website www.medicxfund.com
MedicX Fund Ltd
Company Summary
The MedicX Fund Limited (MXF) is a specialist investor in primary healthcare property in the United Kingdom
Analyst’s Comment
MedicX Fund (MXF) develops and owns primary healthcare properties in the UK. It has 45 properties, only 2 of which
are still under construction, which should complete in April and October 2009. MXF has committed £166m to this
portfolio. The surgeries are new (the average age is 3.6 years) & purpose built to meet the modern demands of GPs
and patients. 91% of rents are payable by doctors and primary care trusts/local health boards and the average lease
is 20 years long. Rents are subject to 3-yearly upward only reviews. This gives a high degree of certainty to MXF’s
income stream and since surgeries have effectively local monopolies we believe the fund has infrastructure like
characteristics. Rent surpasses its cost of debt and the debt is well covered (by both interest cover and loan to value).
It has increased rents by 4.8% and increased its dividend by 4% to 5.2p which has beaten its dividend target of 5p pa.
Only 36% of dividends are covered by earnings, but this is up over last year and will continue to increase as rents rise
(about one third of rents come up for review pa). Meanwhile earnings shortfall means dividends are paid out of cash
reserves and the increase in capital values. This is standard practice for listed property investment companies. 1 of
the older properties was sold this year and further sales are possible as MXF focus is on larger modern purpose built
properties. The shares are on a 37% discount to NAV and have a dividend yield 9%. We believe MXF has sound
fundamentals and good defensive characteristics in the current market. (8/12/08)
Portfolio Summary
Annual results for 12M to 30/9/08: £166m committed to 45 primary healthcare properties; 7 under construction
completed in the year; Only 2 now under construction; voids nil; Properties yield 5.7% vs. fixed debt cost of 5.0%;
Rent increases 4.8% in the year; Dividend up 4% to 5.2p pa; DCF NAV 107.3p (based on discount rates of 7% on
occupied buildings and 8% on unfinished projects, 3% rent increase pa, 1% capital growth pa and 65% gearing);
Adjusted fair value NAV 90.8p, 13% fall in property values; LTV 65% vs 75% covenant; Interest cover 1.9x vs 1.4x
covenant; £12m surplus cash; investment pipeline of £195m when fully developed. (8/12/08)
Property Portfolio
(%)
Net Assets
(%)
Value
(£m)
Evesham Health Centre, Worcestershire 6.19 10.64 8.17
Sawston Medical Centre, Cambridgeshire 5.87 10.09 7.75
Darlaston Medical Centre, West Midlands 5.65 9.70 7.45
Marisco Medical Centre, Mablethorpe, Lincolnshire 5.25 9.02 6.93
West Allington Medical Centre, Bridport, Dorset 4.98 8.56 6.57
Trinity Surgery, Wisbech, Cambridgeshire 4.49 7.72 5.93
West View Health Village, Fleetwood, Lancashire 4.49 7.72 5.93
Source: Fundamental Data at September 30 2007
Portfolio Distribution Modernity of assets Security of income
Sector % of total
assets
Value
(£m)
Age % Lease length
(years)
%
Cash 14 24.0 Less then 5 yrs 83 <15 5
Property 80 137.2 5 – 10 yrs 16 15-20 39
More than 10 yrs 1 >20 56
Source: MXF at September 30 2008
Investment Manager
Mr Adams, CEO of MedicX Adviser, is a member of the Royal Institution of Chartered Surveyors with over 18 years
experience in the UK commercial property market. He commenced his career in private practice with St Quintin (now
part of CB Richard Ellis) before moving to work for KPMG Property Consulting and Ernst & Young's real estate group.
He joined MEPC plc, a leading UK property development and investment company, in 1999 and left to become a
Director of Stonemartin plc, responsible for its property portfolio, which was admitted to trading on AIM in August
2001. Whilst at Stonemartin Mr Adams oversaw the disposal of Stonemartin's own £60m investment and
development portfolio and the acquisition and ongoing management of over 400,000 sq.ft. of space valued at over
£100m on behalf of Morley Fund Management. He joined the MedicX Group early in 2005 and the investment team
reports directly to him, with the development business reporting via the MedicX Group's regional structure. Mr
Adams is currently a director of all MedicX Group companies.
Investment Strategy
The key areas for growth come from rent reviews, expanding or re-configuring space and lease cost reduction. MXF’s
adviser regularly reviews the entire property portfolio and has regular meetings with tenants to ensure that
buildings are meeting the local healthcare needs and to identify opportunities for value enhancement.

Autumn 2008 106
Listing Details
Bloomberg MET LN
Exchange AIM
ISIN IM00B1G4ZQ34
Investment Focus
Geography Baltics
Strategy Investor
Current Trading
Price 20.00p
NAV date 30-Jun-08
NAV frequency H
Discount -85.1%
Dividend yield -
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
10
30
50
70
90
110
Dec-06 Dec-07
Assets
Cash €3.6m
% cash 5.2%
Loans €13.5m
Gross gearing 19.6%
Net gearing 14.3%
Management
Management group Metro Baltic Frontiers
Annual fee 1%
Key individual Mart Habakuk
Tel. +372 683 0300
E-mail mart.habakuk@metrocapital.eu
Valuer Colliers
Website www.metrobaltichorizons.com
Metro Baltic Horizons plc
Company Summary
Metro Baltic Horizons plc (MET) is a property investment company focused on prime office, retail and residential
development opportunities in St Petersburg, Russia and the Baltic States capitals of Tallinn, Estonia and Riga, Latvia.
MET focuses principally on the office, retail and residential sectors in prime city areas, and targets development
projects which can demonstrate an ability to generate a minimum internal rate of return to the company of 25%.
Analyst’s Comment
We are more confident in the outlook for Russia than for the Baltics. MET is a mixed bag: we prefer a pure Russian
property portfolio. We believe the falls in listed Russian equities should not be seen as representing the outlook for
the Russian property sector. GDP is still forecast at above 7%, underpinned by oil and gas revenues and rising
consumer spending. Government commitment to infrastructure spending should open up more of the country to
real estate development opportunities.
Property Portfolio
(%)
Net Assets
(%)
Value
(£m)
Bolshaya Rushkarskaya 10, St Petersburg 42.53 43.32 27.6
Krasta 99, Riga 24.96 25.43 16.2
Metro Plaza, Viru Square, Tallinn 20.18 20.56 13.1
Pirita Rd, Tallinn 12.33 12.56 8.0
(€m)
Office 75 Cash & Fixed Interest 2.01 1.331
Residential 17.5 Estonia 31.86 21.100
Latvia 24.46 16.200Shopping Centres 7.5
Russia 41.67 27.600
Investment Manager
Mr Habakuk has an MBA degree with specialisation in finance from the University of Georgia. He worked in
PricewaterhouseCoopers in 1993-2001, first as an auditor/consultant and from 1998 as the managing director of the
company's investment banking and corporate finance arm. Since 2001, Mr Habakuk has been active in real estate
investment management and real estate development. He is a member of the supervisory board of Estonian
Business School Group and a member of the listing committee at Tallinn Stock Exchange.
Investment Strategy
MET’s investment portfolio focuses primarily on prime office, residential and retail development and investment
opportunities which the investment manager and investment adviser believe can generate a target minimum
internal rate of return of 25%. At present the investment manager anticipates there being significant property
investment opportunities in the region, particularly for prime office and residential developments in the Riga and St
Petersburg markets. The company may also invest selectively in land acquisition and in joint ventures with other
reputable developers. MET expects to dispose immediately of any completed residential developments, but may
lease out and keep any developed commercial properties as parts of its investment portfolio and, by maximising the
cash flow yield of such properties, further enhance shareholder returns.

Autumn 2008 107
Listing Details
Bloomberg MLD LN
Exchange AIM
ISIN CY0100141015
Domicile Cyprus
Investment Focus
Geography Russia
Strategy Developer
Current Trading
Price 45.00p
NAV date 30-Jun-08
NAV frequency H
Discount -94.2%
Dividend yield -
0
2
4
6
8
10
12
14
16
18
20
30
130
230
330
430
530
630
Dec-06 Dec-07
Price (GBX) (L.H.S) NAV(USD) (R.H.S)
Assets
Cash US$95.5m
% cash 14.4%
Loans US$85.3m
Gross gearing 12.8%
Net gearing -1.5%
Management
Annual fee US$26.7m p.a.
Performance fee -
Management notice period 3yrs + 6months
Key individual Moshe Morag
Tel. +749 51303 109
E-mail office@mirland-development.com
Valuer C& W, Stiles & Riabokobylko
Website www.mirland-development.com
MirLand Development Corporation plc
Company Summary
MirLand Development Corporation plc (MLD) is an internally managed, Cyprus domiciled real estate development
company which was incorporated in 2004 and operates solely in Russia. Controlled by the Fishman Group, an
international real estate investment and development group based in Israel with over 30 years' experience in the real
estate development market, the company is currently one of the few developers in Russia to build international
quality commercial and residential properties employing western business practices. MLD also differentiates itself by
being one of only a few international developers currently active in Russia's secondary cities. The company offers
investors an attractive portfolio of existing Russian development projects, a substantial pipeline of other real estate
investment opportunities across Russia and a strong management team, comprising local professionals and
international real estate experts.
Analyst’s Comment
MLD develops residential and commercial property in Russia. Currently the portfolio is split 75% developments
across 14 projects and 25% investments (three projects). Highlights from 1H08 results: total property assets are
valued at US$1.26bn; income and management fees have doubled to $10m; the gearing was 73% and the NAV was
$11.90 (equivalent to £7.71 using the current $:£ exchange rate of 1.54). MLD is not a fund so does not have a
management fee as such, but it does have high running costs. For the full year 2007 MLD had US$26.7m of general
and administrative expenses (of which US$16.1m was salaries and service providers costs), equivalent to over 6% of
average total equity assets. This is a high total expense ratio. MLD is a large and significant player in the Moscow and
St Petersburg region. MLD shares are on 90% discount to NAV. This is very cheap for a developer which has good
NAV growth expectations as the Russian economy is booming on the back of oil revenues. (18-Aug-08)
Property City Portfolio
(%)
Net Assets
(%)
Value
(£m)
Residential St Petersburg 36.62 37.44 461.55
Skyscraper, Dmitrovskoye Shosse 1 Moscow 14.67 15.00 184.89
Hidromashservice, 2-Khutorskaya Moscow 8.46 8.64 106.57
MAG, 2-Khutorskaya Moscow 8.43 8.62 106.23
Perkhushkovo, Odintsovsky District Moscow region 8.27 8.45 104.19
Retail Mall, 167 Zarubina St Saratov 4.18 4.27 52.66
Techagrocom, Kaluzhskoe Highway Moscow region 3.61 3.69 45.56
(US$$m)
Commercial 60 Cash & Fixed Interest 8 45.2
Residential 40 Russia 92 566.8
Source: MLD at November 03 2008
Investment Manager
Mr Morag, a retired brigadier general from the Israeli Air Force, has 17 years of real estate experience, 12 of which
were at IBC. During his tenure as CEO of IBC, Mr Morag transformed the business from a domestic company into a
high profile international player. Shareholders achieved a 346% total return over the last three years. Mr Morag, the
CEO of MLD, holds a BA in Economics and an MBA from Tel-Aviv University.
Investment Strategy
MLD's strategy is to focus on developing high quality commercial and residential real estate assets in Moscow and St.
Petersburg, and commercial projects in other large Russian cities with populations over 500,000. The company aims
to maximise shareholder value while maintaining geographical and property type diversification. MLD's policy is to
sell residential properties and lease or sell commercial properties.

Autumn 2008 108
Listing Details
Bloomberg MKLW LN
Exchange LSE
ISIN GB0006091408
Domicile UK
Investment Focus
Geography UK
Strategy UK REIT
Sector Commercial
Current Trading
Price 222.00p
NAV date 30-Jun-08
NAV frequency H
Discount -41.4%
180
230
280
330
380
430
480
530
Assets
Cash £2.2m
% cash 0.8%
Loans £31.3m
Gross gearing 11.5%
Net gearing 10.7%
Management
Annual fee n/a
Performance fee n/a
Key individual Justin Parker
Tel. +44 (0)121 504 2120
E-mail n/a
Valuer DTZ
Website www.mucklow.com
Mucklow (A&J) Group plc
Company Summary
A&J Mucklow Group plc (MKLW) is a long-established Midlands based property company focusing on the long term
ownership and development of industrial and commercial property.
MKLW was founded in 1933 and floated on the LSE in 1962. The company has always maintained an excellent
reputation for providing a quality product and service to its customers, which has contributed towards 40 years of
uninterrupted increase in dividends for its shareholders.
MKLW’s investment portfolio currently comprises £264m of modern, high quality property, over 80% of which is
located in the Midlands and is occupied by over 200 companies.
Portfolio – Significant Projects
Property Location Area
(sq.ft)
Sector Status
Apex Park Phase 2 Worcester 120,000 Office Design and Build
Coleshill Trade Park Birmingham 32,132 Trade Counter Under Construction
Halesowen West Midlands 50,000 - Design and Build
Signal Point Tyseley 250,000 Industrial Coming Soon
60 Whitehall Road Halesowen 21,796 Office Fully Let
Source: MKLW at October 07 2008
Sector Area
(sq.ft)
Current Rent
(£m p.a.)
ERV
(£m p.a.)
Capital Value
(£m)
Industrial 2,426,183 11 12.5 185.25
Office 181,455 2.55 2.8 41.84
Retail 171,540 1.49 1.6 27.74
Total 2,779,178 15.04 16.9 254.83
Land/Development 33.43
Total 288.26
Source: MKLW at June 30 2008
Investment Manager
Mr Parker joined MKLW as managing director in 2004. He previously worked at DTZ in London and Birmingham from
1988, where he headed up the national investment team.
Investment Strategy
MKLW’s long-term investment strategy is to maintain a balanced portfolio of modern properties, with potential for
long-term rental and capital growth. The company also looks to expand its portfolio as and when appropriate,
through selective development of and investment in new properties and by actively managing existing buildings to
improve income and capital appreciation. Mature assets with limited growth prospects are sold and the proceeds
either reinvested in new property, or used in other ways to enhance shareholder value.

Autumn 2008 109
Listing Details
Bloomberg NAT LN
Exchange AIM
ISIN NL0000685246
Domicile Netherland
Investment Focus
Geography Poland – Hungary – Romania
Strategy Developer
Sector Residential
Current Trading
Price 24.50p
NAV per share 0.00
NAV date 30-Jun-08
NAV frequency H
Discount -
0
20
40
60
80
100
120
140
Jul-06 Jul-07 Jul-08
Assets
Cash €39.0m
% cash n/c
Loans £122.5m
Gross gearing 47.2%
Net gearing n/c
Management
Annual fee 5% project mgt fee
Performance fee n/a
Key individual Oscar Kazanelson
Tel. +972 37 100 200
E-mail info@nanettegroup.com
Valuer King Sturge
Website http://nanettegroup.com
Nanette Real Estate Group NV
Company Summary
Nanette Real Estate Group NV (NAT) is a residential developer in central and eastern Europe. Its portfolio of projects
covers Poland, Hungary, Romania, Croatia and Ukraine.
Analyst’s Comment
Russia is posturing to the east of the region, particularly against Warsaw’s agreement to host US missile defences and
most recently railing against Ukraine’s pro-NATO moves. This will no doubt increase investors’ perception of risk in
the CEE. However, this is most likely to be felt in the listed equity markets in the region and real estate, with its sound
fundamentals, should be able to continue to prosper.
Project Location City Beneficial
Interest (%)
Area
(sq.m)
No. of
Apartments
Planiste Croatia Zagreb 100 75,000 1,221
Gondola Hanz Hungary Budapest 50 107,000 1,882
Wilanow I Poland Warsaw 50 118,000 1,245
Jabloniowa Poland Gdansk 50 220,000 3,399
Lusa Gora Ukraine Kiev 15 180,000 2,000
Source: NAT at April 01 2008
Cash & Fixed Interest - 65.12 140,265
European Emerging Property 34.88 75,146
Investment Manager
Mr Kazanelson is a practical engineer who has 29 years' experience in the real estate industry, including in relation to
the development and construction of various types of residential, commercial and public buildings. Mr Kazanelson
acts as the non executive chairman of the board of directors of Olimpia Real Estate Holdings Ltd (Olimpia Group).
Olimpia Group is also traded on the Tel Aviv Stock Exchange, and owns numerous real estate properties, including
commercial centres and office buildings, which are leased to third parties.

Autumn 2008 110
Listing Details
Bloomberg NBPC LN
Exchange AIM
ISIN IM00B1N95Z00
Investment Focus
Geography India
Strategy Investor
Current Trading
Price US$0.11
NAV date 31-Oct-08
NAV frequency M
Discount -57.0%
Dividend yield -
0.1
0.3
0.5
0.7
0.9
1.1
1.3
1.5
1.7
1.9
Mar-07 Mar-08
Assets
Cash US$0.0m
% cash 0.0%
Loans US$0.0m
Gross gearing 0.0%
Net gearing 0.0%
Management
Annual fee 1.75%
Performance fee 15% of increase in NAV
Management notice period 3yrs; 1 yr
Key individual KC Reddy
Tel. +44 (0)20 7518 2100
E-mail n/a
Valuer
Website www.nayabharat.org
Naya Bharat Property Company plc
Company Summary
Naya Bharat Property Company plc (NBPC) is an Isle of Man company established to invest primarily in both listed
and unlisted companies whose principal activity is the ownership and/or development of land in India. NBPC seeks
to take advantage of perceived capital market pricing anomalies by investing in established listed property
investors/developers at substantial discounts to their Net Asset Values (NAVs). In this way, investors in NBPC
potentially benefit from both the reduction in the discount to NAV and the anticipated robust performance of the
physical property market. In addition, special situations are sought in unlisted/pre-IPO and property-rich small
capitalisation stocks.
Property Portfolio
(%)
Net Assets
(%)
Value
(£m)
Orbit Corporation 20.21 19.1 12.26
Era Contruction 13.86 13.1 8.41
IFCI 11.64 11 7.06
Ansal Properties 10.9 10.3 6.61
Housing Development and Infrastructure 9.21 8.7 5.59
DSK Developers 7.83 7.4 4.75
Unitech 7.3 6.9 4.43
(US$m)
Investment Manager
Mr Reddy is an Indian national who joined the Charlemagne Group in September 2005. Previously he was with
Thames River Capital in London, where he worked as a fund manager within the emerging markets team with special
emphasis on Korea, Taiwan and India and a sector specialisation on technology. Prior to this, Mr Reddy was with
Quantum Capital in the US. From 1996 to 2001 he was an investment manager at Credit Agricole Asset Management
in Hong Kong, where he was responsible for investments in India and Asian technology. Mr Reddy started his career
at Peregrine Securities in Mumbai as an investment analyst. He holds an MBA from the Indian Institute of
Management (associated with the Sloan School of Management at MIT) and a degree in Engineering (Computer
Sciences) at Osmania University in India.
Investment Strategy
NBPC's portfolio of investments seeks to provide exposure to the residential, commercial, retail, industrial and
Special Economic Zone (SEZ) sectors. Geographic exposure is also diversified across major and secondary cities in
India. The primary focus of target companies is the development of property portfolios/land banks, although certain
investee companies may also retain completed properties for income generation. The company may also invest in
special situations such as small capitalisation stocks with perceived large undervalued property holdings, where a
catalyst for re-valuation/realisation of the property assets is anticipated.

Autumn 2008 111
Listing Details
Bloomberg NEPI LN
Exchange AIM
ISIN IM00B23XCH02
Investment Focus
Geography Germany – Romania
Strategy Investor
Sector Commercial
Current Trading
Price €1.75
NAV date 30-Jun-08
NAV frequency H
Discount -14.3%
Dividend yield -
1.7
1.8
1.9
2
2.1
2.2
Sep-07 Sep-08
Assets
Cash €3.0m
% cash 3.2%
Loans €31.2m
Gross gearing 33.7%
Net gearing 30.5%
Management
Management group Nepi Inv Mgt
Annual fee 1% of MV
Key individual Martin Slabbert
Tel. +40 7443 8882
E-mail mslabbert@nepinvest.com
Valuer
Website www.nepi.uk.com
New Europe Property Investment plc
Company Summary
New Europe Property Investment plc (NEPI) invests in high quality office, retail and industrial property, initially in
Romania. A closed-ended investment fund managed by NEPI Investment Management Limited, the company had its
IPO on AIM on August 22 2007. After buying the Raiffeissen portfolio, it now has invested €86.9m in 29 properties
with 160 tenants in Romania and Germany. With cash of €3m, NEPI hopes to have a secondary listing in South Africa
by the end of 2008.
Analyst’s Comment
NEPI is relatively new to the market and investors may not be familiar with the company. We have not met the
management yet to ascertain their investment process. A dual listing is normally good to widen the investor base,
but we cannot see why they chose South Africa.
Property Lettable Area
(sq.m)
Sector
Leipzig 5,864 Shopping Centre
Bruckmuehl 5,899 Shopping Centre
Eilenberg 3,727 Shopping Centre
Frankfurt 1,093 Shopping Centre
Munich 2,360 Medical Centre
Moelln 5,510 Retail – Residential
Source: NEPI at December 31, 2007
Country No. of Properties Cost
(€m)
Germany 6 16.9
Romania 23 82.0
Source: NEPI at December 31, 2007
Investment Manager
Mr Slabbert has 12 years’ experience within the finance industry, where he initially gained experience in mergers and
acquisitions, turn-around and financial restructuring through positions at Arthur Andersen and HSBC Investments
Services (South Africa) (Pty) Ltd. In 2001, Mr Slabbert joined the Nedbank Group via Nedcor Investment Bank Ltd
(NIB). He held the positions of senior vice president for shareholders’ funds and member of the executive committee
at NIB, and later general manager in the capital management cluster of the Nedbank Group. His focus was on the
restructuring and disposal of non-core assets, mitigation of large bank exposures and investment banking
transactions. More recently, Mr Slabbert held the position of partner of financial advisory services for Deloitte central
Europe, heading the financial advisory practice in Romania, the corporate finance practice in the Balkans and the
Deloitte central Europe corporate finance advisory industry sector teams. Mr Slabbert is also a non-executive director
of New Europe Property Investment plc.
Investment Strategy
NEPI’s initial focus is on investing in Romania. The group’s investments include investments in income producing
high quality office, retail, industrial and logistics properties. These types of investments include, but are not limited
to, sale and leaseback transactions and acquisitions of single properties or portfolios of multiple properties.
Investment opportunities are also sought in development property (which may include establishing joint ventures
with developers) to the extent to which these investments can be structured to allocate the majority of the
development risk and/or risks related to leasing the assets to the developer or another third party. Up to 5% of NEPI’s
investments may be in land which is yet to be developed and up to a further 5% may be in assets that are not income
producing at the time of acquisition, but which can be converted and/or refurbished post acquisition to become
income producing.

Autumn 2008 112
Listing Details
Bloomberg NLD LN
Exchange AIM
ISIN JE00B1Z91C77
Domicile Jersey
Investment Focus
Geography Sweden – Norway – Finland
Strategy Investor
Sector Commercial
Current Trading
Price 56.50p
NAV date 31-Mar-08
NAV frequency H
Discount -51.7%
Dividend yield -
50
60
70
80
90
100
110
120
Aug-07 Aug-08
Assets
Cash £6.8m
% cash 9.0%
Loans £49.8m
Gross gearing 66.1%
Net gearing 57.1%
Management
Management group Lathe Inv.
Annual fee 0.65%
Performance fee 20% over 8%; + HWM
Key individual Ian Knight
Tel. +44 (0)1892 752005
E-mail beth@latheinvestments.com
Valuer DTZ
Website www.nordicland.com
Nordic Land Ltd
Company Summary
Nordic Land Limited (NLD) is a Jersey-registered property investment company established in April 2007 to invest
principally in retail real estate in the Nordic region, including Sweden, Norway and Finland. The manager is Lathe
Investments (Nordic) LLP.
In May 2007 the company acquired an initial portfolio of retail properties in Sweden for some £50m and is
proceeding to acquire further retail properties in the region.
In April 2007 the company raised £13.4m of initial capital through a private placement. £10.6m of the proceeds of
this fundraising were utilised in acquiring the initial portfolio, comprising two properties in Helsingborg and
Borlänge in Sweden.
In June 2007 NLD entered into conditional agreements to acquire a large retail property in Stockholm. In August
2007 the company completed an IPO on AIM and acquired the Stockholm property.
NLD's investment objective ultimately is to provide shareholders with attractive total returns over the medium to
long term through dividends and increases in net asset value.
Property Portfolio
(%)
Net Assets
(%)
Value
(£m)
Terminalen 1, Helsingborg 71.87 99.9 48.8
Lackeraren 3, Borlange 19.44 58.84 13.2
Sicklaon 117, Nacka, Stockholm 8.69 26.3 5.9
(£m)
Sweden Diversified 85.76 62.000
Sweden Shopping Centres 8.16 5.900
Investment Manager
Mr Knight is the founder and managing director of Lathe Investments, which was established in 1996, and is
manager of the Redleaf shopping centre funds. He is responsible for strategy and investor relations. Prior to
establishing Lathe, Mr Knight was for five years a partner of Knight Frank LLP and a director of Knight Frank
Corporate Finance Limited, which was responsible for FSA-regulated investment business. He was also the firm's
property receiver on behalf of many major bank and institutional clients, operating in the UK and continental Europe.
He previously spent five years with the Scandinavian bank Nordea, based in London. Mr Knight is a Fellow of the
Securities Institute and an Associate of the Chartered Institute of Bankers.
Investment Strategy
NLD seeks to acquire properties in good locations, with tenants having strong covenants and generating a stable
income stream, but which also provide the opportunity for active asset management. It is therefore intended that
the majority of assets in the portfolio will have a number of tenancies which the directors of the company believe will
create more asset management opportunities and provide diversified rental income streams. NLD does not intend to
acquire properties for purely speculative development. A key objective for the directors of the company is to identify
assets which provide the opportunity for active asset management and development, as they believe that this will
produce higher rental income and increased capital values. NLD intends to keep the retail property markets in
Denmark and the Baltic states under review. If any of those markets appear to offer promising opportunities of a type
consistent with the company's investment strategy, those opportunities may be pursued.

Autumn 2008 113
Listing Details
Bloomberg NRP NA
Exchange AEX
ISIN JE00B1G3KL02
Domicile Jersey
Investment Focus
Geography Nordic – Baltic – Baltic Russia
Strategy Investor
Sector Commercial
Current Trading
Price €0.23
NAV date 30-Jun-08
NAV frequency H
Discount -77.5%
0.1
0.3
0.5
0.7
0.9
1.1
1.3
Assets
Cash £131.2m
% cash 12%
Loans £388.5m
Gross gearing 35.8%
Net gearing -24%
Management
Management group London & Regional Real Estate
Asset Mgt
Annual fee 0.4%
Key individual Thomas Lindeborg
Tel. +44 (0)20 7499 40 60
E-mail tlindeborg@lrp.co.uk
Valuer DTZ
Website www.nr-properties.co.uk
NR Nordic & Russia Properties Ltd
Company Summary
NR Nordic & Russia Properties Limited (NRP) is a Jersey incorporated company which invests in real estate
opportunities in the Nordic and Baltic regions and Baltic Russia. As of December 18 2007 the company is listed on
Euronext Amsterdam. NRP has an experienced board of six non-executive directors, chaired by Jens Engwall, and has
appointed LR Real Estate Asset Management (LR REAM) to manage its assets and to pursue investment
opportunities.
Portfolio – Geographic Spread
Geography No. of
Properties
Area
(sq.m)
Market Value
(€m)
Market Value
(%)
Sweden 32 889,000 603 77
Denmark 2 45,000 51 7
Lithuania 1 4,000 10 1
Germany 1 15,000 13 2
Poland 2 44,000 19 2
Russia 2 38,000 84 11
Total 40 1,035,000 779 100
Source: NRP at October 07 2008
(£000)
Diversified 8 Cash & Fixed Interest 27.14 289,739
Hotels 54 Denmark 4.78 50,987
Industrials 22 Germany 1.22 13,000
Office 11 Lithuania 0.94 9,990
Poland 1.78 19,000
Russia 7.87 84,068
Shopping Centres 5
Sweden 56.28 600,764
Investment Manager
Mr Lindeborg joined London & Regional Group in 2002 when he was appointed CEO of its Nordic operations, during
the most recent years with a particular focus on opportunities in the Baltic region and Russia. He has over 20 years’
experience in the real estate sector, both as a developer and real estate manager, having previously held senior
positions with Anders Diös AB and Amplion Fastigheter AB. Mr Lindeborg is qualified as a chartered surveyor and
has a doctorate in real estate economics.
Investment Strategy
NEPR’s principal objective is to generate total returns for shareholders through annual portfolio yields and capital
appreciation over the longer term. The company’s strategies to achieve its investment objectives are to enhance
rental and capital growth through active portfolio management, to make additional selective acquisitions and to
employ appropriate amounts of leverage to enhance returns.

Autumn 2008 114
Listing Details
Bloomberg OTE LN
Exchange AIM
ISIN GB00B0XPT375
Domicile Guernsey
Investment Focus
Geography UK
Strategy Investor
Sector Commercial
Current Trading
Price 9.00p
NAV date 31-Mar-08
NAV frequency H
Discount -87.0%
0
20
40
60
80
100
120
Assets
Cash £4.8m
% cash 1.8%
Loans £166.6m
Gross gearing 62.5%
Net gearing 60.7%
Management
Management group Rugby Estate
Annual fee 1%
Key individual David Tye
Tel. +44 (0)20 7016 0050
E-mail david.tye@rugbyestates.plc.uk
Website www.otwelveestates.com
O Twelve Estate Ltd
Company Summary
O Twelve Estate Limited (OTE), a closed-ended investment company registered in Guernsey, was formed to establish
a substantial property investment portfolio in the Thames Gateway and the adjacent areas of east London, Essex,
south Hertfordshire and north Kent, areas which typically have lower property values compared with the rest of the
south of England generally. The company seeks to generate an attractive rate of return for shareholders by taking
advantage of property acquisition opportunities in the target area in the run-up to the London Olympic Games in
2012. Property acquisitions are considered across all sectors: industrial, retail, office, leisure and residential.
Portfolio – Top Propreties
Property Location Sector Valuation Band
(£m)
Baytree Shopping Centre Brentwood Shopping centre 30–35
The Interchange Swanley Industrial 25–30
Larkfield Mill Aylesford Industrial 20–25
George Yard Braintree Shopping Centre 20–25
The Mall Dagenham Shopping Centre 15–20
Gascoigne Road Barking Warehousing 10–15
Source: OTE at June 30 2008
(£m)
Industrials 38.60 Cash & Fixed Interest - 3.49 9.038
Office 17.37 UK Industrials 38.6 99.906
Shopping Centres 36.67 UK Office 17.37 44.958
UK Shopping Centres 36.67 94.911Housing 3.86
UK Housing 3.86 9.991
Investment Manager
Mr Tye, formerly with Norwich Union and Rugby Securities, founded the group in 1990.
Investment Strategy
Overall, OTE's investment strategy is to establish a property portfolio that is diverse by sector (whether industrial,
retail, office, leisure or residential), by tenant and by size. The company's key criterion for property acquisitions is the
potential for rental and capital value growth through active property management and/or through a re-
characterisation of the acquired real estate. Re-characterisation may arise purely as a result of the so called ‘Olympic
effect’ on the location, or it may need to be actively encouraged. Bringing about such re-characterisation may range
from a simple image improvement programme for a previously neglected industrial estate to attract better quality
tenants, to a full redevelopment scheme following the grant of planning consent for a change of use (for example
from commercial to a residential or mixed-use project).

Autumn 2008 115
Listing Details
Bloomberg OPF LN
Exchange AIM
ISIN GB0032774365
Domicile Jersey
Investment Focus
Geography UK
Strategy Investor
Sector Residential
Current Trading
Price 34.50p
NAV date 31-Mar-08
NAV frequency H
Discount -66.0%
Dividend yield -
20
30
40
50
60
70
80
90
100
110
Assets
Total assets £9.4m
Cash £3.4m
% cash 36.2%
Loans £0.0m
Gross gearing 0.0%
Net gearing -36.2%
Management
Management group Development Capital Mgt
Annual fee 2%
Performance fee -
Management notice period 1yr; 1yr
Key individual Roger Hornet
Tel. +44 (0)20 7355 7600
E-mail roger.hornet@dcmanagement.com
Valuer -
Website www.offplanfund.com
Off-Plan Fund Ltd
Company Summary
Off-Plan Fund Limited (OPF) has as its objective to provide shareholders with a high level of long-term capital
appreciation from direct investment in UK residential development property via the off-plan market.
(£m)
Investment Manager
The directors and certain key employees of DCM, the fund's manager, are listed below:
Thomas Pridmore (director) has sourced and co-ordinated private syndicates trading early stage residential
properties for over nine years. He worked as a lawyer at Norton Rose and is a founder of the manager.
Andrew Gardiner (director) has sourced and co-ordinated private syndicates trading early stage residential
properties for over nine years. He is a qualified lawyer, spent five years working for the City and international law firm
Norton Rose and is a founder of the manager. He is also a director of the Property Investment Adviser.
Andrew Mitchell (director). Before joining DCM in 2004, Mr Mitchell was a partner for eight years and head of
investment funds at Norton Rose, the City and international law firm. He is also a director of the manager’s Bulgarian
based subsidiary, a property consultancy and advisory business which acts as adviser to The Black Sea Property Fund
Limited and other investment vehicles.
Darren Blake. Mr Blake joined DCM in June 2005, having sourced and coordinated acquisitions/disposals of
development and investment opportunities nationally for nine years. Between 1996 and 2002, he worked at
surveyors and agents, Stirling Ackroyd, as business development manager including creating their regional City
operations. For three years he acted as a consultant to medium sized development/investment companies
identifying new acquisitions, sourcing alternative finance and implementing sales/letting strategies.
Gordon Finlay is a qualified CFA charterholder. He joined DCM in 2004, having spent seven years at Legg Mason
Investors primarily within the asset management division. While there he was involved in the formulation of fund
structures, asset allocation and overall investment strategy. Experienced with both open and closed-ended
structures, Mr Finlay worked as assistant manager and analyst on several high-income funds and equity based
investment vehicles. He has extensive knowledge in analysing investment companies, products and equities
together with expertise in financial modelling.
Investment Strategy
OPF seeks to generate capital gains through the acquisition of UK residential properties before they are built and
then either selling them on for a profit prior to completion or holding them for rent.
OPF holds two portfolios:
Property: The property portfolio invests in properties at an early stage of their construction and in bulk in order to
achieve substantial discounts to ‘as if built’ market values. OPFaims to maximise returns from the properties,
including selling the properties off-plan prior to completion. By doing so the fund’s potential to make gains and
losses is increased from the gearing effect of investing only a percentage of the purchase amount.
Fixed Income: The fixed income portfolio managed by UBS AG Wealth Management is intended to provide an equity
reserve should OPF choose not to sell a property prior to completion. The portfolio comprises holdings of investment
grade debt with a maturity of less than five years.
Life and Distributions: The fund currently has a ten year life ending in December 2015, which may be extended by
special resolution for a further two years. It is not intended that OPF will make regular distributions of profits.
However, the board does have the discretion to return capital to shareholders during the life of the fund.

Autumn 2008 116
Listing Details
Bloomberg OCH LN
Exchange AIM
ISIN KYG6791P1072
Investment Focus
Geography Bulgaria
Strategy Developer
Current Trading
Price 67.00p
NAV date 30-Jun-08
NAV frequency H
Discount -4.7%
Dividend yield -
0
5
10
15
20
25
30
60
80
100
120
140
160
180
Jul-05 Jul-06 Jul-07 Jul-08
Assets
Cash €5.1m
% cash 5.5%
Loans €21.7m
Gross gearing 23.5%
Net gearing 17.9%
Management
Management group Orchid Development
Annual fee €0.65m
Performance fee 5% of €3-8m PBT;3% > €8m
Key individual Guy Meyohas
Tel. +359 2 981 9955
E-mail info@orchid-dev.com
Website www.orchid-dev.com
Orchid Developments Ltd
Company Summary
Orchid Developments Limited (OCH) is active in all principal sub-sectors of the Bulgarian real estate and leisure
markets: residential, commercial property and retail developments in Sofia and Varna, including the operation of
hotels on Varna's coast.
Analyst’s comment
The good progress in sales of residential units is encouraging as peer companies have been saying that overseas
buyers of second homes have been falling away. OCH’s focus on local demand for first homes avoids this problem. Its
commercial, retail and hotel operations are well managed and on-plan. We rate the OCH team as better than many of
its peers.
Portfolio – Projects
Project Sector Location Area
(sq.m)
Sofia Ring Road Retail – Office Sofia 5,600
Orchid Business Center Retail – Office Varna 4,700
Porsche Center Commercial Sofia 11,000
Orchid Hills Residential Varna 27,000
Orchid Hills Residential Sofia 14,000
Source: OCH at June 30 2008
(€m)
Investment Manager
Mr Meyohas is an experienced property developer and has undertaken real estate related transactions in several
countries, including the United States, Czech Republic, Israel and Switzerland. He is the chief executive of Orchid
Capital Properties Ltd, an international investment company which is separate from OCH. Since qualifying as an
industrial engineer in 1993 at Tel Aviv University (Israel), Mr Meyohas has been involved in various businesses,
including Aquarius Capital Properties Ltd (Aquarius’, an Israeli investment company of which he was the president
and CEO from 1997 to 2001. Projects undertaken by Aquarius included a state-of-the-art 70,000 sq.m business
complex in Jerusalem’s high-tech zone and luxury developments on the Tel Aviv seafront. Mr Meyohas has been
involved in the development and operation of two boutique hotels in the centre of Prague, shopping centre and
residential projects in the United States, and industrial complexes in Switzerland.
Investment Strategy
The board of OCH exploits the position which the company has established to become one of Bulgaria’s most
significant property developers. Over the next few years, OCH will concentrate on completing the planning, building
and marketing of its current portfolio of developments. This will include seeking to pre-sell a proportion of its
residential developments and, where appropriate, seeking pre-lets for some of the commercial space being
developed. The current intention is to retain ownership of the commercial space once let, but OCH does not rule out
sales of let property to investors seeking income producing investment property. The company intends the funding
of these activities to draw upon the facility from the EBRD. At the same time, OCH seeks to acquire other sites with
development potential. Its focus is on further sites in Sofia and Varna, but it has also considered sites in ski resorts
and elsewhere on the Black Sea, particularly to the south of Burgas. The company concentrates upon residential and
retail opportunities (including mixed use developments) and will also acquire or build additional hotels if suitable
opportunities arise. In terms of the types of opportunity, OCH considers greenfield sites, brownfield redevelopments
and existing buildings where there is scope for further expansion and/or change of use. These may be sites with
suitable existing zoning or sites where re-zoning would be needed. Finally, the company will consider extending its
field of operation into Romania, particularly Bucharest and Constanta on the Black Sea. It envisages a similar strategy
in Romania. OCH expects to use its banking facilities to finance the construction of the sites in conjunction with its
own working capital.

Autumn 2008 117
Listing Details
Bloomberg OTM LN
Exchange AIM
ISIN GB00B0PJ6V42
Domicile Jersey
Investment Focus
Geography Turkey
Strategy Investor
Sector Residential
Current Trading
Price 32.00p
NAV per share 0.00p
NAV date 31-Aug-08
NAV frequency Q
Discount -
Dividend yield -
30
40
50
60
70
80
90
100
110
120
Jan-06 Jan-07 Jan-08
Assets
Cash £22.4m
% cash 18.3%
Loans £0.0m
Gross gearing 0.0%
Net gearing -18.3%
Management
Management group Development Capital Mgt.
Annual fee 2%
Management notice period 3 yrs
Key individual Tom Pridmore
Tel. +44 (0)20 7355 7600
E-mail tomp@dcmanagement.com
Valuer -
Website www.theottomanfund.com
Ottoman Fund Ltd
Company Summary
The Ottoman Fund Limited (OTM) invests in the development of local housing and holiday homes in the major cities
and coastal resorts of Turkey. The fund is managed by Development Capital Management (Jersey) Limited.
Analyst’s Comment
OTM is now focused on selling assets, winding up and returning cash to investors. In the light of this policy and in
order to reduce costs, the board gave notice on June 30 2008 to the manager to terminate the management
agreement with effect from December 31 2008. The strategy of investing in the development of local housing and
holiday homes in the major cities and coastal resorts of Turkey seems to have failed. The manager and/or the
objective is no longer attractive to shareholders, thus the wind up and removal of the managers. (Nov-21-08)
Portfolio Summary
As at February 28 2008: net assets £122.4m; cash £22.5m; ‘fair value’ NAV 97.5p (a 6.7p, or 7%, premium to the
unaudited NAV).
Portfolio Review: As announced on November 1 2007, following the conclusion of the strategic review the board
adopted a strategy of orderly realisation of the assets of OTM over a period of 18 to 24 months.
Property Portfolio
(%)
Net Assets
(%)
Value
(£m)
Riva 66.31 54.98 72.64
Golturkbuku 19.87 16.48 21.77
Alanya 8.03 6.66 8.8
Kazikli 5.78 4.79 6.33
Source: Fundamental Data at February 29 2008
(£m)
Investment Manager
The manager is advised on the investment of the fund’s assets by DCM Danis Manlik AS, a newly established
subsidiary of the manager, based in Istanbul, Turkey. Key individuals of the adviser are:
Tom Pridmore (executive director) is co-owner of the manager and has sourced and coordinated private syndicates
trading early stage residential properties in the UK and abroad for over eight years. Together with Mr Mitchell and Mr
Gardiner, he has been responsible for acquiring over 2,500 apartments in Bulgaria on behalf of The Black Sea
Property Fund Limited. He worked as a lawyer at Norton Rose in corporate finance and investment funds and is a
founder of the manager. He is also a director of Development Capital Management Limited.
Andrew Mitchell (executive director) is co-owner of the manager and a director of its UK subsidiary, Development
Capital Management Limited. At the DCM Group, Mr Mitchell has been closely involved in the investment of the
assets of The Black Sea Property Fund Limited. Before joining the DCM group in 2004, Mr Mitchell was a partner for
eight years and head of investment funds at Norton Rose, the City and international law firm, where his clients
included major institutions involved in asset management and property investment.
Andrew Gardiner (executive director) is co-owner of the manager and has sourced and coordinated private
syndicates trading early stage residential properties for over eight years. He is a qualified lawyer, spent five years
working for the City and international law firm Norton Rose and is a founder of the manager. He is also a director of
the manager’s UK based subsidiary, Development Capital Management Limited, a property consultancy and advisory
business which acts as adviser to The Off-plan Fund Limited and other investment vehicles.
Investment Strategy
OTM focuses on new-build residential developments in major cities and coastal locations, aimed at both the local
and tourist markets. The fund’s investment scope also includes land purchase and joint venture projects (which
could include golf course projects) with local and other partners (including banks). OTM will be referred deals from
the manager’s contacts and from leading banks, property agents and developers via the manager and the manager’s
subsidiary office in Istanbul. The fund will be actively involved in the process relating to the sale of properties by
developers ‘off-plan’ (i.e. properties will be sold before they are built). Location: the manager will consider
investments in and around Istanbul and the other major conurbations, and in tourist and local second home
developments along the Aegean and Mediterranean coasts. Over time, tourist destinations in in-land areas might be
of interest.

Autumn 2008 118
Listing Details
Bloomberg PACL LN
Exchange AIM
ISIN KYG6846Y1035
Investment Focus
Geography China
Strategy Investor
Current Trading
Price US$0.63
NAV date 31-Oct-08
NAV frequency M
Discount -40.4%
Dividend yield -
0.5
0.6
0.7
0.8
0.9
1
1.1
Dec-07
Assets
Cash US$198.3m
% cash 47.8%
Loans US$0.0m
Gross gearing 0.0%
Net gearing -47.8%
Management
Management group Pacific Alliance Real Estate
Annual fee 2%
Performance fee 20% over 8% + HWM + catch-up
Key individual Patrick Boot
Tel. +852 3719 3300
E-mail pboot@pacific-alliance.com
Valuer
Website www.pacl-fund.com
Pacific Alliance China Land Ltd
Company Summary
Pacific Alliance China Land Limited (PACL) is a closed-end investment company, incorporated in the Cayman Islands.
The company was admitted to trading on the AIM market of the LSE and to listing and trading on the Channel Islands
Stock Exchange (the CISX) in November 2007. PACL is managed by Pacific Alliance Real Estate Limited (the
investment manager), an affiliate of the Pacific Alliance Group. The company's principal investment objective is to
invest in a portfolio of existing properties and new developments in Greater China, to provide its shareholders with
capital growth and a regular level of income from a diversified portfolio of property in Greater China, and to achieve
above average returns for an acceptable level of risk. PACL seeks to achieve these objectives by acquiring a portfolio
of diversified property assets in Greater China split among (a) strategic pre-IPO investments in mid-size regional
developers; (b) co-investments in attractive new development projects which the investment manager selects from
its strategic partners; and (c) direct property acquisitions at distressed prices from developers who need to raise
funds for additional land acquisitions or to make full payment on existing land acquisition contracts.
Analyst’s Comment
PACL recently announced its maiden interim results for the period from launch to June 30 2008, showing it had net
assets of US$412m. The NAV is US$1.0438 p/share (at September 30 2008) and the company now has eight
investments. We estimate the cash at US$161.5m, taking PACL to 60% invested since its IPO eleven months ago. This
is good investment progress, and the company should be fully invested within the 15 month timescale set at launch.
Property Portfolio
(%)
Net Assets
(%)
Value
(£m)
Project Beijing Olympic 22.07 11.34 46.54
Project Speed (PRC Real Estate Dev) 18.97 9.75 40.0
Project Blue Bird 17.76 9.13 37.45
Project RMBox 13.22 6.79 27.87
Project Jingrui 11.37 5.84 23.97
Hainan Airport Group 9.49 4.88 20.0
Project Villa 7.11 3.66 15.0
(US$m)
China Property - Shares 35.17 144.295
Investment Manager
Pacific Alliance Real Estate Limited (the investment manager) is a fund management and advisory business that was
established in July 2007. The investment manager has been appointed by PACL to seek value and growth
investments in Asia, with a primary focus on Greater China, and to identify and present investment opportunities, to
execute investments and to manage the company’s investment portfolio, including its day-to-day acquisition and
disposal of investments according to its investment objectives and policies and restrictions.
The investment manager has recruited a team of property professionals who have significant investment experience
within the property market in Asia and an extensive local network of business contacts. To supplement the expertise
of this team, the investment manager has established an advisory panel comprised of such local and international
property specialists and professionals as it deems appropriate. There are currently two appointees to the advisory
panel, namely Messrs Nicholas Brooke and Yue Kai Zhuang.
Investment Strategy
PACL's investment strategy is fundamentally opportunistic. The company invests and holds equity interests in a
portfolio of property assets in the residential, office, retail, hospitality and industrial real estate sectors. This is
comprised of strategic investments in pre-IPO companies (which have an intended holding period of 12 to 24
months), co-investments in new developments with strategic partners (which have an intended holding period of 18
to 36 months) and opportunistic acquisitions of distressed assets (which have an intended holding period of 12 to 18
months) which may be either substantially complete or completed assets requiring a major lease-up or
repositioning. PACL is not restricted as to where it may invest within Greater China.

Autumn 2008 119
Listing Details
Bloomberg PHU LN
Exchange AIM
ISIN GB00B0YMRZ51
Investment Focus
Geography Budapest – Hungary
Strategy Investor
Sector Residential
Current Trading
Price 30.25p
NAV date 30-Jun-08
NAV frequency H
Discount -60.7%
20
30
40
50
60
70
80
Assets
Cash €6.9m
% cash 20.1%
Loans €8.9m
Gross gearing 25.9%
Net gearing 5.8%
Management
Management group Midas Invt. Mgt.
Annual fee 2%
Key individual Mark Sheppard
Tel. +44 (0)20 7225 1836
E-mail info@midasim.co.uk
Valuer King Sturge
Website www.pactolus.co.uk
Pactolus Hungarian Property plc
Company Summary
Since Pactolus Hungarian Property plc (PHU) is an Isle of Man incorporated company, the rights of shareholders may
differ from the rights of shareholders in a UK incorporated company. PHU acquired its operating business in January
2006 as a result of a corporate reorganisation. Through its Hungarian subsidiary, the company undertakes property
development, trading and investment, primarily in residential property in Budapest, Hungary, and has been doing so
since March 2004. Following a placing of new shares in the company, which raised approximately £9m (gross), PHU
was admitted to the AIM market of the LSE on March 23 2006.
Analyst’s Comment
This new performance fee incentivises management to return cash to shareholders in 37 months to December 31
2011. This is clearly intended to speed-up returns to shareholders and wind-up the company. Delisting is a
reasonable outcome in this case. We have no doubt that other listed real estate companies, especially those in CEE
and SEE are considering the same options. (Dec-03-08)
Portfolio Summary
The portfolio was grown from a total of 7,068 sq.m with an annual rent roll of €0.4m and value of €20m to 8,735 sq.m
with an annual rent roll of €0.9m and a value of €25m. If the vacant space was let at the average rent per sqm of €170
per annum, a further €0.6m would be added to our annual rent roll. PHU has 62 units with a total floor space of 8,735
sq.m. This represents an increase in total floor space of 376% of the total floor space on admission to AIM. The
portfolio is now valued at an average per square metre value of €2,882 (2006: €2,752).
(€m)
Hungary Property 80.05 21.432
Investment Manager
Mr Sheppard qualified in 1996 as a chartered accountant with Deloitte & Touche in London. He subsequently moved
to ABN Amro Equities Limited, where he became a smaller companies analyst and was part of the restaurant,
breweries and pubs team which was voted the second best team in the 1998 Reuters UK Smaller Company Survey.
The following year Mr Sheppard moved to the UK smaller and mid cap Institutional sales team that was voted the
second best team in the 1999 survey. In 1999, he was appointed chief executive of Galleon Assets Management
Limited, which he sold to Abinger Investments plc in 2001. Mr Sheppard was then appointed chief executive of
Midas Investment Management Limited which he had previously founded. Mr Sheppard has been involved in the
management of a number of investment funds.
Investment Strategy
PHU’s principal strategy is the refurbishment and letting of high value period residential properties at attractive
yields.

Autumn 2008 120
Listing Details
Bloomberg PLAZ LN
Exchange LSE - SET3
ISIN NL0000686772
Investment Focus
Geography Romania – Poland – Greece – India -
Hungary – Czech Republic – Russia – Latvia
Strategy Developer
Current Trading
Price 53.50p
NAV per share 0.00p
NAV date 30-Jun-08
NAV frequency H
Discount -
40
90
140
190
240
Assets
Cash €280.0m
% cash 29.8%
Loans €50.8m
Gross gearing 5.4%
Net gearing -24.4%
Management
Management group Plaza Centers N.V
Annual fee n/a
Performance fee n/a
Key individual Ran Shtarkman
Tel. +31 20 3449560
E-mail info@plazacenters.com
Valuer King Sturge
Website www.plazacenters.com
Plaza Centers NV
Company Summary
Plaza Centers NV (PLAZ) is a developer of shopping and entertainments centres in emerging markets (Hungary,
Poland, Czech Republic, Romania and recently added India). It does not operate the completed malls, but sells them
on when complete and fully let. PLAZ is an experienced leading developer of western style shopping and
entertainment centres in the emerging markets, with a special focus on the CEE region. In the past decade, the group
has developed, let, managed and sold various types and sizes of shopping and entertainment centres in eight
different countries of this region, while it has recently commenced operations in India as well. Presently, PLAZ is in
the process of developing several new centres, while it is also busy developing mixed use real estate schemes and
penetrating additional emerging markets. Throughout the years, the group has demonstrated itself to be a leading
expert of shopping centres in the region, with a thorough knowledge of the market, operational know-how and
reliable co-operational partners.
Analyst’s Comment
PLAZ’s track record of delivery of shopping centres in eastern Europe is impressive and we expect continued good
progress here. We are less convinced about the company’s experience in India. This is untried territory, not just for
the team at PLAZ but for Indians too, where the shopping mall concept is new. Our view is that investors prefer
single geographic exposure. The rating of PLAZ shares may improve if the portfolios (emerging Europe and India)
were separated into separate companies or share classes. (Nov-19-08)
Portfolio Summary
Management statement for 3M to 30/9/08: three new projects initiated in India (Bangalore, Chennai and Kochi); sale
of Plzen Plaza in Czech Republic for €61.4m, 43% higher than expected; good progress at six active development
projects, two of which will open in 1Q09; focus on projects in areas least affected by financial downturn and where
external financing is available; three new bank loans agreed totalling €95.4m for projects in Poland and Romania;
active share buy-back programme to address the wide discount.
Project Sector Area
(sq.m)
Location Completion Plaza
(%)
Arena Plaza Shopping Centre 66,000 Budapest 2010 100.0
Dream Island Resort 320,000 Budapest 2012-2013 30.0
Casa Radio Mixed-Use 101,497 Bucharest 2011-2012 75.0
Bangalore Mixed-Use 2,100,000 Bangalore, India 2012-2017 23.7
Chennai Mixed-Use 1,100,000 Chennai, India 2011-2015 38.0
Source: PLAZ at October 07 2008
Geography Development Area
(sq.m)
Romania 7 786,000
Poland 6 216,000
India 6 4,302,000
Czech Republic 4 106,600
Hungary 3 406,000
Other 6 260,000
Source: PLAZ at October 07 2008
Investment Manager
Mr Shtarkman joined PLAZ in 2002: he was appointed chief financial officer in 2004 and CEO in September 2006.
Prior to joining the company, Mr Shtarkman acted as CFO of SPL Software Ltd, the finance and administration
manager of the Israeli representative office of Continental Airlines (a publicly traded company - NYSE), and the
controller of Natour Ltd (a publicly traded company - TASE).
Investment Strategy
PLAZ’s development strategy is to develop four to five modern western-style shopping and entertainment centres
per year in the capital and regional cities of selected countries, primarily in CEE (focusing in the medium term on
Poland, the Czech Republic, Slovakia, Serbia, Bulgaria and Romania) and Russia, Ukraine and India (focusing on large
cities within southern India) in the medium and long term. The company acquires operating shopping centres that
show significant redevelopment potential (either as individual assets or as portfolios) for refurbishment and
subsequent resale. It pre-sells, where prevailing market and economic conditions are favourable, the centres prior to,
or shortly after, commencement of construction or redevelopment. Where the opportunity exists in CEE and India,
PLAZ extends its developments beyond shopping and entertainment centres by leveraging its strengths and
drawing upon the experience and skills of the group's executive management team and the Elbit Imaging Group to
participate in residential, hotel, office and other development schemes where such developments form part of
integrated large scale business and leisure developments, such as Dream Island and Casa Radio.

Autumn 2008 121
Listing Details
Bloomberg PMEA LN
Exchange AIM
ISIN IM00B1WSL611
Investment Focus
Geography Africa
Strategy Investor
Current Trading
Price US$0.46
NAV date 30-Jun-08
NAV frequency H
Discount -51.3%
Dividend yield -
0.4
0.5
0.6
0.7
0.8
0.9
1
1.1
1.2
Jul-07 Jul-08
Assets
Cash US$170.3m
% cash 98.0%
Loans US$0.0m
Gross gearing 0.0%
Net gearing -98.0%
Management
Management group PME Infrastructure Mgrs Ltd
Annual fee 1.25%
Performance fee 20% of cash returns >12% IRR
Key individual Richard Bouma
Tel. +44 (0)20 7240 3222
E-mail lesley.duncan@nexusgroup.co.uk
Valuer -
Website www.pmeinfrastructure.com
PME African Infrastructure Opportunities plc
Company Summary
PME African Infrastructure Opportunities plc (PMEA) is a closed-end fund with an investment objective to achieve
significant total return to investors through investing in infrastructure projects and related opportunities across a
range of countries in sub-Saharan Africa. The main investment focus lies within existing or greenfield projects in
Angola, Botswana, the Democratic Republic of Congo, Ethiopia, Ghana, Mozambique, Nigeria, South Africa, Tanzania
and Zambia
Analyst’s Comment
Infrastructure is often seen as a safe investment in troubled times. Africa’s growth is underpinned by the world’s
need for resources. PMEA is cash rich and ungeared: it could be a safer investment than many other alternatives.
Project Location Sector Value (US$m)
TMP Uganda Uganda Telecommunications 2.5
Dovetel Tanzania Telecommunications 26.0
Sheltam Grindrod Holdings - Railway 7.7
Source: PMEA at October 03 2008
Investment Manager
PME Infrastructure Managers Limited (PMEIM) is the investment manager and is responsible for managing PMEA.
PMEIM is a joint venture between Principle Capital, Unicos Partners LLP (holding company of the Helvetica Group of
companies), Dunkeld Trust (associated with Masazane Capital) and Richard Bouma, chief executive of PMEIM.
PME Infrastructure Advisors Limited is the investment advisor to PMEIM and, together with PMEIM, is responsible for
sourcing investment opportunities for PMEA.
Mr Bouma (CEO), the former head of corporate and institutional banking for sub-Saharan Africa at HSBC plc, is a
highly experienced emerging markets corporate and investment banking professional, whose career both at Bank of
America and HSBC plc spanned over 25 years. Since leaving HSBC, he has managed and advised a number of
businesses operating in the mobile telecommunications sector in sub-Saharan Africa, including most recently in the
DRC and Tanzania. Mr Bouma's career at HSBC began in 1987: he was responsible for HSBC Equator Bank's aviation
loan and lease portfolio and subsequently held a number of high-level roles, including establishing Equator Bank's
regional headquarters in South Africa in 1994 and managing the bank's investment banking team. In 1999, Mr
Bouma was appointed MD of the corporate finance & advisory division of HSBC in South Africa, where he was
responsible for the group's corporate finance operations throughout sub-Saharan Africa. He subsequently held the
positions of head of investment banking for sub-Saharan Africa and head of business development for sub-Saharan
Africa before his final role as head of corporate and institutional banking for sub-Saharan Africa. Prior to joining
HSBC, Mr Bouma worked for Bank of America between 1979 and 1987, coordinating the development and
implementation of a strategic plan for sub-Saharan Africa and subsequently, as manager of the Africa Regional
Office, he was responsible for all cross border activities in the region with staff in London and Paris. Over the period,
he was also responsible for Bank of America's subsidiaries and affiliates in the Middle East and Africa, representing
the bank as either vice chairman or director of a total of nine local entities in eight countries. Mr Bouma's background
prior to Bank of America was in real estate with Savills, the real estate investment advisory group, as a surveyor in
London and Paris, and he remains a member of the UK's Royal Institution of Chartered Surveyors. Mr Bouma holds an
MBA from INSEAD, France.
Investment Strategy
PMEA invests in the transportation, telecommunications, energy, water and sanitation and infrastructure-related real
estate sectors and engages in public-private partnerships where appropriate. The investment manager ensures
diversification by limiting the amount of investment in terms of country, sector and project. It is anticipated that,
once PMEA is substantially invested, it will hold approximately 10 to 15 infrastructure or infrastructure-related
projects.
PMEA invests through special purpose companies or other entities. It seeks to obtain controlling interests or
significant minority interests so as to carry board representation and/or meaningful investor protections.

Autumn 2008 122
Listing Details
Bloomberg PHP LN
Exchange LSE
ISIN GB0007015521
Domicile UK
Investment Focus
Geography UK
Strategy UK REIT
Sector Health Care
Current Trading
Price 290.00p
NAV date 30-Jun-08
NAV frequency Q
Discount -22.3%
Dividend yield 7.5%
200
300
400
500
600
700
800
Assets
Cash £4.0m
% cash 1.2%
Loans £202.6m
Gross gearing 59.5%
Net gearing 58.3%
Management
Annual fee £15k
Key individual Harry Hyman
Tel. +44 (0)7973 344 768
E-mail walker-arnott@nexusgroup.co.uk
Valuer -
Website www.phpgroup.co.uk
Primary Health Properties plc
Company Summary
Primary Health Properties plc (PHP) is the UK’s leading private sector provider of modern primary care facilities
The idea of purchasing primary health care premises and leasing them back to NHS general practitioners through
indirect property investment was put forward by Harry Hyman in 1994. Following the purchase of a small portfolio of
primary care premises, PHP was incorporated in 1995 and floated on the AIM market in 1996. On November 5 1998,
PHP achieved full market listing on the LSE.
PHP specialises in the ownership of freehold or long leasehold interests in modern purpose-built healthcare facilities,
the majority of which are leased to general practitioners and other associated healthcare users.
The group's portfolio comprises over 75 primary healthcare facilities, both completed and committed, the majority of
which are GP surgeries, with other properties let to Primary Care Trusts (PCTs), pharmacies and dentists.
Property Location Purchase NIA
(sq.ft)
Cost
(£m)
Sandown Medical Centre Isle of Wight Mar 2008 14,500 3.7
Paisley Health Centre Scotland Jan 2008 11,500 3.0
Regent Gardens Surgery Scotland Mar 2008 12,500 3.0
Culm Valley Devon May 2008 27,000 7.9
Rope Green Cheshire Feb 2008 14,500 5.0
Source: PHP at October 07 2008
Investment Manager
Mr Hyman, managing director, was appointed to the board in February 1996. He is the founder and managing
director of Nexus Structured Group Holdings, the holding company for a group of companies engaged in the
provision of independent advice and financial services to organisations operating in the public and private sectors
with particular emphasis on health and property, of which Nexus PHP Management Limited is a subsidiary. Mr
Hyman is also a non-executive director of General Medical Clinics plc and a number of other companies, including
Royal London UK Income and Equity Trust plc.

Autumn 2008 123
Listing Details
Bloomberg PEJR LN
Exchange AIM
ISIN IM00B1FW6C18
Investment Focus
Geography Japan
Strategy Investor
Current Trading
Price 4.74p
NAV per share 6.47p
NAV date 13-Nov-08
NAV frequency W
Discount -26.7%
0
20
40
60
80
100
120
140
Assets
Cash £5.6m
% cash 7.0%
Loans £32.5m
Gross gearing 40.6%
Net gearing 33.6%
Management
Management group Prospect Asset Mgt.
Annual fee 1% of Gross Asset Value
Performance fee 20% over 8%; + HWM
Key individual Curtis Freeze
Tel. +1 808 396 7077
E-mail guernier@mcomgroup.com
Valuer -
Website www.prospect-epicure.com
Prospect Epicure J-REIT Value Fund plc
Company Summary
Prospect Epicure J-Reit Value Fund plc (PEJR) was established to capitalise on attractive investment opportunities
within the Japanese real estate investment trust (J-REIT) market.
Analyst’s Comment
The UK property sector has seen valuations falling relentlessly for over a year, and other markets that have so far held
up are now falling fast to catch up. Japan’s listed real estate sector is not immune to falls seen in the west. A 50% fall
in the NAV of PEJR is testament to this. PEJR is increasing its shareholder activist rôle which may help it outperform:
nevertheless we expect its NAV to continue to fall. There is a double discount here with PEJR shares themselves on a
discount and the J-REITs in which it invests also trading on a discount. So there is a potential for a correspondingly
large increase when the market –turns around.
Property Portfolio
(%)
Net Assets
(%)
Value
(£m)
Crescendo Investment 20.11 33.68 24.69
Japan Single Residence REIT 18.22 30.50 22.37
TGR Investment 15.16 25.39 18.62
FC Residential Investment 13.06 21.86 16.03
LCP Investment Corp 6.74 11.28 8.27
Easset Investment Corp 4.95 8.29 6.08
Prospect Residential REIT 4.11 6.88 5.04
Sector % Country % Value (£m)
REITs – Apartments 70.65 Cash & Fixed Interest 5.03 6.503
REITs – Diversified 12.87 Japan REITs – Apartments 70.66 91.352
Japan REITs – Diversified 12.87 16.644REITs – Office 11.44
Japan REITs – Office 11.44 14.789
Investment Manager
Mr Freeze (chairman) founded PEJR in September 1994. He serves as chairman of Prospect Company Limited, and a
director of Prospect Asset Management (Channel Islands) Limited and Prospect Residential Advisors. Prior to 1994,
Mr Freeze was portfolio manager for Deutsche Morgan Grenfell Asset Management in Tokyo specialising in Japanese
smaller companies. He has also worked with Lehman Brothers and Nikko Securities in Tokyo. Mr Freeze received an
MBA from the University of Hawaii in December 1987.
Investment Strategy
PEJR, advised by Prospect Asset Management, focuses on exploiting valuation discrepancies in the J-REIT market. It
seeks to pay an annual dividend derived from J-REIT dividend income and realised capital gains. It uses soft activism
to accelerate the medium-term process of eliminating REIT discounts. The tax structure aims to reduce the fiscal drag
on dividends and capital gains. Through the prudent use of leverage the fund seeks to enhance investor returns.

Autumn 2008 124
Listing Details
Bloomberg PSPI LN
Exchange AIM
ISIN VGG729641024
Investment Focus
Geography UK –Switzerland - Germany – USA
Strategy Developer - Investor
Sector Health Care
Current Trading
Price 44.00p
NAV date 30-Jun-08
NAV frequency H
Discount -77.9%
30
50
70
90
110
130
150
170
190
Apr-07 Apr-08
Assets
Cash £10.8m
% cash 3.8%
Loans £141.8m
Gross gearing 49.8%
Net gearing 46.0%
Management
Management group RP&C Intl
Annual fee n/a
Performance fee n/a
Key individual David Quint
Tel. +44 (0)20 7766 7000
E-mail nlucey@c-ml.com
Valuer -
Website www.pspiltd.com
Public Service Properties Investments Ltd
Company Summary
The investment property portfolio of Public Service Properties Investment Limited (PSPI) was valued at
approximately £197m as at December 31 2007. It has been substantially built up since 2001 and generates current
annual rental income in excess of £12m.
Portfolio Summary
The current investment property portfolio is held through various wholly-owned subsidiaries (the group) and
comprises 39 nursing and residential care homes, a school and resource centre for children and adults with special
learning needs and an assisted living business in the UK, four residential care homes in Germany, a residential care
home in Zurich and 140 post offices in the United States.
(£m)
USA Property 5.79 15.693
Investment Manager
Mr Quint is a co-founder and CEO of RP&C. Prior to founding RP&C in 1992, he served as managing director of Belden
& Blake Corporation’s United Kingdom subsidiary and as an attorney with Arter & Hadden. Mr Quint is a graduate of
the University of Notre Dame, where he received a degree in Modern Languages and a Jurisprudence Doctorate.

Autumn 2008 125
Listing Details
Bloomberg PUMA LN
Exchange AIM
ISIN GB00B0ZC7216
Domicile Guernsey
Investment Focus
Geography Germany
Strategy Investor
Current Trading
Price 44.00p
NAV date 31-Mar-08
NAV frequency H
Discount -66.4%
1.4
1.45
1.5
1.55
1.6
40
50
60
70
80
90
100
110
120
130
Assets
Cash €133.5m
% cash 17.1%
Loans €544.2m
Gross gearing 69.6%
Net gearing 52.5%
Management
Management group Shore Capital Group plc
Annual fee 0.4%
Key individual James Rosenwald
Tel. +44 (0)20 7408 4050
E-mail chris.ring@shorecap.co.uk
Valuer n/a
Website www.pumabrandenburg.com
Puma Brandenburg Ltd
Company Summary
Puma Brandenburg Limited (PUMA) is a Guernsey registered closed-ended investment company which was
established for the purpose of investing in German real estate. The company's primary objective is to generate
income and capital growth by acquiring, actively managing and selling real estate. The initial investment focus has
been Berlin, but PUMA also seeks attractive opportunities throughout Germany. Puma Property Advisors Limited, a
wholly owned subsidiary of Shore Capital Group plc, has been appointed as property investment advisor to the
company to advise, inter alia, on sourcing potential property acquisitions, arranging financing and property
management so as to enhance returns to shareholders.
Analyst’s Comment
It is pleasing to see that new bank loans can still be arranged in the current credit crisis. This should allow PUMA to
expand and frees up cash so it should be able to buy cheap assets from forced sellers. (29-Oct-08)
Portfolio Summary
PUMA has acquired 3,186 residential apartments, 233 commercial units and 8,159 car parking spaces, all of which are
freehold.
(€m)
Hotels 10.88 Cash & Fixed Interest - 9.30 69.7
Office 35.38 Germany Hotels 10.88 81.7
Property 29.93 Germany Office 35.37 265.5
Germany Property 29.93 224.7Shopping
Centres
14.51
Germany Shopping Centres 14.51 108.9
Investment Manager
Mr Rosenwald is a co-founder and the managing partner of Dalton Investments LLC, an asset management company
with US$1.2bn under management. He has more than twenty years’ experience of investing in the Pacific Rim. Mr
Rosenwald formerly co-managed Rosenwald, Roditi & Company Ltd, which he founded in 1992 with Nicholas Roditi,
and advised a number of Soros Group funds between 1992 and 1998. He commenced his investment career with the
Grace family of the United States at their securities firm Sterling Grace & Co. Mr Rosenwald is a CFA charter holder
and a director of numerous investment funds, as well as a member of the Los Angeles Society of Financial Analysts
and the CFA Institute. In addition to securities investments, Mr Rosenwald has invested in real estate since 1997. He
co-founded Beach Front Properties in California in February 1997, Grand River Properties in Shanghai in June 2003
and Dalton REIT 1 GmbH & Co. KG, which in 2005 acquired three investment properties in Berlin . Dalton REIT 1
GmbH & Co. KG is now closed to investors and Mr Rosenwald has contracted not to acquire any further properties for
this vehicle and not to compete with PUMA. Mr Rosenwald holds an MBA from New York University and a BA degree
from Vassar College.
Investment Strategy
PUMA’s strategy is to assemble a diversified German residential property portfolio displaying some or all of the
following characteristics: (a) generally located in good neighbourhoods and close to employment hubs; (b) of sound
structural condition; (c) substantially pre-let with mid-range rentals; (d) offering attractive yields and with strong
operating cash-flow histories; (e) incorporating retail and/or commercial space in addition to the residential space.
PUMA takes an opportunistic approach to investment, and does not necessarily limit investments to properties
which display all or any of the above characteristics where the directors believe that there is a good business case for
investment. The company holds its assets (or portfolios of assets) through separate SPVs, intended to utilise senior
debt, of approximately 80% of the aggregate property acquisition costs, with a view to generating an enhanced
return. The directors expect the property portfolio to have a gross yield greater than the company’s costs of medium-
term debt. As a result, they expect the capital structure to generate an enhanced return for investors and produce
positive cash on cash running returns. The company also seeks to generate increasing rental yields through active
management of the portfolio. Whilst PUMA holds properties on an investment basis, it also considers opportunities
to refinance or sell properties in due course in order to realise gains, through sales of individual apartments or
apartment blocks.

Autumn 2008 126
Listing Details
Bloomberg RUS LN
Exchange AIM
ISIN GB00B0D5V538
Domicile Guernsey
Investment Focus
Geography Russia
Strategy Developer
Sector Logistics
Current Trading
Price 29.25p
NAV date 30-Jun-08
NAV frequency H
Discount -75.4%
10
30
50
70
90
110
130
Aug-05 Aug-06 Aug-07 Aug-08
Assets
Cash US$317.0m
% cash 22.7%
Loans US$266.0m
Gross gearing 19.0%
Net gearing -3.6%
Management
Management group Raven Russia Property Mgt.
Annual fee 2% of gross asset value
Key individual Glyn Hirsch
Tel. +44 (0)20 7235 0422
E-mail k.savchenko@rrpfm.com
Valuer Jones Lang LaSalle
Website www.ravenrussia.com
Raven Russia Ltd
Company Summary
Raven Russia Limited (RUS) is a developer of logistics warehouses in Moscow, in the Russian interior and in Ukraine. It
does not sell-on completed developments, but holds them as investments.
Analyst’s Comment
The partnerships with local logistics builders and operators help to de-risk the development pipeline. RUS has a
dedicated finance team to arrange and secure financing for its projects. These put RUS above its two main
competitors – Eurasia and MLP – and we believe that RUS should become the leading pan-Russia logistics business.
The arbitrage between finance cost and property yield (7% vs 13%) is very attractive. Most of the interest rate risk
and rouble/dollar exchange rate fluctuation is fully hedged. We have no doubt that the 9p dividend target will be
met. Rents charged are below current market rents, so there is scope for improvement and increased cover of RUS
dividends. The development work in progress is held at cost so any uplift in valueof these projects is not reflected in
the current NAV: there is therefore a strong likelihood of future NAV growth too. The internalisation of its
management (w.e.f. 1Q09), where RUS changes from a fund to a trading company, will bring efficiencies and cost
savings. RUS plans to move from AIM to the main LSE market in 2Q09, which will widen investor awareness and
improve liquidity.
Portfolio Summary
35 projects, in 19 cities across Russia, Ukraine and Belarus with total commitment of $1.7bn. Seven investment
projects: valued at $490m, $48.4m rent p.a., 13.6% yield on cost, 9.9% yield on current value, 6.5 years average lease,
$118psm average rent; 12 development projects: total building area of 900,000m2 valued at $350m, total
commitment $1bn, 13.1% projected yield on cost. 16 land bank projects totalling 2 million m2 build area on 561ha.
Portfolio – Top Five Projects
Property City Area
(sq.m)
Commitment
(US$m)
Yield
(%)
Completion
Krekshino Moscow 118,924 115.6 11.7 Complete
Istra (ph1,2,3,4) Moscow 218,153 191.3 11.2 -
17.1
1Q09
Noginsk (ph 1,2,3) Moscow 297,534 136.5 11.2 4Q08
Shushary (ph.1,2) St Petersburg 141,856 133.4 12.6-
13.4
4Q08
Rostov on Don (ph.1,2) Russian Region 226,094 117.3 11.8 4Q08
Source: RUS at June 30 2008
Sector Projects Commitment
(US$m)
Value*
(US$m)
% Geography Projects %
Moscow 21 41Logistics
Investment
7 355.1 490.0 58
St Petersburg 5 13
Logistics
Development
12 997.9 350.0 42 Ukraine 1 6
Land Bank 16 119.1 - - Belarus 1 4
Total 35 1,472.1 840.0 100 Other Russia 17 36
Source: RUS at June 30 20/08. * Current market value.
Investment Manager
Currently, RUS is managed externally by Raven Russia Property Management and structured as an investment fund.
In early 2009 it will internalise its managers in return for consideration of £83m in cash and shares. Executive
directors of The Raven Group who are responsible for the property advice to RUS are Anton Bilton and Glyn Hirsch.
Other key managers will be Mark Sinclair, Adrian Baker and Toby Selman. Mr Hirsch is executive deputy chairman of
the Raven Group and will become CEO of RUS after the internalisation of the management. After qualifying as a
chartered accountant with Peat, Marwick Mitchell & Co. in 1985, he worked in the corporate finance department of
UBS (formerly Phillips & Drew) until 1995, and latterly as an executive director specialising in UK smaller companies.
From 1995 until 2001 Mr Hirsch was chief executive of CLS Holdings plc, the listed property investment company, a
former director of Citadel Holdings plc, the specialist French property investor, and former chairman of Property
Fund Management plc, the listed property fund management business. Mr Hirsch is a non-executive director of a
number of public and private companies including Liontrust Asset Management plc.
Investment Strategy
RUS’s strategy is to invest, for the long term, in freehold and leasehold property in Russia which offers the possibility
of attractive returns to its investors. RUS plans to create a portfolio yielding in excess of 13% on cost at a financing
rate of below 7%. This is likely to create substantial return for shareholders through dividend and capital
appreciation. The Russian business environment continues to improve and there is a strong need for investment in
logistics infrastructure. RUS is currently focused on construction, leasing and financing of its development and
investment projects. RUS has partnered with Megalogix, a builder of logistics warehouses, and with Avalon Logistics
(the third largest third party logistics provider in Russia) to run them.

Autumn 2008 127
Listing Details
Bloomberg RLE LN
Exchange AIM
ISIN GB00B014B855
Domicile UK
Investment Focus
Geography UK
Strategy Investor
Sector Commercial
Current Trading
Price 4.25p
NAV date 30-Jun-08
NAV frequency H
Discount -59.1%
Dividend yield -
0
2
4
6
8
10
12
14
16
18
20
Jun-04 Jun-05 Jun-06 Jun-07 Jun-08
Assets
Cash £21.6m
% cash 29.8%
Loans £34.5m
Gross gearing 47.6%
Net gearing 17.8%
Management
Annual fee n/a
Performance fee n/a
Key individual Paul Bassi
Tel. +44 (0)1923 776633
E-mail invest@reiplc.com
Valuer DTZ
Website www.reiplc.com
Real Estate Investors plc
Company Summary
Real Estate Investors plc (RLE) is a property investment company with interests in quality commercial and industrial
properties throughout the UK. Investments target medium sized commercial properties; the portfolio is diversified
by property type and tenant with the focus on the west Midlands and central England. The company’s principal
strategy is to invest in properties with strong tenant covenants and long leases.
(£m)
Investment Manager
Mr Bassi is chairman of Bond Wolfe and Bigwood, Chartered Surveyors, and of Kaupthing Singer Friedlander
(Midlands). He was the former regional chairman and strategy advisor to Coutts Bank (West Midlands) and a member
of the bank’s executive steering board. Mr Bassi is also director of the Birmingham Hippodrome and vice president of
the Birmingham Chamber of Commerce. As chief executive of RLE, Mr Bassi is responsible for group strategy and
planning, the day to day operation and development of the group and is a member of the remuneration committee.
Investment Strategy
The directors are of the opinion that the UK commercial property market will continue to attract investment and that
soundly financed properties, let to strong tenant covenants, will provide a competitive income yield with the
prospect of capital growth. RLE's strategy is to acquire properties with these characteristics. The company will
continue to focus on medium sized investment properties with a geographic concentration in the west Midlands and
central England.

Autumn 2008 128
Listing Details
Bloomberg REO LN
Exchange LSE
ISIN GB0030364995
Domicile Jersey
Investment Focus
Geography Dublin – London
Strategy Developer – Investor
Sector Commercial
Current Trading
Price 20.00p
NAV date 30-Jun-08
NAV frequency H
Discount -85.1%
10
30
50
70
90
110
130
150
170
Assets
Cash £57.3m
% cash 2.8%
Loans £1,449.2m
Gross gearing 71.0%
Net gearing 68.2%
Management
Management group Treasury Holdings
Annual fee 0.5%
Performance fee 3% over 7.5%; 4.5% over 10%
6% over 12.5%; 7.5% over 15%
Key individual John Bruder
Tel. +353 1 618 9343
E-mail jbruder@treasuryholdings.com
Valuer DTZ - CBRE
Website www.realestateopportunities.co.uk
Real Estate Opportunities Ltd (Ordinary Shares)
Company Summary
Real Estate Opportunities Limited (REO) is a developer of malls and offices in Dublin and the current owner of
Battersea Power Station. It is a split capital trust with ordinary shares (REO), zero dividend preference shares (REOZ),
and convertible unsecured loan stocks (REOA). REO owns a wide portfolio of distinctive and valuable properties in
Ireland and the UK. The company's investment and development portfolio includes land, properties and
developments in all of the major sectors of the property market including office, retail, residential and industrial.
Analyst’s Comment
REO’s ability to increase bank loans on its Battersea site and on its Dublin income producing properties shows that
the banks have confidence that the company has good assets and can deliver performance from them. The
fundamentals of the Dublin real estate market do not look good. However, the prospects are good for the Battersea
Power Station. The lengthy planning process means that approval may come at a time when the markets have
recovered, which should put a significantly higher valuation on the project. (Nov-17-08)
Property Location Value
(£m)
Sector
Merchant's Quay Cork >10 Shopping Centre
Stillorgan Dublin >10 Shopping Centre
Battersea Power Station London >10 -
The Pavillion Dublin >10 Retail - Residential
Montvetro Dublin >10 Office
Alto Vetro Dublin >10 Residential
Source: REO at June 30 2008
(£m)
Global Property 0.03 0.586
Ireland Property 69.6 1,259.855
Investment Manager
Mr Robert Tincknell (MD of Treasury Holdings UK and International) has worked extensively in the UK property
investment and development market spanning a period of over 20 years. He was previously managing director of the
Commercial Division at The Berkeley Group plc, one of the UK's largest developers. Mr Tincknell is a member of The
Executive Committee of The Academy of Urbanism.
Mr Bruder (MD of Treasury Holdings Ireland) has over 25 years’ experience in property and investment management
and was previously head of property with AIB Investment Managers Ltd. In 2001 he served as president of the Society
of Chartered Surveyors in Ireland. He has an MBA from University College Dublin.
On December 31 2007 certain changes were made in relation to the investment adviser used by REO. The Investment
Management Agreement between the company and INVESCO Asset Management Limited dated December 5 2006
in respect of the income portfolio was mutually terminated. Any future independent advice required by the
company will be obtained on an ad hoc basis. Treasury Holdings provide property management services and act as
investment adviser to the Global Portfolio and the Irish Property Portfolio. Treasury Holdings, an Irish property
company, is owned jointly by Richard Barrett and John Ronan, who have considerable experience of property
investment and development in Ireland and overseas. As at December 31 2007, the Treasury Group directly or
indirectly owned and/or operated a property portfolio of approximately €4.8bn.

Autumn 2008 129
Listing Details
Bloomberg RGI LN
Exchange AIM
ISIN GG00B1H11J88
Domicile Guernsey
Investment Focus
Geography Moscow
Strategy Developer
Current Trading
Price US$0.26
NAV date 30-Jun-08
NAV frequency H
Discount -98.4%
Dividend yield -
0
2
4
6
8
10
12
14
16
18
20
Dec-06 Jan-08
Assets
Cash US$91.0m
% cash 4.2%
Loans US$0.0m
Gross gearing 0.0%
Net gearing -4.2%
Management
Annual fee n/a
Performance fee n/a
Key individual Boris Kuzinez
Tel. +7 495 787 4690
E-mail info@rgi-international.com
Valuer DTZ
Website www.rgi-international-online.com
RGI International Ltd
Company Summary
RGI International Limited (RGI) is a property development and management company focused mainly on high-end
prime location residential, office and retail properties within central Moscow and the surrounding areas.
RGI creates exceptional properties. Great care is taken in choosing the right sites, usually situated in Moscow’s most
desirable areas, before architects of the highest calibre are recruited to realise RGI’s vision for the development. Once
building work has started, only the best materials are used for both the interior and the exterior. Whether for
residential, office or retail use, the finished property will be characterised by light, space, the quality of the finish and
the unique design.
The company’s activities cover most areas of the development process, from identifying prime sites to zoning,
relocations, architecture/design, project management, project finance and sales/marketing.
Analyst’s Comment
We would have expected a larger increase in NAV than this, given the high growth in Russia. We suspect the muted
performance is because of the early stage of most of its developments. As more projects progress to later stages, the
risk premia should fall and valuations should increase. The figures for the end of 2008 (released three months later)
will include one more completed project. Post the military action in Georgia, investors have been selling Russian
securities regardless of underlying assets. We expect the Russian economy to be one of the top three in the world
and the real estate sector to be one of the beneficiaries of this growth. The shares of RGI are currently on 73%
discount.
Project Sector Status Completion GIA
(sq.m)
Value at
30/6/8 (US$m)
Khilkov Residential Concept 2010 32,000 118.9
Zemlianoy Office Concept 2009 10,491 39.2
Kingston Residential Concept 2010-2012 1,613,327 536.1
Chelsea Mixed Use Concept 2010-2012 263,000 735.8
Victory Park Residential Concept 2010 70,000 211.9
Media City Office Concept 2010 86,440 109.5
Dream Office Concept 2009 21,274 56
Source: RGI at June 30 2008
Sector Properties Area
(sq.m)
Current Value
(US$m)
Value at Completion
(US$m)
%
Office 4 129,005 236.6 656.0 11
Residential 4 1,716,706 892.2 3,878.3 44
Mixed-Use 1 263,000 735.8 2,738.6 36
Retail 1 38,653 196.2 302.5 9
Total 10 2,147,364 2,060.8 7,575.4 100
Source: RGI at June 30 2008
Investment Manager
Mr Kuzinez, chief executive, was appointed as a director on November 23 2006. He migrated from Latvia to Israel in
1971, relocating to Russia in 1990 when he established Einav Limited, a Russia based logistics and trading company.
Mr Kuzinez commenced his Moscow property development business in 1993. Since 1995, this business has focused
on the development of high-end office, retail and residential properties situated in prime locations in Moscow. Due
to his reputation for building high-end developments in the Moscow real estate market, Mr Kuzinez is regularly
approached by third parties, and therefore expects to be instrumental in sourcing attractive development
opportunities for the group in future.
Investment Strategy
RGI’s overall strategy is to strengthen its position as one of the leading developers of high-end properties in Moscow
and the surrounding areas. The group is currently in the process of developing ten projects, all of which are expected
to be completed between 2008 and 2012, and intends to achieve successful and timely completion of these
developments.

Autumn 2008 130
Listing Details
Bloomberg RUGB LN
Exchange LSE
ISIN GB00B1VVM685
Domicile UK
Investment Focus
Geography UK
Strategy UK REIT
Sector Commercial
Current Trading
Price 29.75p
NAV date 30-Jun-08
NAV frequency H
Discount -66.2%
Dividend yield -
20
30
40
50
60
70
80
90
100
110
May-07 May-08
Assets
Cash £15.1m
% cash 18.0%
Loans £29.2m
Gross gearing 34.8%
Net gearing 16.8%
Management
Management group Rugby Asset Mgt.
Annual fee 1%
Key individual David Tye
Tel. +44 (0)20 7016 0051
E-mail david.tye@rugbyestates.plc.uk
Website www.rugbyreit.co.uk
Rugby Estates Investment Trust plc
Company Summary
Rugby Estates Investment Trust plc (RUGB) is a public limited company established to take advantage of the recently
introduced REIT regime in the UK. The group is assembling a portfolio of investment properties in the UK principally
through the acquisition of privately owned property investment companies. RUGB is advised by Rugby Asset
Management Limited (RAM) in relation to the aquisition of property investments. RAM also advises RUGB on the
development, management and disposal of its property portfolio. RAM, its parent company, Rugby Estates plc, and
their respective directors have considerable experience of property investment and management and maintain close
relationships with existing land owners and the real estate community generally throughout the UK.
Analyst’s Comment
We have said before that we believe that, given the current downturn in UK properties, private individuals are
unlikely to want to sell their property portfolios to Rugby Estates Investment Trust (RUGB) as the tax saved (using the
REIT rules) will not be enough to compensate for the loss of value. We do not expect RUGB to acquire any more
portfolios for some time. RUGB’s announcement on November 19 2008 confirms our expectations. (Nov-20-08)
Portfolio Summary
Interim management statement for nine months to September 30 2008: poor UK property market means that RUGB
has not been able to agree new acquisitions and there are no transactions are under negotiation; £14.1m bank loan;
47% LTV (vs 65% covenant); 220% interest cover (vs 135% covenant).
Property Location Sector Value
(£m)
Stanford House, Long Acre London Retail Office 20-25
Nonsuch Industrial Estate Epsom Industrial 5-10
Datapoint, Cody Road London Industrial 5-10
Briggate Leeds Retail 5-10
Newtonabbey Business Park Belfast Industrial 2.5-5
Austin Friars London Office 2.5-5
(£m)
Commercial 39 Cash & Fixed Interest - 8.96 7.250
Industrials 42 UK Industrials 37.68 30.497
UK Office 16.80 13.600Office 19
Investment Manager
Mr Tweeddale-Tye (b.1953) is executive chairman of Rugby Estates and director of the property adviser. He is a
chartered surveyor, a founder director of Rugby Estates and is responsible for Rugby Estate’s strategy and property
initiatives. Prior to joining Rugby Securities Limited, part of the Hillsdown Holdings Group, in 1980, Mr Tweeddale-
Tye worked for Norwich Union and Druce & Co. Rugby Securities Limited and Rugby Estates were associated
companies until the flotation of Rugby Estates in 1994.
Investment Strategy
The directors believe that the costs of direct property acquisitions are typically between 5.5%-6% of the
consideration paid, comprising 4% SDLT plus legal, agency and other due diligence costs. The costs of acquiring
companies are expected to be around 2%-2.5% of their enterprise value, comprising 0.5% stamp duty on the
consideration for shares plus legal, agency and other due diligence costs. Together with the HMRC entry charge of
2%, this brings the total costs of corporate acquisitions to approximately 4%-4.5% of their enterprise value. However,
in view of the potential to extinguish latent tax liabilities, the directors anticipate that many of these costs of
acquiring corporate entities may be able to be covered through a reduction in the price agreed for the shares in the
companies. Whilst the majority of properties acquired through the acquisition of companies (or acquired directly)
will be income producing (and, following RUGB’s conversion to REIT status, such income will be tax exempt), the
creation of value through development or refurbishment is also actively pursued. It is expected that the majority of
development and refurbishment opportunities will arise through the active management and re-evaluation of the
properties acquired. There are certain restrictions imposed by the REIT regime on development activities of RUGB,
with which the company intends to comply in full.

Autumn 2008 131
Listing Details
Bloomberg RTY LN
Exchange LSE
ISIN GB00B124YN79
Domicile Guernsey
Investment Focus
Geography Europe
Strategy Investor
Sector Commercial
Current Trading
Price 7.38p
NAV date 30-Jun-08
NAV frequency H
Discount -89.9%
0
10
20
30
40
50
60
70
80
Dec-06 Jan-08
Assets
Cash £27.9m
% cash 4.8%
Loans £387.2m
Gross gearing 67.3%
Net gearing 62.4%
Management
Management group Rutley Capital Partners
Annual fee 2%
Performance fee -
Management notice period 12 months
Key individual Nick Burnell
Tel. +44 (0)20 7861 1174
E-mail nick.burnell@rutleycapitalpartners.com
Valuer CBRE; King Sturge
Website www.rutleyeuropean.com
Rutley European Property Ltd
Company Summary
Rutley European Property Limited (RTY) and its subsidiaries (the group) constitute a core plus commercial real estate
fund with a primary geographical focus on central and western Europe
Analyst’s Comment
RTY is close to breaching its bank loan covenants. If it does so, we do not think this will lead to the bank forcing the
company to sell assets quickly. Instead we presume that the bank will require increased income cover on its interest.
This may lead to a cut in dividend. RTY is still highly geared and we expect property values to continue to fall. This
will lead to a geared fall in the NAV per share. (Nov-20-08)
Portfolio Summary
Interim management statement covering period from 1/7/08 to 19/11/08: portfolio of 57 properties, valued at
£512.5m; down 2.9% in sterling terms (or down 3.4% in euros) in 3M; revenue increased by 0.92%; vacancy is falling
after renewed marketing initiatives; currently working on disposals scheduled for 2009; a proposed purchase was
cancelled; dividend policy under review; gearing 68% (debt to gross assets; loan to value (LTV) is 75.4%; maximum
LTV covenant is 76.6%; to date no loan is in breach.
Property Net Assets
(%)
Karolinen 2, Karlstad 33.28
Buma Square, Krakow 29.79
Mosse Zentrum 2, Berlin 29.02
Mosse Zentrum 1, Berlin 16.59
Arnulfstrasse 13.63
Schildgasse, Rheinfelden 12
50 Kinkeler Strasse 11.34
Source: RTY at June 30 2008
(£m)
Belgium Office 2.64 14.600
France Office 2.06 11.400
Germany Office 26.04 144.200
Germany Shopping Centres 23.22 128.600
Netherlands Office 5.16 28.600
Poland Office 10.33 57.200
Investment Manager
Mr Burnell has over 20 years’ experience in corporate and structured finance, during which his prime focus has been
to advise on and execute the financing of risk. He has held senior positions at leading investment banks in London
and New York, including Morgan Grenfell, Deutsche Bank and Bank of Tokyo Mitsubishi. Mr Burnell’s experience
working with institutional, corporate and sovereign clients in both OECD and emerging markets includes corporate
advisory work and acquisition, limited recourse, tax-based and off-balance-sheet financing, involving a
comprehensive range of financing and hedging products from the banking and capital markets. His experience
includes day-to-day management of a loan book of approximately £1.5bn. Mr Burnell has been involved in real
estate financing activity since the mid-1980s when he participated in the financing of the Butler’s Wharf
development in London for Morgan Grenfell. He was a founding partner of RCP and led the establishment and
subsequent stock market listing of RTY.
Investment Strategy
RTY focuses its investment activities in European property markets, including Germany, Poland, the Czech Republic,
Hungary, Belgium, Switzerland, the Netherlands, France, Luxembourg, Spain, Portugal, Italy, Russia, Austria, Greece
and other eastern European countries. It seeks to identify assets that offer prospects of rental growth and yield
compression, enhanced, where possible, through programmes of active asset management.

Autumn 2008 132
Listing Details
Bloomberg SGRO LN
Exchange LSE
ISIN GB00B1YFN979
Domicile UK
Investment Focus
Geography Europe
Strategy UK REIT
Sector Commercial
Current Trading
Price 207.00p
NAV date 30-Jun-08
NAV frequency H
Discount -66.8%
200
300
400
500
600
700
800
Assets
Cash £265.3m
% cash 4.9%
Loans £2,395.1m
Gross gearing 44.0%
Net gearing 39.1%
Management
Annual fee n/a
Performance fee n/a
Key individual Ian Coull
Tel. + 44 (0)1753 53 7171
E-mail n/a
Valuer -
Website www.segro.com
Segro plc
Company Summary
Segro plc (SGRO) is a property investment and development company focused on the provision of flexible business
space in Europe. Headquartered in the UK, SGRO has a listing on the LSE and on the Euronext in Paris. SGRO is
Europe’s leading provider of flexible business space and one of the largest REITs in the world. The company serves a
diversified customer base of around 1,700 customers, operating across a wide range of sectors and representing
both small and large businesses, from start-ups to global corporations.
Analyst’s Comment
This is such a large company with a spread of tenants across Europe that its news can be used as a bellwether for the
sector as a whole. Current trading is good, but the sentiment is negative over the coming months. SGRO itself has a
good level of cash and debt levels seem healthy. The company is being cautious and will not start speculative
developments: instead it will continue to generate cash from disposals. (Nov-06-08)
Property City Lettable
Space (sq.ft)
Value
(£m)
Initial Yield
(%)
Slough Trading Estate - 615,538 1,024.0 6.4
Winnersh Triangle Reading 105,091 168.6 7.9
Heywood Distribution Park Manchester 249,547 158.6 6.4
North Feltham Trading Estate Feltham 79,605 150.4 5.1
Woodside Industrial Estate Dunstable 141,868 95.8 7.1
Source: SGRO at June 30 2008
Sector UK
(%)
UK Lettable
Space
(sq.ft)
UK Value
(£m)
EU
(%)
EU
Lettable
Space
EU Value (£m)
Industrial 84 2,113,632 2,236.4 27 443,477 367.7
Logistics 7 169,236 102 68 1,298,85
7
603.0
Office 7 193,145 503.6 4 104,917 175.5
Retail 2 36,664 135.2 1 22,979 20.1
Total 100 2,512,677 2,977.2 100 1,870,23
0
1,166.3
Source: SGRO at June 30 2008
Investment Manager
Appointed as chief executive on January 1 2003, Mr Coull is also on the London Regional Board of Royal & Sun
Alliance and chairs the British Property Federation’s (BPF) REIT task force, having been president of the BPF from June
2005 until July 2006. Prior to joining the company, he was a director at J Sainsbury plc and held board and senior
management positions at Ladbrokes, Texas Homecare and Cavenham Foods. Mr Coull is a fellow of the Royal
Institution of Chartered Surveyors.
Investment Strategy
SGRO’s strategy for value creation is an active approach to asset management, with strong customer focus and
proactive leasing as well as capital recycling and ongoing refurbishment and redevelopment of its buildings.

Autumn 2008 133
Listing Details
Bloomberg SGLV LN
Exchange AIM
ISIN KYG8059T1022
Investment Focus
Geography Vietnam
Strategy Developer
Sector Residential
Current Trading
Price US$2.40
NAV date 30-Sep-08
NAV frequency Q
Discount -7.3%
Dividend yield -
2.4
2.5
2.6
2.7
2.8
2.9
3
3.1
3.2
Oct-07 Oct-08
Assets
Cash US$28.3m
% cash 98.6%
Loans US$0m
Gross gearing 0%
Net gearing 98.6%
Management
Management group SGL Capital Inv. Mgt.
Annual fee 2%
Performance fee 20% of NAV increase over 8%
Key individual George Goh
Tel. +(65) 6543 5805
E-mail n/a
Valuer
Website www.sglvietnam.com
SGL Vietnam Development Ltd
Company Summary
The exclusive activity of SGL Vietnam Development Limited (SGLV) is to hold project companies that will engage in
property investment and development, primarily in Vietnam. SGLV has appointed SGL Capital Investment
Management Limited as its investment manager to manage its property portfolio and to procure new investment
opportunities. The company and the investment manager have access to an established network in Vietnam and
have secured agreements with local partners who have land use and development rights in several key Vietnamese
cities.
Analyst’s Comment
SGLV has not made an investment since launch one year ago and is sitting on US$27.7m in cash and recently
announced (15/8/08) that it is considering winding-up and returning cash to investors. Today (29/10/08) it has
announced it is still unable to find investments. We expect this to wind-up & return cash to investors.
(US$m)
Vietnam Property 2 0.5
Investment Manager
Mr Goh, a Singapore citizen, is an entrepreneur and has co-founded, with his brothers, several companies that are
now listed on the SGX stock exchange. He is currently the chairman and executive director of SGX-listed Internet
Technology Group, an investment holding company, as well as the executive director of SGX-listed VGO Corporation
Limited, a company he founded in 2002 which distributes and sells sporting goods and apparel. Mr. Goh founded
SGX-listed Ossia International Limited, a company with business interests in property, lifestyle product marketing
and distribution and internet operations. He also acts as a non-executive director of United Envirotech Limited, an
SGX-listed water engineering company which he founded in 2003, and Pertama Holdings Limited, an SGX-listed
retailer that operates the ‘Harvey Norman’ chain of stores in Southeast Asia. Key real estate development projects on
which Mr. Goh has worked include London Point West (luxury residential cum commercial development in South
Kensington, London, comprising about 46,451 sq.m), Newton Development (luxury residential development in
Singapore), Ossia Building (office cum logistic development in Singapore) and Zhejiang Industrial Zone (70,000 sq.m
in Zhejiang Province of China). He is currently involved in the development of two projects in China: Nanchang-
Singapore Industrial Hub (333,000 sq.m) and Nanchang City Mix Development (135,000 sq.m) in Jiangxi Province. Mr.
Goh, along with his two brothers, were awarded the Singapore Entrepreneur of the Year Award in 1994.
Investment Strategy
The principal activities of SGLV are to invest exclusively in the property market, primarily in Vietnam, focusing on
projects in the office, retail, leisure, residential and hospitality segments. The directors believe the company’s
competitive strengths lie in its attractive prospective investment opportunities, its relevant real estate and Vietnam
experience and superior local knowledge through advisors, as well as it key investment strategy which focuses on
maximising returns and capital appreciation.

Autumn 2008 134
Listing Details
Bloomberg SHB LN
Exchange LSE
ISIN GB0007990962
Domicile UK
Investment Focus
Geography UK
Strategy UK REIT
Current Trading
Price 275.00p
NAV date 31-Mar-08
NAV frequency H
Discount -52.4%
240
340
440
540
640
740
Assets
Cash £182.0m
% cash 13.5%
Loans £508.4m
Gross gearing 37.8%
Net gearing 24.2%
Management
Annual fee n/a
Performance fee n/a
Key individual Jonathan Lane
Tel. +44 (0)20 7333 8118
E-mail shaftesbury@shaftesbury.co.uk
Valuer -
Website www.shaftesbury.co.uk
Shaftesbury plc
Company Summary
Shaftesbury plc (SHB) is a UK REIT (w.e.f. 1/4/07) that invests in London’s West End: over 400 properties in Chinatown,
Covent Garden, Carnaby Street, Seven Dials and, of course, Shaftesbury Avenue. These districts within the West End
have an enduring demand from occupiers and popularity with their customers. All investments are close to the
unique cluster of shops, restaurants, theatres, cinemas and world-class galleries, museums and historic sites which
are the essence of London’s West End.
Analyst’s Comment
The Company’s prime sites with mixed-use should provide some resilience to this portfolio, but the high exposure to
consumer retail sectors will undoubtedly mean its tenants will be hit by the recession and expected consumer
slowdown, which could last well into 2009. This will be compounded by the expected increase in supply of vacant
space leading to falling rents. We do not expect the opening of the new Westfield Mall in White City to affect footfall
in SHBs properties. The ongoing redevelopment around the southern end of Regent Street (the Crown Estate’s
Quadrant Scheme costing £500m and covering 2.2ha) should improve SHB’s Carnaby Street properties, when the
scheme completes.
SHB typically buys properties with low initial income, which is often further reduced in the short term as a result of its
deliberate policy of securing vacant possession in advance of refurbishment and re-letting. There is thus plenty of
scope for rent increase as refurbished property is re-let. SHB is committed to increasing its dividends to reflect the
underlying growth in income. (Dec-03-08)
Property Market Value
(£m)
Market Value
(%)
Current Gross
Income (£m)
ERV
(£m)
Carnaby Street 528.1 40 23.6 31.9
Covent Garden 367.3 28 16.8 20.6
Chinatown 330.9 25 15.7 17.4
Charlotte Street 28.8 2 1.4 1.6
Longmartin 74.7 5 1.1 7.5
Total 1,329.8 100 58.6 79.0
Source: SHB at October 07 2008
Property Number Area
(sq. ft)
Current Gross
Income (%)
ERV
(%)
Vacancy
Rate
Shops 299 377,000 0.41 44 7
Restaurants 161 404,000 0.29 27 5
Offices 327 417,000 0.23 23 7
Residential 271 186,000 0.07 6 1
Total 1058 1,384,000 - - -
Source: SHB at October 07 2008
Investment Manager
Mr Lane, chief executive, joined SHB in 1986 as managing director and was appointed to the board on November 3
1986. He has overall responsibility for the group’s strategy and day-to-day operations.
Investment Strategy
SHB’s strategy is very clear and focused. The group invests only in those districts within London’s West End which
have an enduring demand from occupiers and popularity with their customers. These districts all have excellent
access to a wide choice of public transport both day and night. SHB invests in locations close to streets traditionally
regarded as prime with the aim of assembling clusters of buildings or villages where it sees opportunities to create
rental growth. This approach allows the group to benefit from active estate management across these locations, with
bold projects and innovative changes of use. A wide range of unit sizes and uses is included within SHB’s portfolio,
which provides the group with great flexibility in meeting the needs of tenants and adapting to changing conditions.

Autumn 2008 135
Listing Details
Bloomberg SRE LN
Exchange AIM
ISIN GG00B1W3VF54
Investment Focus
Geography Germany
Strategy Investor
Sector Commercial
Current Trading
Price €0.18
NAV date 31-Mar-08
NAV frequency H
Discount -81.2%
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1
1.1
May-07 May-08
Assets
Cash €49.5m
% cash 11.2%
Loans €137.2m
Gross gearing 31.0%
Net gearing 19.8%
Management
Management group Principle Capital Sirius RE
Asset Mgt.
Annual fee 0.5%
Key individual Kevin Oppenheim
Tel. +44 (0)797 382 1008
E-mail koppenheim@siriusfacilities.com
Valuer -
Website www.sirius-real-estate.com
Sirius Real Estate Ltd
Company summary
Sirius Real Estate Limited (SRE) is a property investment company focused on business parks, offices and industrial
complexes across Germany. SRE invests in large mixed-use commercial real estate suitable for upgrading into flexible
workspaces for leasing to small and medium enterprise businesses on a nationwide basis in Germany. SRE is
externally managed by Principle Capital Sirius Real Estate Asset Management Limited. The portfolio management
services are provided by Sirius Facilities GmbH, a property management company.
Investment Manager
Mr Oppenheim has twelve years of experience in the UK property market, having previously worked in the City,
funding commercial and residential developments and investments. In 1999, Mr Oppenheim co-founded Saturn,
where he was responsible for all of the site acquisitions and overall group strategy. He entered the German market
two years ago and has assembled the initial portfolio. As chief executive of the asset manager, Mr Oppenheim is
responsible for all commercial negotiations regarding property acquisitions/disposals, major lease negotiations, fund
raising and group strategy.
Investment Strategy
SRE’s principal objective is to generate total returns for shareholders through the payment of semi-annual dividends
and NAV growth, primarily through capital appreciation in, and rental income from, the company’s portfolio. It seeks
to achieve this by investing in a portfolio of commercial real estate assets in Germany, with a primary focus on
offices, business parks and industrial complexes. The company’s target payout ratio is 60% to 80% of its recurring
profit. DDS intends to increase its portfolio size from €206m after the acquisition of the initial portfolio to up to
€750m over the next 12 to 18 months.

Autumn 2008 136
Listing Details
Bloomberg SAPO LN
Exchange AIM
ISIN GB00B16GQJ90
Investment Focus
Geography South Africa
Strategy Investor
Current Trading
Price 40.50p
NAV per share 0.00
NAV date 30-Jun-08
NAV frequency H
Discount -
Dividend yield -
30
40
50
60
70
80
90
100
110
120
Assets
Cash £40.6m
% cash 60.5%
Loans £2.0m
Gross gearing 3.0%
Net gearing -57.5%
Management
Management group Proteus Property Advisors
Key individual Brian Myerson
Tel. +44 (0)20 7240 3222
E-mail anne.dalen@princapital.com
Valuer n/a
Website www.sapro.com
South African Property Opportunities plc
Company Summary
South African Property Opportunities plc (SAPO) is one of the Principle Capital family of funds. It is a closed-end fund
with the investment objective of achieving capital growth from an opportunistic portfolio of real estate assets in the
Republic of South Africa.
Portfolio – Largest Projects
Project Sector Share
Holding
(%)
Investment
Commitment
(£m)
Development
Cost
(£m)
Completion
Date
African
Renaissance
Mixed-Use 65 6.1 187.7 2016
Longmeadow Mixed-Use 49 5.8 151.7 2012
Gosforth
Business Estate
Industrial 75 6.1 43.7 2014
Lenasia Mixed-Use 100 7.1 39.3 2011
Kyalami
Residential
Residential 75 2.0 18.4 2012
Driefontein
Residential
Residential 85 2.8 17.6 2013
Source: SAPO at December 31 2007
(£m)
Mixed-Use 29.49 South Africa Industrials 50.39 37.656
Industrials 32.37 South Africa Property 38.37 28.675
Residential 38.14 South Africa Shopping Centres 2.54 1.900
South Africa Housing 10.41 7.778
Investment Manager
Mr Myerson is CEO of the Principle Capital group, which he founded in November 2004, and joint chairman of the
investment manager. Mr Myerson co-founded Active Value in 1993 and, through the Active Value and Principle
Capital groups, has been a pioneer in activist investing in the UK, Continental Europe and South Africa. He is South
African and retains strong links to South Africa, where he has invested personally in a number of property
developments. Mr Myerson has been on the boards of several UK property companies, including Greycoat plc (1994
to 1996) and Marylebone Warwick Balfour Group plc (MWB) (2002 to 2005), where he was chairman. When he joined,
MWB had gross assets of £650m and owned major property and hotel interests (including the Malmaison Hotel
Group) in the UK, as well as a Europe-wide serviced offices business and a majority interest in Liberty plc, the UK
department store. Mr Myerson oversaw two full refinancings of MWB together with a major asset disposal plan,
which resulted in the equity market value of MWB increasing from £90m in March 2002 (when his appointment was
announced) to £170m as at November 30 2005 (when he stepped down). Mr Myerson remains on the board of
Liberty plc, of which the Principle Capital Group has the right to joint board control with MWB. Mr Myerson holds a
Bachelor of Commerce degree and LLB from the University of Witwatersrand in Johannesburg.
Investment Strategy
SAPO invests primarily in greenfield developments, including large mixed-use sites targeted to meet the demands of
increased urbanisation, as well as residential developments targeted mainly at providing housing and amenities for
the emerging middle class. Investments have initially been focused around South Africa's economic hub, Gauteng,
but also cover KwaZulu Natal (Durban). In addition, SAPO is now investigating opportunities in the Cape. SAPO may
also invest in special situation corporate opportunities where potential is perceived to generate returns from
underlying property portfolios.

Autumn 2008 137
Listing Details
Bloomberg SVN LN
Exchange AIM
ISIN GB0008467432
Domicile UK
Investment Focus
Geography UK
Strategy Investor
Sector Residential
Current Trading
Price 157.50p
NAV date 30-Apr-08
NAV frequency H
Discount -51.1%
Dividend yield 2%
150
200
250
300
350
400
Apr-04 Apr-05 Apr-06 Apr-07 Apr-08
Assets
Cash £0.2m
% cash 0.2%
Loans £25.6m
Gross gearing 31.6%
Net gearing 31.3%
Management
Management group -
Annual fee n/a
Performance fee n/a
Key individual Graeme Marshall
Tel. +44 (0)1234 356300
E-mail IR@sovereign-reversions.co.uk
Valuer -
Website www.sovereign-reversions.co.uk
Sovereign Reversion plc
(£m)
UK Housing 109.01 77.900
Investment Manager
Mr Marshall, chief executive, has been instrumental in formulating and implementing the strategy of Sovereign
Reversion plc (SVN) since his appointment in 1999. He has worked full time in the home reversions industry since
1997 and was managing director of Home & Capital Trust Limited from 1998 until October 2003. He is a deputy
chairman of SHIP and chairman of its reversions board. Prior to his involvement in home reversions, Mr Marshall
qualified as a chartered accountant with KPMG and spent seven years with that company, followed by 15 years in
finance and corporate development roles.
Investment Strategy
SVN aims to increase its portfolio of equity release assets through a combination of regular investments in new home
reversions arranged through the Home & Capital Group, as well as acquiring portfolios in the secondary market if
opportunities arise and using gearing to enhance returns . In building its portfolio, SVN seeks to achieve a broad
geographical spread to minimise exposure to market cycles and a balanced age profile to sustain cash flows.

Autumn 2008 138
Listing Details
Bloomberg SPNV LN
Exchange AIM
ISIN NL0000686319
Investment Focus
Geography Italy
Strategy Investment and Development
Sector Commercial
Current Trading
Price €7.13
NAV date 30-Jun-08
NAV frequency H
Discount -54.9%
0
2
4
6
8
10
12
14
16
18
20
Assets
Cash €87.9m
% cash 10.4%
Loans €469.6m
Gross gearing 55.8%
Net gearing 45.3%
Management
Management group Pirelli Real Estate
Annual fee 0.85% (min. €0.88m pa)
Performance fee€16m for €8-€10 per share return
Management notice period after Dec 2010
Key individual Fabrizio Lauro
Tel. +39 02 6442 50844
E-mail n/a
Valuer CBRE
Website www.spazioinvestment.com
Spazio Investment NV
Company Summary
Spazio Investment NV (SPNV), incorporated on November 22 2005, is a Dutch holding company which manages and
supervises real estate businesses and companies and invests in units of real estate funds. Prior to its IPO the company
was indirectly owned by Pirelli & C. Real Estate S.p.A. and Cypress Grove International. E L.P. and Cypress Grove
International. D L.P. who, together with their affiliates, have built a leading Italian industrial real estate platform,
combining income producing assets and significant development opportunities.
SPNV is externally managed by Pirelli RE Netherlands B.V., which is a wholly-owned subsidiary of Pirelli RE, the largest
listed real estate company in Italy based on market capitalisation. The company has an experienced board of five
directors, chaired by John Duggan, three of whom are independent.
Initially, SPNV’s only asset was its direct 100% ownership of the units of an Italian closed-end real estate fund called
‘Spazio Industriale’ authorised and regulated by the Bank of Italy and managed by Pirelli & C. Real Estate Società di
Gestione del Risparmio S.p.A., a wholly owned subsidiary of Pirelli RE. The company monitors the performance of the
fund manager in executing the investment strategy and in managing the fund’s investment and development
properties. According to the fund’s rules, the company has appointed an advisory committee which is entitled to
express a binding opinion on, inter alia, the acquisition, redevelopment or disposal of individual properties or
portfolios of the fund.
Analyst’s Comment
In response to an uncertain economic outlook and a volatile real estate market SPNV plans to implement an
acceleration of its business plan to maximise shareholder value and cash returns within a defined timeframe. It has
already paid out €49m in dividends and bought back €35m of shares. We expect to see this continue, possibly
funded by asset sales. The company has only two development projects and under the new proposals it will not take
on any more. It is ourview that this will limit the potential for future NAV growth.
Property Portfolio
(%)
Net Assets
(%)
Value
(€m)
Telecom Italia Portfolio 84.57 90.93 355.0
Prada Portfolio 22.15 23.82 93.0
Eastgate Park 18.56 19.95 77.9
Enel Portfolio 18.53 19.93 77.8
Sedici Portfolio 7.36 7.91 30.9
ACC Portfolio 5.84 6.28 24.5
BSL Portfolio 5.72 6.15 24.0
(€m)
Italy Property 93.61 757.500
Investment Manager
Fabrizio Lauro (CFO and COO of SPNV), who holds a degree in Economics from the University of Genoa, began his
professional career with Morgan Stanley London in 1998. He subsequently worked for General Electric for over eight
years where he held positions of increasing responsibility in the finance and corporate M&A functions at European
level. In 2003 he was appointed CFO of GE Real Estate Italia and in 2006 he became the head of European asset
management of a large American special opportunity fund. Mr. Lauro joined Pirelli RE in December 2007 as director,
advisory and acquisitions, as well as CFO and COO of Spazio Investment NV.
Investment Strategy
The key elements of SPNV’s investment strategy include the enhancement of rental and capital growth through
active portfolio management of the fund’s income producing assets, including by way of refurbishment,
redevelopment or reconversion activities at the end of the lease period. It achieves value-added capital appreciation
by pursuing selected development opportunities in the Italian light industrial and logistics real estate sector. The
company pursues a disciplined acquisition strategy focused on income producing properties in the Italian light
industrial and logistics real estate sector, and maintains a strong balance sheet through the use of appropriate
financing strategies and debt levels. In September 2008 SPNV intruduced an accelerated three year disposal plan: to
sell €140m in 2008 and €310m in 2009-2010.

Autumn 2008 139
Listing Details
Bloomberg SDIC LN
Exchange AIM
ISIN IM00B1W65B86
Investment Focus
Geography Germany
Strategy Investor
Sector Residential
Current Trading
Price €0.16
NAV date 30-Jun-08
NAV frequency H
Discount -86.9%
Dividend yield 52%
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
Assets
No. of properties/projects 1,148
Cash €103.3m
% cash 5.2%
Loans €1,183.4m
Gross gearing 59.5%
Net gearing 54.3%
Management
Management group Speymill Group
Annual fee 0.65%
Management notice period 1yr (after 30/6/2010)
Key individual Floris van Dijkum
Tel. +44 (0)20 7659 0765
E-mail f.vandijkum@speymill.com
Valuer DTZ
Website www.sdic.co.im
Speymill Deutsche Immobilien Company plc (Combined)
Company Summary
Speymill Deutsche Immobilien Company plc (SDIC) is an investment fund that invests in the German property market
and predominantly in the residential sector. It had two share classes (ordinary shares and C shares) and two separate
portfolios: the C shares converted to ordinary shares on October 16 2008. The combined portfolio has over 26,000
apartment units in 1,000 buildings, a sizeable proportion of which are located in and around the 15 largest German
cities. A typical building owned has 10-25 apartments of middle B class residential status. SDIC believes that German
residential values in its portfolio, which are currently 40% below rebuilding cost (excluding any value for land), will
converge with the cost of construction in the medium to long term.
Analyst’s Comment
It is clear that there will be a lot of selling of commercial property in Germany – triggered both by redemptions from
retail open-ended funds and also from the fire sale of Lehman’s property portfolio. However, the German residential
market seems to be more resilient. This is where SDIC invests. SDIC has a well-spread and diversified portfolio. It is
not dominated by single large properties. Unlike its commercial real estate peers it is not susceptible to the
struggling retail real estate sector. Furthermore, its portfolio of B class residential properties should be safer than the
expensive top class properties if there is a sustained downturn in the economy. We expect increase in revenues,
dividends and valuation and a decrease in LTV. Fears about high LTV may be putting off investors and may be the
reason why the shares currently trade on 90% discount. Current level of cash equates to €0.16 p/share. The shares are
currently trading at a the same level as the cash position! SDIC plans to move up from AIM to a main market which
should increase awareness of SDIC and attract buyers. The fundamentals of the portfolio are sound and it is well
managed. We expect the share price to improve significantly. (Dec-03-08)
Portfolio Summary
Annual results to June 30 2008 plans to merge ordinary share and C share portfolios; combined property value of
€1.5bn; 26,000 apartments; 6.4% rental yield; 80% LTV; borrowings of €1.2bn; may move from AIM to main. As at
June 30 2008 the combined net assets were €420m and NAVs per share were €1.2201 and €0.8514 for the ordinary
share and C share respectively. (Oct-16-08)
Portfolio
Location Units Value
(€/sq.m)
Avg. Owner Occupier
Valuation (%)
SDIC Rent
(€/sq.m)
Rental
Upside (%)
Berlin 2,039 989 59.3 5.85 -
Leipzig 1,191 1,114 7.7 4.58 6.1
Dusseldorf 683 1,204 59.9 6.47 6.8
Hamburg 487 1,691 - 6.47 3.7
Frankfurt 423 809 125.6 7.71 14.7
Munich 324 2,150 51.2 9.60 6.7
Source: SDIC at June 30 2008
Investment Manager
Mr van Dijkum has 17 years of real estate experience as investor, banker and analyst. He is currently the global chief
investment officer and head of the Investment Committee of Speymill Property Group. Mr van Dijkum graduated
from the University of Virginia with a BA in history and philosophy. In the late 1990s he was head of pan European
property research at Morgan Stanley, during which time he helped raise over US$2bn of equity. He left Morgan
Stanley in 2000 to help start the real estate investment banking division at Lehman Brothers, where he was active on
mergers and acquisitions and structured and advised on US$5bn of investments. Mr van Dijkum joined NIBC bank in
the Netherlands in 2003 where he founded the real estate banking group and was responsible for structuring and
investing in over US$250m of German property.
Speymill Property Group Ltd is a multinational property services group which encompasses property investment
management, asset management, property management, project management and construction operations and
which aims to bring significant returns for all stakeholders.
Investment Strategy
SDIC listed on AIM with the strategy of buying well-tenanted pan-German residential properties at a discount to
current replacement cost. The company has a residential portfolio with weighting towards the major German cities
and urban locations. Through economies of scale, SDIC aims to boost cash flow by raising occupancies and rental
levels and reducing operating costs. SDIC pays substantially all of its distributable cash flow in the form of dividend.
SDIC anticipates significant capital growth if German residential values converge with replacement cost.

Autumn 2008 140
Listing Details
Bloomberg MCAU LN
Exchange AIM
ISIN IM00B1GJR404
Investment Focus
Geography Macau
Strategy Investor
Current Trading
Price US$0.25
NAV date 30-Jun-08
NAV frequency H
Discount -82.2%
Dividend yield -
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
Assets
Cash US$117.3m
% cash 40.5%
Loans US$19.4m
Gross gearing 6.7%
Net gearing -33.8%
Management
Management group Avila Capital Ltd.
Annual fee 2%
Performance fee 20% above 10% realised return
Key individual Thomas A. Sipos
Tel. +852 2514 6104
E-mail t.sipos@speymill.com
Valuer CBRE
Website www.mcau.co.im
Speymill Macau Property Company plc
Company Summary
Speymill Macau Property Company plc (MCAU) is a recently incorporated Isle of Man company established to invest
primarily in the high quality residential property market of Macau.
The residential property sector dominates the Macau real estate market, representing a significant percentage of
total property sales in 2005. Domestic homebuyers have been increasingly seeking to upgrade into larger and newer
units as a result of rising disposable incomes and economic growth. The advisers believe that the low levels of new
construction and refurbishment since the mid-1990s have led to a supply bottleneck, with developers now finding it
difficult to meet a stronger than anticipated demand. Approximately 12,000 new residential units are expected to be
completed in Macau between 2006 and 2008. During this period, expected demand is for approximately 25,000
units.
The commercial property market, serving both domestic demand and tourist traffic, is smaller than the residential
property market, but it is a rapidly growing and an increasingly important market segment. The twelve months to
October 2008 have seen a significant increase in commercial rents and demand for quality space. The advisers
believe that an increasing number of business enterprises will locate in Macau as a result of the expected strong
economic growth.
Analyst’s Comment
Macau is a one-sector economy - performance hinges on casinos. The recent cessation of issuing new gaming
licences in Macau and travel permits in next door Guangdong are both negative to growth and have led to a slowing
in residential sales. The modest valuation increase of MCAU’s existing properties in the last six months is a testament
to this, though the 35% uplift at the Nam Van site in twelve months shows the potential. We estimate that after the
recent acquisition MCAU has US$40 m left for further acquisitions to add to its existing five properties. Though
mistakes have been made, the new manager Tom Sipos seems to have a clear vision. (Sep-10-08)
MCAU has just published its latest monthly fact sheet:
• Local government stimulus to new housing starts;
• Central government restrictions on visas from mainland China have hit retail sales and casino revenues. However,
this move has been welcomed by Wynn group to avoid over-heating and visitor numbers are up 8% over 2007. It is
expected that these visa restrictions will be lifted before the end of 2009;
• Morgan Stanley has forecast 11% revenue CAGR (combined annual growth rate) for 2009-2011.
We still believe in the long-term growth potential of Macau. International casinos are committed to spending many
billions. China’s infrastructure plan for the region includes a bridge to Hong Kong, fast rail links to Guangzhou, more
bridge and border crossings between Macau and the mainland. Real estate prices are still much lower than Hong
Kong and casino revenues have already surpassed Las Vegas. (Dec-03-08)
Portfolio
Property Sector Acquisition
(US$m)
Valuation
(30-6-08)
NamVan Peninsula Residential 29.0 39.0
R. Do Almirante Sergio Residential 132.0 132.0
AIA Tower Office 153.8 165.4
Houston Court Mixed use 2.3 2.8
Pink Palace Mixed use 2.1 2.8
Source: MCAU at June 30 2008
(US$m)
Investment Manager
Mr Sipos, based in Hong Kong, has eight years of real estate specific experience achieved from assignments in real
estate private equity, principal finance, property advisory and investment banking. Mr Sipos joined Speymill in 2007
from Pramerica Real Estate Investors, where he worked at the global merchant banking team with responsibility for
deal origination, underwriting, execution and post acquisition management. Further, he held a number of investee
company board positions on behalf of funds managed by Pramerica. Previously Mr Sipos worked at Lehman
Brothers' Global Real Estate Group, NewSec AB and Aberdeen Property Investors. He holds an MSc in Civil
Engineering from the Royal Institute of Technology in Stockholm and an MSc in Finance from CASS Business School
in London.

Autumn 2008 141
Listing Details
Bloomberg SLI LN
Exchange LSE
ISIN GB0033875286
Domicile UK
Investment Focus
Geography UK
Strategy Investor
Sector Commercial
Current Trading
Price 50.50p
NAV date 30-Sep-08
NAV frequency Q
Discount -42.1%
50
60
70
80
90
100
110
120
130
140
150
Assets
Cash £43.3m
% cash 22.7%
Loans £84.4m
Gross gearing 44.2%
Net gearing 21.5%
Management
Management group Standard Life Invts.
Annual fee 0.85%
Key individual Jason Baggaley
Tel. +44 (0)131 225 2345
E-mail investment_alert@standardlife.com
Valuer -
Website www.standardlifeinvestments.co.uk/its
Standard Life Investments Property Income Trust plc
Company Summary
Standard Life Investments Property Income Trust plc (SLI) invests in income producing, UK commercial property. It
invests in the three principal commercial property sectors: office, retail (including leisure) and industrial but may also
invest up to 10% in other commercial property and undertake property development (including speculative
property development) up to 10% of gross assets. SLI can invest up to 10% in indirect property vehicles or funds, but
will not invest in other listed investment companies or investment trusts.
Analyst’s Comment
The high cash level (22%) reflects the manager’s gloomy outlook. Nevertheless SLI is still geared, which we expect to
lead to larger falls in NAV than the IPD benchmark property index. Voids within SLI’s portfolio may increase and there
is already evidence of reductions in rents at some of its properties. This could mean that the dividend is under threat,
though the managers say they will be working hard to protect the income stream. (Oct-28-08)
Property Location Capital Value
(£m)
Sector
Hollywood Green London 15-20 Leisure
Clough Road Hull 15-20 Retail Warehouse
Drakes Way Swindon 5-10 Standard Industrial
Ocean Trade Centre Aberdeen 5-10 Industrial Park
Bucknall Street London 5-10 Standard Office
White Bear Yard London 5-10 Standard Office
Bathgate Retail Park Bathgate 5-10 Retail Warehouse
Source: SLI at June 30 2008
Sector %
Cash 22
Distribution Warehouses 10
Industrial Park 6
Leisure 10
Office Park 7
Retail Warehouse 14
Standard Industrial 12
Others 17
Investment Manager
Mr Baggaley, a qualified chartered surveyor, joined SLI in 1996 and has over 17 years of real estate fund management
experience. In addition to managing SLI, Mr Baggaley also manages two major segregated property funds offering
strong performance track records.
Investment Strategy
The board and manager continue to believe that holding a high level of cash is beneficial to SLI as it protects capital
in a time of continued falling values. The company continues to monitor the best time to re-enter the market for new
stock, but believes it will not happen for several months. SLI is in a strong position as a result of the high levels of
cash, and wants to preserve that position whilst the markets remain turbulent.

Autumn 2008 142
Listing Details
Bloomberg SGL LN
Exchange AIM
ISIN GB00B126Y552
Domicile Guernsey
Investment Focus
Geography Germany
Strategy Investor
Sector Commercial
Current Trading
Price €0.21
NAV date 30-Jun-08
NAV frequency H
Discount -81.6%
0.1
0.3
0.5
0.7
0.9
1.1
1.3
1.5
Assets
Cash €125.0m
% cash 11.1%
Loans €748.2m
Gross gearing 80.0%
Net gearing 55.3%
Management
Management group Summit Mgt. Co
Annual fee 0.5%
Key individual Zohar Levy
Tel. +49 972 4 840 8091
E-mail n/a
Valuer DTZ, JLL, Colliers
Website www.summitgermany.co.uk
Summit Germany Ltd
Company Summary
Summit Germany Limited (SGL) is an AIM-listed investment fund with a portfolio of 113 commercial investment
properties spread throughout Germany, primarily in office and industrial segments. In August 2007 the company
bought an 80% stake in the Frankfurt-listed Deutsche Real Estate (DE), which had a property portfolio valued at
€350m. The vacancy rate on this portfolio was high, at 17%. SGL has been working to reduce this and has just agreed
a new 6.5 year lease on its 9,000 sq.m Osram Hofe property in Berlin for €1.1m per annum (€8.5 psm per month).
Analyst’s Comment
SGL is a sound, well-run company. It is highly geared and close to its banking covenant limits, but this is countered
by a high level of cash. Though German GDP is positive, we expect property valuations to carry on falling. (Sep-23-08)
Portfolio Summary
SGL’s portfolio consists of 113 properties with an aggregate valuation of €934.5m. The entire portfolio produces
annual rental income of approximately €66m (reflecting an average net yield of 7% rising to 7.7% on full
occupancy).The majority of the leases are linked to the German CPI or include fixed uplift of 1.5%-3% per annum and
an average lease length of approximately seven years. As part of the process of disposal of non-strategic
investments, in May 2008 the company's subsidiary, Deutsche Real Estate AG (Deutsche RE), sold its share in a
property located in Cologne. The property was held through a joint venture in which Deutsche RE's share is 40%. The
property had a net rentable area of 14,800 sq.m and the bank borrowings in the joint venture amount to €15m.
Deutsche RE's share in the net cash flow from the sale amounted to approximately €2m.
Portfolio
Project Sector Location Cost
($m)
Area
(hectars)
Saigon Development & Investment Residential Ho Chi Minh City 17 164
Source: SGL at October 09 2008
(€m)
Cash & Fixed Interest 10.04 Cash & Fixed
Interest
- 10.13 106.612
Industrials 20.69 Germany Debt Asset-
Backed Sec
1.10 11.600
Office 53.98
Investment Manager
Mr Levy, a CPA, is the controlling shareholder and chairman of the board of SGL, a group of companies which
specialises in investing in office, industrial and commercial properties in Israel and Germany, and in developing,
improving and managing such properties. Mr Levy acquired control of SGL in early 2003 and has since developed its
business significantly through debt restructuring, the improvement of its properties by way of lease negotiations
and renovations, and the acquisition of the control of the company. The scope of its real estate properties has
increased significantly, and its gross annual income has increased by more than 300%. Prior to his involvement with
SGL, Mr Levy served for a decade as the chief financial officer of the Engel Group of real estate companies, which
specialises in the development of residential properties and the acquisition and management of commercial
properties in Europe and North America.
Investment Strategy
SGL’s principal objective is to invest in a real-estate portfolio capable of providing attractive and secure dividend
payments, with the potential of achieving growth in both rental and capital value. The company intends to grow its
portfolio of properties and will generally seek to invest in properties with relatively low capital values, high-quality
tenants and relatively long leases.

Autumn 2008 143
Listing Details
Bloomberg TPF LN
Exchange AIM
ISIN JE00B2375J51
Domicile Jersey
Investment Focus
Geography Germany
Strategy Investor
Sector Residential
Current Trading
Price €6.98
NAV date 30-Jun-08
NAV frequency H
Discount -43.0%
Dividend yield -
0
2
4
6
8
10
12
14
16
18
20
Sep-07 Sep-08
Assets
Cash €1.5m
% cash 1.5%
Loans €57.0m
Gross gearing 57.3%
Net gearing 55.8%
Management
Management group Taliesin Mgt. Ltd.
Annual fee 2%
Performance fee 20% over Euribor; +HWM
Management notice period 24mths; 6mths
Key individual Mark Smith
Tel. +44 (0)1702 606 993
E-mail n/a
Valuer -
Website www.taliesinberlin.com
Taliesin Property Fund Ltd
Company Summary
Taliesin Property Fund Limited (TPF) is an investment company, incorporated in Jersey with limited liability under the
provisions of the Companies Law and the CIF Law. TPF was formed to exploit perceived growth opportunities in the
Berlin property market and commenced trading in March 2006. The company raised €22.8m through an initial
fundraising process carried out between March and December 2006 and a further €15m in the summer of 2007.
Analyst’s Comment
The future of Taliesin Property Fund (TPF) is tied to the specifics of the Berlin residential segment. The purchase price
of apartments has been below replacement build costs for some time, and we don’t see this changing overnight. The
low level of home ownership and low multiple of apartment cost to salary, whilst looking out of step with other
western European cities, could stay this way for some time. TPF does not have much cash and access to bank finance
may begin to be restricted. This could limit its ability to buy up attractive assets from other forced sellers. (Sep-26-08)
Portfolio Summary
Interim results for 6M to 30/6/08: 53 properties (Berlin 39; Potsdam 6; Dresden 4; Leipzig 4); 1,016 residential units;
128 commercial units; total purchase cost €82m; average cost below €1,000psm; total assets €99m; NAV €12.23, up
0.5% in 6M; loans €50.7m primarily with Eurohypo @ 5.05% interest rate; 55.9% LTV; existing properties are held at
their Dececember 31 2007 valuations and new acquisitions are still held at cost; a full valuation will be carried out for
31/12/08 year end; new property and asset managers appointed in early 2008; 6.1% vacancy rate; 6.8% average
rental yield; 3% rent increase on existing portfolio; cash €1.5m.
Portfolio
Location No of
Properties
Residential
Units
Commercial
Units
Area
(sq.m)
Purchase
(€m)
Berlin 39 884 101 73.0 69.2
Potsdam 6 48 17 4.8 8.7
Dresden 4 45 6 3.4 2.6
Leipzig 4 39 4 2.6 2.2
Total 53 1,016 128 83.8 82.7
Source: TPF at June 30 2008
(€m)
Investment Manager
Mr Smith has almost 20 years’ experience in the investment sector, including periods in both investment
management and investment banking. In the early 1990s he was a managing director in the international equities
group at Bear Stearns International Limited, specialising in developing markets, and was responsible for institutional
sales and research in addition to private equity origination in the UK. More recently he held the same position at ING
Group and had various responsibilities, including the management of European equity sales and oversight of the
company’s hedge fund business. Mr Smith also has experience in asset management, having worked at Worldinvest
Limited, where he shared responsibility for managing large institutional equity funds prior to co-founding and
managing an emerging market equity hedge fund at Newman, Ragazzi and Company in 1999. Mr. Smith was
appointed a director on November 17 2005 and has served since that date.
Investment Strategy
TPF invests principally in residential property in Berlin and in other cities in the former German Democratic Republic
(DDR). The directors believe the residential market to be attractive in Germany, partly because of high yields relative
to other countries which can match or exceed funding costs, and partly because it is possible to buy property at a
discount to replacement cost. Owner occupation in the DDR remains low, but is now rising, while a developing buy-
to-let market has emerged.

Autumn 2008 144
Listing Details
Bloomberg TCF LN
Exchange AIM
ISIN KYG8761F1019
Investment Focus
Geography Western Europe
Strategy Investor
Current Trading
Price 37.00p
NAV date 14-Nov-08
NAV frequency W
Discount -37.3%
Dividend yield -
30
40
50
60
70
80
90
100
110
Mar-08
Assets
Cash £1.5m
% cash 1%
Loans £23.5m
Gross gearing 20.5%
Net gearing 19%
Management
Management group Laxey Partners Ltd
Annual fee 2% (0.5% if performance is negative)
Key individual Colin Kingsnorth
Tel. +44 (0)20 7494 6380
E-mail colin.kingsnorth@laxeypartners.com
Valuer
Website www.terracatalystfund.com
Terra Catalyst Fund
Company Summary
Terra Catalyst Fund (TCF) is a newly incorporated, closed-ended Cayman Islands registered, exempted company
established to invest in listed property companies and funds in Europe, with the objective of seeking to identify
undervalued securities and actively seeking to close the valuation gap between the value at which the security is
trading and its intrinsic value.
Property Portfolio
(%)
Net Assets
(%)
Value
(£m)
Shaftesbury 50.92 45.66 41.6
NR Nordic & Russia Properties 19.58 17.56 16.0
Spazio Investment 15.79 14.16 12.9
Bovis Homes Group 12.24 10.98 10.0
Bulgarian Land Development 1.47 1.32 1.2
Source: Fundamental Data at July 31 2008
Bulgaria Property 1.32 1,200
Cash & Fixed Interest - 10.32 9,400
European Emerging Property 17.56 16,000
Italy Property 14.16 12,900
UK Property - Shares 10.98 10,000
UK REITs - Diversified 45.66 41,600
Investment Manager
Mr Kingsnorth is a director of Laxey Partners (UK) Limited, the investment manager to TCF, and was CEO of Regent
Fund Management (UK) Ltd, the company’s previous investment manager, from 1995 to January 1999. He holds a
BSc in Economics and is an associate member of the Institute of Investment Management and Research. Mr
Kingsnorth started his career with Robert Fleming Asset Management Limited in London, where he worked with
investment trusts, particularly the Fleming Enterprise Investment Trust and the Fleming Technology Investment
Trust. In 1988 he became head of investment trust research at Olliff & Partners plc, where he developed expertise in
corporate finance and corporate restructuring. Mr Kingsnorth joined Buchanan Partners Limited in 1991, where he
managed emerging market funds. In 1995 he was one of the founding shareholders of Regent Fund Management
(UK) Ltd, where he was chief executive and fund manager.
Investment Strategy
TCF has appointed Laxey Partners Ltd (Laxey) as its investment manager. Laxey is a global active value investment
management company which pursues one strategy: it actively promotes shareholder engagement and sound
corporate governance to close the valuation gap between the share price at which an asset trades and its intrinsic
value.

Autumn 2008 145
Listing Details
Bloomberg THG LN
Exchange AIM
ISIN GB0006294382
Domicile UK
Investment Focus
Geography UK
Strategy Developer
Current Trading
Price 26.00p
NAV date 30-Apr-08
NAV frequency H
Discount -65.7%
Dividend yield 7.3%
20
40
60
80
100
120
140
Assets
Cash £25.5m
% cash 9.2%
Loans £98.3m
Gross gearing 35.3%
Net gearing 26.1%
Management
Annual fee 0.5%
Key individual Philip Leech
Tel. +44 (0)20 7631 1666
E-mail philip.leech@terracehill.co.uk
Valuer -
Website www.terracehill.co.uk
Terrace Hill Group plc
Company Summary
Terrace Hill Group plc (THG) is a regionally based UK property development and investment group. Formed in 1986,
THG is listed on AIM with a market capitalisation, as at April 30 2008, of £119.7m.
Geography Value by
Region
(%)
Commercial Value by
Sector
(%)
Residential Total Value
(%)
South East 52.3 Offices 84.2 London 35.3
North East 26.4 Retail 9.4 Scotland 24.9
London 16.6 North West 14
Midlands 2.9 South East 11.4
Midlands 8.1South West 1.8
Industrial 6.4
Other 6.3
Source: THG at April 30 2008
Investment Manager
Mr Leech, a chartered surveyor, was with Strutt and Parker's investment agency team before joining THG in 1993. He
established and ran the company’s north east office from 1994 before being appointed chief executive in 2005.
Investment Strategy
THG is a regionally based UK property development and investment group listed on AIM. The group has offices in
London, the north east, the south west and Scotland, offering national presence with local knowledge. THG aims to
provide shareholders with above average returns through its property skills and expertise and rigorous management
of risk. Risk is managed throughout the business with a particular focus on: (a) structuring finance to ensure all
properties are funded to optimise the balance of risk and reward to the group; (b) portfolio diversity by sector and
geography, focusing on areas where the potential for exceptional returns is perceived; (c) stock selection using
expert knowledge of local markets and thorough due diligence prior to any acquisition; and (d) managing
construction through an internal project management team controlling cost, delivery and design risk. THG manages
a total commercial development and investment programme with a projected end value of £1.2bn, a residential
investment portfolio of £291.9m and a housebuilding landbank in Scotland with potential for over 1,400 units.

Autumn 2008 146
Listing Details
Bloomberg TCSC LN
Exchange LSE
ISIN GB0003062816
Domicile UK
Investment Focus
Geography UK
Strategy UK REIT
Sector Commercial
Current Trading
Price 111.50p
NAV date 30-Jun-08
NAV frequency H
Discount -76.6%
90
190
290
390
490
590
690
Assets
Cash £4.7m
% cash 1.0%
Loans £212.3m
Gross gearing 45.9%
Net gearing 44.9%
Management
Annual fee n/a
Performance fee n/a
Key individual Edward Ziff
Tel. +44 (0)1132 221234
E-mail info@tcs-plc.co.uk
Valuer -
Website www.tcs-plc.com
Town Centre Securities plc
Company Summary
Town Centre Securities plc (TCSC) is a leading UK property investment and development company with assets
valued at c.£450m.
Investment Manager
Mr Ziff joined TCSC in 1981 in the estates department before being appointed to the board in 1985, becoming
managing director in 1993 and taking over as chairman and chief executive in 2004. A passionate family man, Mr Ziff
brings a strong pastoral care aspect to the business, encouraging individual leadership and an active role in the
community through local charities.
Investment Strategy
With more than 50 years’ experience, a commitment to sustainable development and a reputation for quality and
innovation, TCSC creates outstanding mixed use developments close to transport hubs in major cities across the UK.
Committed to tenants and shareholders, TCSC provides world-class residential, office and commercial
accommodation and robust investment opportunities through a high quality portfolio that delivers an annual
income of more than £25m.

Autumn 2008 147
Listing Details
Bloomberg TRY LN
Exchange LSE
ISIN GB0009064097
Domicile UK
Investment Focus
Geography Global
Strategy Investor
Sector Listed Equities
Current Trading
Price 107.00p
NAV date 31-Oct-08
NAV frequency D
Discount -24.4%
90
110
130
150
170
190
210
230
250
270
Assets
Cash £54m
% cash 14%
Loans £0.0m
Gross gearing 0.0%
Net gearing -12.2%
Management
Management group Thames River Capital
Annual fee 0.7% on NAV
Performance fee 15% over property index + 2%
Key individual Chris Turner
Tel. +44 (0)20 7360 1200
E-mail enquiries@trproperty.co.uk
Valuer -
Website www.trproperty.com
TR Property Investment Trust plc
Company Summary
TR Property Investment Trust plc (TRY) is a UK-based investment company, listed on the FTSE 250 index, which
invests in pan-European equities and UK direct property on behalf of its shareholders.
Property Portfolio
(%)
Net Assets
(%)
Value
(£m)
Unibail 14.46 13.3 61.76
Land Securities Group 13.26 12.2 56.65
British Land 5.76 5.3 24.61
Big Yellow 3.70 3.4 15.79
Segro 3.70 3.4 15.79
Hammerson Property 3.48 3.2 14.86
Foncière des Regions 3.04 2.8 13.00
(£m)
Apartments 9.9 Belgium 1 2.5
Diversified 3.6 Cash & Fixed Interest 15 38.5
Industrials 9.6 France 21 54.0
Office 37.4 Germany 1 2.5
Greece 1 2.5
Italy 1 2.5
Luxembourg 1 2.5
Netherlands 5 12.9
Sweden 3 7.7
UK 51 131.0
Investment Manager
Mr Turner has been the fund manager since 1995, first at Henderson Global Investors, then, since October 2004, at
Thames River Capital. Prior to joining Henderson, Mr Turner was a property share analyst. He qualified as a chartered
surveyor in 1970.
Investment Strategy
The objective of the ordinary share class is to maximise shareholders' total returns by investing in property shares
and property on an international basis. Approximately 90% of TRY's assets are invested in Pan European listed
property securities with the balance in directly owned UK real estate. The investment selection process seeks to
identify well-managed companies of all sizes, especially those with a focus on a particular type of real estate
business. Future growth and capital appreciation potential is generally regarded more highly than immediate initial
yield or discount to asset value.

Autumn 2008 148
Listing Details
Bloomberg TRYS LN
Exchange LSE
ISIN GB00B1YW2J11
Domicile UK
Investment Focus
Geography UK – Europe
Strategy Investor
Current Trading
Price 38.75p
NAV date 31-Oct-08
NAV frequency D
Discount -40.3%
30
40
50
60
70
80
90
100
110
120
130
Aug-07 Aug-08
Assets
Cash £12.4m
% cash 14.4%
Loans £0.0m
Gross gearing 0.0%
Net gearing -14.4%
Management
Management group Thames River Capital
Annual fee 1.1% on NAV
Performance fee 20% over property index + 2%
Key individual Marcus Phayre-Mudge
Tel. +44 (0)20 7360 1200
E-mail enquiries@trproperty.co.uk
Valuer -
Website www.trproperty.com
TR Property Investment Trust plc (Sigma)
Company Summary
TR Property Investment Trust plc (Sigma) (TRYS) is a UK-based investment company, listed on the FTSE 250 index,
which invests in pan-European equities and UK direct property on behalf of its shareholders.
Property Portfolio
(%)
Net Assets
(%)
Value
(£m)
Unibail 9.96 8.3 9.15
Land Securities 9.84 8.2 9.04
Big Yellow 5.04 4.2 4.63
Great Portland Estates 4.8 4 4.41
Hansteen Holdings 4.8 4 4.41
British Land 4.56 3.8 4.19
Castellum 4.44 3.7 4.08
Sector Distribution Geographic Sector
(£m)
Apartments 9.9 Finland Property - Shares 1 1.2
Diversified 3.6 France Property - Shares 16 19.4
Industrials 9.6 Germany Property - Shares 4 4.9
Office 37.4 Greece Property - Shares 2 2.4
Italy Property - Shares 1 1.2
Netherlands Property - Shares 10 12.1
Sweden Property - Shares 6 7.3
Investment Manager
Mr Phayre-Mudge qualified as a chartered surveyor in 1992. He joined Thames River Capital in October 2004, having
spent the previous seven years at Henderson Global Investors, where he also worked on TRYS, first as the direct
property manager and, since 2002, as deputy fund manager.
Investment Strategy
The objective of the sigma share class is to maximise shareholders' total returns by investing predominantly in shares
of property companies with a market capitalisation of less than £1bn, on an international basis. As for the ordinary
share class, the investment selection process seeks to identify well-managed companies especially those with a focus
on a particular type of real estate business, but in shares of property companies with a market capitalisation of less
than £1bn. Future growth and capital appreciation are regarded more highly than immediate initial yield or discount
to asset value. The sigma portfolio will not hold any direct property investments but may invest in unlisted
companies and pre-IPO opportunities, although the manager does not expect this to comprise a significant
proportion of the portfolio.

Autumn 2008 149
Listing Details
Bloomberg TRC LN
Exchange AIM
ISIN GB00B0ZL5243
Domicile UK
Investment Focus
Geography India
Strategy Developer
Current Trading
Price 39.50p
NAV date 31-Mar-08
NAV frequency H
Discount -73.8%
Dividend yield -
30
50
70
90
110
130
150
Assets
Cash £56.6m
% cash 14.7%
Loans £1.2m
Gross gearing 0.3%
Net gearing -14.4%
Management
Management group Trikona Capital
Annual fee 0.02%
Performance fee 10% IRR, 20% gain over 20%
Key individual Mahesh Gandhi
Tel. +91 11 2620 7257
E-mail ashah@trikonacapital.com
Valuer -
Website www.trinitycapitalplc.com
Trikona Trinity Capital plc
Company Summary
Trikona Trinity Capital plc (TRC) was created in 2006 for the purpose of investing in real estate and real estate-related
entities across India, with a particular focus on the office, retail, hospitality and residential sectors. On admission to
AIM in April 2006, the company raised £250m of equity through an offer to institutional investors. TRC uses the funds
raised from the offer to invest in development projects where expected total IRRs are likely to exceed 25%.
The fund’s investment model is a partnership-driven one. The fund will invest with select developers who have
demonstrated a track record in the specific development type and/or in the local market. Such developers will
typically have the financial capability to invest significant equity in the transaction, and provide appropriate
construction guarantees as required. Investments are typically structured as special-purpose vehicles or joint
ventures and investments in equity, with a target size of between £5m and £30m per transaction. Trikona Advisers
Limited serves as the manager of the fund.
Analyst’s Comment
TRC’s second largest shareholder Carrousel (holds 14%) has gone ‘activist’ and called for TRC to change its board, sell
assets and return cash to investors. Carrousel has now put two of its own representatives on the board of TRC and
the company has instigated a strategic review. Carrousel had called an EGM but this is now withdrawn. TRC will make
no new investments while review is ongoing and may sell assets and return cash to investors. We are impressed by
the team at TRC and their vision of creating an integrated Indian infrastructure group. TRC was fully invested more
quickly than expected, has further fundraisings for some of the underlying projects at ever higher valuations and has
made exits at over 100% IRR. This confirms the team’s ability and the quality of their projects. A forced sale of assets
may be difficult and probably won’t achieve the best return to shareholders. Carrousel and fellow activist QVT
together have 40% of the shares, so it is likely that changes will continue to be forced through. (Oct-31-08)
Property Portfolio
(%)
Net Assets
(%)
Value
(£m)
UPPAL IT P P L 21.00 21.37 75.7
Luxor Cyber City 17.70 18.01 63.8
DB Realty 16.79 17.08 60.5
Pipavav Shipyard Ltd 11.85 12.05 42.7
Manjeera R H P L 9.60 9.77 34.6
M K Malls 7.96 8.10 28.7
Rustomjee's Township 6.49 6.61 23.4
India General Equity 3.86 13.539
Investment Manager
Mr Gandhi brings to TRC more than 25 years of experience in originating, structuring and advising on real estate
transactions. At TRC he has been instrumental in deal sourcing, structuring and provides overall leadership to the
Indian organisation. Under his leadership, the company has invested in assets of more than $5bn. Mr. Gandhi serves
on the board of DB Reality, DB Hospitality, Pipavav Shipyard Limited, Lokhandwala Construction and ITNL. Together
these companies have a valuation in excess of Rupees 20bn ($4.5bn). Prior to joining TRC, Mr. Gandhi was CEO of
Jardine Fleming India Asset Management, India’s first foreign institutional investor. He also worked as the deputy
general manager and chief investment officer of the Unit Trust of India (UTI) Investment Advisory Services. Mr Gandhi
has played a seminal role in the first major policy recast of the Mutual Fund/Portfolio Management Regulation in
India and regularly advises SEBI on capital market initiatives. Mr Gandhi has a Bachelors Degree in Science, a Masters
Degree in Law and is a Post-Graduate in Business Management from the Jamnalal Bajaj Institute in Mumbai.
Investment Strategy
TRC has an asset-collateralised exposure to India’s GDP growth, and a rapid and efficient deployment of capital with
an extensive deal sourcing network and team. Development platforms across the hospitality and infrastructure
sectors leverage local partnerships and global knowledge, while cross pollination and scaleability of assets across
various deals and partners enhance value and reduce execution risk. The company’s unique investment model is
designed to target and foster an ecosystem of asset verticals. Its socially aware investment model leverages its
infrastructure investments and real estate partnerships to gain early access to high-return real estate opportunities.

Autumn 2008 150
Listing Details
Bloomberg UKCM LN
Exchange LSE
ISIN GB00B19Z2J52
Domicile Guernsey
Investment Focus
Geography UK
Strategy Investor
Sector Commercial
Current Trading
Price 59.75p
NAV date 30-Sep-08
NAV frequency Q
Discount -25.0%
50
60
70
80
90
100
110
Assets
Cash £64.4m
% cash 9.2%
Loans £0.0m
Gross gearing 0.0%
Net gearing -9.2%
Management
Management group Ignis Asset Mgt.
Annual fee 0.75%
Performance fee n/a
Key individual Gary Hutcheson
Tel. +44 (0)141 222 8014
E-mail gary.hutcheson@resolutionasset.com
Valuer CBRE
Website www.ukcpt.co.uk
UK Commercial Property Trust Ltd
Company Summary
UK Commercial Property Trust Limited (UKCM) is a closed-ended, Guernsey registered investment company which
was launched on September 22 2006. The company has a single class of share in issue, which is listed on the official
list and traded on the LSE, and currently has no borrowing. UKCM has an indefinite life and was incorporated on
August 24 2006. Resolution, the fund manager, holds 75.97% of the shares.
Analyst’s Comment
With no bank loans and significant holdings in cash, UKCM is well placed to weather the current uncertainties in the
UK real estate sector, which is not expected to recover until 2010. All its peers are trying to de-gear as fast as possible.
For investors who need to remain invested in UK real estate UKCM is a safer alternative than many of its peers. (Oct-
16-08)
Property Town Portfolio
(%)
Net Assets
(%)
Value
(£m)
The Parade & Bridge Street Swindon 9.26 9.0 64.94
Great Lodge Retail Park Tunbridge 7.51 7.3 52.68
5/7 Chancery Lane London 7.51 7.3 52.68
176-206 Kensington High St. London 7.00 6.8 49.07
Charter Place Uxbridge 6.48 6.3 45.46
15 Great Marlborough Street London 5.25 5.1 36.80
Dolphin Estate Sunbury 5.15 5.0 36.08
UK Office 48.48 349.859
Investment Manager
Resolution Investment Services Limited (RIS) (recently merged with Axial Investment Management and renamed
Ignis Asset Management) is a leading asset manager and currently has approximately £58bn of assets under
management. RIS has a long history of managing commercial property and over the years has built up a high level of
knowledge and experience in this asset class. RIS has the advantage of a strong and well-resourced team that is
dedicated to searching out value actively in the property sector. The team manages a number of property portfolios,
totalling around £2.9bn.
Mr Hutcheson is deputy head of property with 25 years' investment experience. He is the lead manager of UKCM,
having graduated from the University of Paisley in 1983 with a degree in Land Economics and qualifying as a
chartered surveyor in 1984. He obtained considerable experience in retail property development and investment
with Norwich Union and Bredero Properties plc. Mr Hutcheson joined RIS in October 1991 and gained his
postgraduate Diploma in Property Investment from Reading University in 1996.
Investment Strategy
UKCM’s portfolio strategy is to remain underweight in certain key markets – currently retail warehouses and city
offices where prospects, short-term, seem particularly poor – and concentrate on maintaining a void level below 5%
and avoiding higher risk letting strategies. The company continues to restructure shorter income with key tenants
where opportunities exist on commercial terms, and undertakes lower risk asset management initiatives within the
portfolio. UKCM seeks to enhance returns to investors via opportunely timed acquisitions, focusing any acquisition
activity in the direct market in the shopping centres, high street parades and south east industrial markets.

Autumn 2008 151
Listing Details
Bloomberg UCP LN
Exchange AIM
ISIN IM00B1HWL911
Investment Focus
Geography India
Strategy Developer
Sector Commercial
Current Trading
Price 5.90p
NAV date 31-Mar-08
NAV frequency H
Discount -96.6%
Dividend yield -
0
20
40
60
80
100
120
140
160
180
200
Dec-06 Jan-08
Assets
Cash £83.2m
% cash 11.8%
Loans £0.0m
Gross gearing 0.0%
Net gearing -11.8%
Management
Management group Unitech Group
Annual fee 2% of invested equity
Key individual Sanjay Chandra
Tel. +91 (1) 11 26510839
E-mail Stephanie.highett@fd.com
Valuer JLL
Website www.unitechcorporateparks.com
Unitech Corporate Parks plc
Company Summary
Unitech Corporate Parks plc (UCP) was incorporated in the Isle of Man on September 6 2006, with the initial business
strategy of making investment(s) in Indian commercial real estate being developed specifically for the high growth IT
(information technology) and ITES (information technology enabled services) sectors.
UCP is one of the leading real estate developers in India. Its real estate portfolio encompasses the development of
integrated townships, residential complexes, commercial office space, IT Parks and SEZ* developments, retail
developments, hotels and amusement parks. From its beginnings as a real estate developer focusing on the NCR,
UCP has expanded its operations to other major cities in India including Kolkata, Hyderabad, Bangalore, Kochi,
Chennai, Lucknow, Varanasi, Chandigarh and Agra.
Project Sector Location Office Area Retail
Area
SEZ Status
G1 - ITC IT Park 24.7 acre Gurgaon 3,213,737 50,000 Formal approval
G2 - IST IT Park 28.4 acres Gurgaon 3,699,076 50,000 Formal approval
N1 IT Park 19.3 acres Noida 1,971,590 60,000 Non - SEZ
N2 IT Park 29.7 acres Noida 3,069,177 60,000 Formal approval
N3 IT Park 50.0 acres Greater Noida 4,847,055 100,000 Formal approval
K1 IT Park 45.4 acres Kolkata 4,500,000 100,000 Formal approval
Total 197.5 acres 21,300,635 420,000
Source: UCP at June 30 2008
Investment Manager
Mr. Chandra has a Bachelor's degree in Civil Engineering from Cornell University, USA and a Master's degree in
Business Administration from the University of North Carolina, USA. He is currently the managing director of Unitech
Limited, which is the largest listed real estate developer in India. He is responsible for all of Unitech Limited's real
estate activities in the eastern, southern and western regions of India and also for its expansion into amusement and
entertainment parks across India. Between 1992 and 1993, Mr. Chandra worked as an equity analyst for Jardine
Fleming, an international investment bank, covering both banking and hospitality sectors.
Investment Strategy
UCP invests in the development of real estate projects in India, including IT SEZ* and IT parks aimed specifically at
the IT and ITES industries. The trend towards business process outsourcing (BPO), particularly by the IT and ITES
industries, has created considerable growth in these sectors in India. This growth has led to an increased demand for
office space to cater to IT and ITES businesses.
*SEZs are areas approved by the government of India in order to encourage the generation of additional economic
activity, the export of goods and services, domestic and foreign investment and the development of infrastructure
facilities. UCP aims to invest in IT SEZ developments as it believes that prospective tenants will be attracted by the
fiscal benefits afforded to the occupants located in such zones.

Autumn 2008 152
Listing Details
Bloomberg VNI LN
Exchange AIM
ISIN KYG936121022
Investment Focus
Geography Vietnam
Strategy Investor
Current Trading
Price US$0.26
NAV date 30-Sep-08
NAV frequency Q
Discount -68.6%
Dividend yield -
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1
1.1
Jul-07 Jul-08
Assets
Cash US$207.0m
% cash 49.7%
Loans US$0.0m
Gross gearing 0.0%
Net gearing -49.7%
Management
Management group VinaCapital Inv. Mgt.
Annual fee 2%
Management notice period 2 yrs; 6 mths
Key individual William Lean
Tel. + (84) 8 821 9930
E-mail info@vinacapital.com
Valuer -
Website www.vietnam-infrastructure-fund.com
Vietnam Infrastructure Ltd
Company Summary
Vietnam Infrastructure Limited (VNI) is a closed-end infrastructure and infrastructure related investment company
admitted to trading on the AIM market of the LSE in July 2007. The company focuses on key strategic sectors with
underlying economic demand within Vietnam’s emerging infrastructure market, namely energy, transport,
telecommunications and water utilities.
Analyst’s Comment
Infrastructure is seen as a safer investment than other sectors. The increasing wealth of many emerging markets has
been linked to their resource based economies, cheaper labour costs and/or growing integration in international
trade. The growth in communications in emerging markets is a trend often repeated around the world, with wireless
networks a proven beneficiary of this. Wireless avoids the need for expensive fixed point-to-point land line
connections, but does need a network of masts and aerials. These are quick and cheap to build and maintain. Such a
network provides a reliable, long and secure revenue for the owner and (initially at least) a commanding monopoly.
In our view this makes VNI’s new purchase a sound investment. With this investment VNI has consolidated its
position as Vietnam's largest investor in mobile telecommunications infrastructure. (Oct-09-08)
Portfolio – Top Five Investments
Major Holdings Sector Asset Class NAV
(%)
Tan Tao Industrial Park JSC Industrial Park Listed Equity 8.5
PhaLai Thermal Power JSC Energy Listed Equity 6.8
Vietnam Aircraft Leasing Co. Aviation Transport Private Equity 5.8
Long An S.E.A. Industrial Park Industrial Park and Port Private Equity 5.5
SongDa Urban & IZ Development
& Investment JSC
Industrial Park Listed Equity 2.0
Source: VNI at September 30 2008
Investment Manager
Mr Lean is the managing director of VNI, the new division in Vinacapital. He was formerly the group managing
director of HLG Capital Bhd (listed on Bursa Malaysia), the investment banking arm of Hong Leong Group. HLG's core
businesses are stock brokering, fund management and corporate finance. Hong Leong is one of the largest
conglomerates headquartered in South East Asia. Prior to joining HLG Capital, Mr. Lean was with Asia Equity
Infrastructure Fund (AEIF), an investment fund dedicated to investing in infrastructure assets pan-Asia, from
inception to divestment. He was based in Bangkok for six years working for AEIF, which was capitalised at $355m
with the sponsors being CDPQ (largest Canadian pension fund), AMP Life (largest Australian insurance company) and
the Asian Development Bank. Before joining AEIF, Mr Lean was in equity research (HSBC James Capel - Kuala Lumpur)
and corporate finance (Standard Chartered Merchant Bank - Singapore). He graduated with a BSc (Hons) in
Economics and Accountancy from City University, London.
Investment Strategy
VNI invests and holds equity, debt and hybrid instruments in unquoted companies that themselves hold, develop or
operate infrastructure assets. The company may also invest in entities whose shares or other instruments are listed
on a stock exchange, including the OTC Market, as well as other funds that invest in infrastructure assets. Based on
the investment manager's experience of investing in infrastructure assets and to maximise the investment
opportunity, the directors and the investment manager intend to build a diversified portfolio of infrastructure assets.
The company and the investment manager intend to allocate investments spread equally among the following key
areas: operating projects, distressed or stalled projects, greenfield development sites.

Autumn 2008 153
Listing Details
Bloomberg VPF LN
Exchange AIM
ISIN KYG9362H1083
Investment Focus
Geography Vietnam
Strategy Investor
Current Trading
Price US$0.62
NAV date 31-Oct-08
NAV frequency M
Discount -35.5%
Dividend yield -
0.5
0.6
0.7
0.8
0.9
1
1.1
May-08
Assets
Cash US$86.4m
% cash 99.9%
Loans US$0.0m
Gross gearing 0.0%
Net gearing -99.9%
Management
Management group Dragon Capital
Annual fee 2%
Key individual John Shrimpton
Tel. +(84) 8 823 9355
E-mail vpf@dragoncapital.com
Valuer -
Website www.vietnampropertyfund.com
Vietnam Property Fund Ltd
Company Summary
Vietnam Property Fund Limited (VPF) is a fund focused on Vietnamese real estate across all sub-sets of the sector and
geographic locations in the country. Investments will be geared toward minority positions in real estate projects and
may also invest in real estate companies and related companies.
Analyst’s Comment
VPF made its first investment on October 9 2008, six months after the IPO. VPF and its shareholders have actually
benefited from this cash drag as it has avoided exposure to the significant falls in the local market. We expect that,
being a cash buyer, it has been able to bargain for good terms from the developer in this acquisition. Downtown
HCMC projects should see good returns as there is a chronic shortage of good quality accommodation. This is all
good news for VPF, which cannot be said for its peer, SGL Vietnam (AIM:SGLV). Launched in October 2007, it has still
not made an investment and is sitting on US$28m in cash. SGLV announced on August 15 2008 that it is considering
winding-up and returning cash to investors. The market is down 23.6% yet VPF’s portfolio is 77.18% in cash, now that
it has made its first acquisition (on October 9 2008). Vietnam’s bank rates have tumbled 3%-4% and are now below
9%. However, banks are still not lending to real estate projects, which leaves many projects struggling. VPF being
cash rich (only one investment to date) is getting to see a lot of these projects and is looking closely at ten. Progress
on making new investments may lead to improved price and narrowing of the discount, but investors may prefer to
see NAV increase before buying into this company. (Nov-17-08)
Portfolio
Investment Sector Location Area
(ha)
Invest to Date
(US$m)
Hold
(%)
Saigon Development
& Investment
Residential –
Hotel
Ho Chi Minh City 164 17 10
Source: VPF at October 09 2008
Country Sector % Value (US$m)
Cash & Fixed Interest Net Current Assets 100 86.050
Investment Manager
Mr Shrimpton (b.1963) (director and co-founder of the investment manager Dragon Capital Group) gained a law
degree from Newcastle University in 1984 and has 23 years’ experience in investment and securities. Of these, 21
years have been spent in Asia, principally Vietnam and Hong Kong. He has worked as an investment adviser in
London and Asia with Bishop Cavanagh. From 1988 to 1991 Mr Shrimpton was one of the first institutional salesmen
specialising in Asian emerging markets at WI Carr (Far East) in HK. During this period, he advised on investments and
traded securities in Thailand, Indonesia, Korea, Taiwan and Sri Lanka. In 1991 he moved to Bangkok and joined
Dynamic Eastern Finance Thailand, as an institutional sales director. In 1994 Mr Shrimpton returned to HK, where he
worked as a Thai specialist institutional salesman at HSBC James Capel Asia. Having co-founded the first in what is
now the group of companies headed by Dragon Capital Group in 1994, he moved to Ho Chi Minh City in 1996 to
work full-time with Dragon Capital. As at 31 March 2007 Dragon Capital and its subsidiaries managed c.US$1.9bn,
raised mostly from international investors for investment in companies in Vietnam or with activities in Vietnam. The
group is also active in corporate finance and capital market development, and in 2003 established the country’s first
domestic asset management company licensed by the SSC, VietFund Management Company. He sits on the boards
of the Dragon Funds and VietFund Management Company and a number of their investee companies. He has also
been active in the origination of investment opportunities.
Investment Strategy
VPF will make investments directly in equity (whether listed on the Vietnam Stock Exchange or elsewhere, or
unlisted) debt instruments, through any one or more of a variety of co-investment agreements typically used in the
real estate sector including participation agreements, JV agreements, business co-operation contracts, production
sharing agreements and the like; or in real estate through SPVs. The fund intends primarily to undertake investments
in real estate projects and real estate companies, with minority positions in the latter. VPF’s initial focus has been to
source investments in real estate companies, as making investments in real estate projects tends to take longer,
given the nature of contractual and related negotiations. However, in due course it is expected significant funds will
be allocated to real estate projects. Investing in both real estate companies and real estate projects should maintain
liquidity, with investments in real estate companies providing easier exit strategies as well as capital growth
opportunities. VPF’s geographical focus is Ho Chi Minh City (HCMC), Hanoi and the surrounding areas, but it is also
actively looking at other locations in Vietnam (and neighbouring countries). Sectorally the focus is on offices for
lease, residential, retail, tourism and leisure and industrial, as these sectors are felt to offer the most significant
income growth and capital growth opportunities. VPF also targets investment opportunities created by new
infrastructure projects such as sea ports, airports, transport networks, economic zones and new industrial parks. This
includes real estate close to or neighbouring such projects in the anticipation that associated development will
increase once a specific infrastructure project is underway. Investments may be sourced through VPF’s network of
relationships (including both local and international JV partners or investors) or in other real estate projects.

Autumn 2008 154
Listing Details
Bloomberg VNL LN
Exchange AIM
ISIN KYG936361016
Investment Focus
Geography Vietnam
Strategy Investor
Current Trading
Price US$0.48
NAV date 30-Sep-08
NAV frequency Q
Discount -69.4%
Dividend yield -
0.4
0.6
0.8
1
1.2
1.4
1.6
Assets
Cash US$41.0m
% cash 5.0%
Loans US$23.1m
Gross gearing 2.8%
Net gearing -2.2%
Management
Management group VinaCapital Real Estate
Annual fee 2%
Key individual Don Lam
Tel. + (84) 8 821 9930
E-mail ir@vinacapital.com
Valuer CBRE
Website www.vinaland-fund.com
Vinaland Ltd
Company Summary
Vinaland Limited (VNL) focuses on the key growth segments within Vietnam’s emerging real estate market, including
residential, office, retail, industrial, and leisure projects.
Property Portfolio
(%)
Net Assets
(%)
Value
(£m)
Danang Resort (260ha) 24.54 12.33 90.6
Dai Phuoc Project (200ha) 19.64 9.86 72.5
Century 21 13.19 6.63 48.7
World Trade Centre Danang 13.19 6.63 48.7
Vinh Thai Nha Trang 10.56 5.31 39.0
Aqua City (Long Hung) 6.04 3.03 22.3
Hilton Hanoi 5.61 2.82 20.7
(US$m)
Vietnam Property 51.12 415.600
Investment Manager
Mr Lam is CEO and co-founder of VinaCapital Group. Under his leadership, the company has grown from managing a
single US$10m fund in 2003, to an investment house managing more than US$1.8bn across four funds, and offering
a complete range of corporate finance and real estate advisory services. Since the start of 2006, Mr. Lam has brought
three new funds to market: the US$600m VinaLand Limited Fund, which invests in Vietnamese real estate assets; the
DFJ VinaCapital Technology Fund, a venture capital fund managed in cooperation with Draper Fisher Jurvetson; and
the US$402m Vietnam Infrastructure Limited, the first fund dedicated to infrastructure development in Vietnam.
Before founding VinaCapital, Mr. Lam was a partner at PricewaterhouseCoopers Vietnam, where he led the corporate
finance and management consulting practices throughout the Indochina region (Vietnam, Laos and Cambodia). The
transactions which he directed there included equitisations by numerous state-owned enterprises, market entrance
acquisitions by foreign companies, and the initiation of debt and equity placements for Vietnamese companies. Mr.
Lam has also held management positions at Deutsche Bank and Coopers & Lybrand in Vietnam and Canada. With
more than twelve years of experience in Vietnam, Mr. Lam is an authority on investments, mergers and acquisitions,
corporate restructuring, and privatisations. He is a frequent speaker at international investment seminars and was
featured as Vietnam’s “Mr. Wall Street” in Fortune magazine. Mr. Lam holds a BA in Commerce and Political Science
from the University of Toronto, and is a member of the Institute of Chartered Accountants of Canada. He is also a
certified public accountant in Vietnam and holds a Securities Licence there.
Investment Strategy
VNL’s strategy is to invest in a diversified portfolio of mainly Vietnamese property and development projects. The
company operates initially in five property sectors, namely office, retail, residential, industrial and leisure, with a
primary focus on Ho Chi Minh City and a secondary focus on Hanoi and key leisure areas in Vietnam.

Autumn 2008 155
Listing Details
Bloomberg WNER LN
Exchange LSE
ISIN GB0009406561
Domicile UK
Investment Focus
Geography UK
Strategy UK REIT
Sector Commercial
Current Trading
Price 55.00p
NAV date 31-Mar-08
NAV frequency H
Discount -90.1%
40
140
240
340
440
540
640
740
840
940
Assets
Cash £55.5m
% cash 7.3%
Loans £347.0m
Gross gearing 45.6%
Net gearing 38.3%
Management
Annual fee n/a
Performance fee n/a
Key individual Philip Warner
Tel. +44 (0)20 7907 5100
E-mail n/a
Valuer C&W, CBRE, DTZ
Website www.warnerestate.co.uk
Warner Estate Holdings plc
Company Summary
The principal business of Warner Estate Holdings plc (WNER) is property investment, together with the management
of properties in the UK. On 1 April 2007, WNER converted into a real estate investment trust (REIT). WNER
concentrates on improving the quality and quantity of income from property, so generating recurring operating
profits and cash. Conversion to REIT status has not changed its strategy of complementing the property investment
business with an asset management business. The Group invests in property both directly, either as wholly owned or
by way of joint venture, and indirectly through its shareholding in funds.
Portfolio – Aggregate Property Portfolio
Value
(£m)
Equity
Share (£m)
Income
(£m)
Net Initial
Yield (%)
Equivalent
Yield (%)
Wholly Owned 458 458 28.1 5.7 6.3
JV – Shopping Centres 520 260 28.3 5.4 6.5
JV – Radial Distribution 261 131 18.3 6.7 6.7
JV – Greater London Offices 96 48 5.3 5.3 5.7
Funds – Appia Regional
Offices
451 124 29.0 6.0 6.5
Funds – Ashtenne Industrial 1,155 75 71.7 6.1 7.4
Total 2,941 1,096 180.7 5.9 6.8
Source: WNER at March 31 2008
Sector Properties Share of
Capital(£m)
ERV Net Initial
Yield (%)
Weighting
(%)
Retail 36 493.3 36.8 5.1 45
Office 71 358.9 27.4 5.8 33
Distributional 17 135.6 9.7 6.7 12
Industrial 362 85.7 6.8 6.6 8
Other 46 22.3 1.1 _ 2
Total 532 1095.8 81.8 5.8 100
Source: WNER at October 07 2008
Investment Manager
Mr Warner has combined the roles of chairman and chief executive since 1993 to the present time. His
responsibilities include chairing meetings of the full board, weekly meetings with the executive directors, monthly
meetings of the executive board and executive leadership, involvement in corporate policy development, property
acquisitions and shareholder relations.
Investment Strategy
WNER’s primary objective is to maximise total return for shareholders, both by increasing net asset value per share
and by dividend growth from an improving earning stream. Its strategy for achieving this is the active asset
management of the property in its funds, joint ventures and wholly owned portfolio, with an emphasis on improving
the quality and quantity of income. The company is building a fund management business which provides an
additional income stream from the fees for asset management, alongside the asset backing provided by its wholly
owned portfolio. WNER’s co-investment ensures alignment of interest with other investors and it continues to seek
further property and partners. Research and risk analysis determine sector selection and the resulting purchases
must have potential for the realising of value through active asset management. Development is an increasingly
important part of this process.

Autumn 2008 156
Listing Details
Bloomberg WPR LN
Exchange AIM
ISIN VGG955191074
Investment Focus
Geography India
Strategy Developer
Sector Shopping Malls
Current Trading
Price 65.50p
NAV date 31-Mar-08
NAV frequency H
Discount +18.2%
Dividend yield -
0.5
0.55
0.6
0.65
0.7
0.75
0.8
0.85
0.9
60
70
80
90
100
110
120
130
140
150
Dec-06 Dec-07
Assets
Cash US$13.3m
% cash 14.6%
Loans US$12m
Gross gearing 13.2%
Net gearing -1.4%
Management
Annual fee n/a
Performance fee n/a
Key individual Jayant Sohonie
Tel. +44 (0)20 7398 7700
E-mail Jayant.sohonie@westpioneerindia.com
Website www.west-pioneer.com
West Pioneer Properties Ltd*
Company Summary
West Pioneer Properties Limited (WPR), the developer and operator of shopping malls in Tier II cities in western and
southern India. WPR is not a fund but a trading company and has three projects. Its first mall has opened for business
and is currently showing $20m profit; net assets of $71.8m are up 67% over 2007; and architects have been
appointed at two other projects.
Analyst’s Comment
Shopping malls are comparatively new to India, having arrived within the last three to five years, so there are few
locals with significant experience. To meet the new requirement of managing operating malls, WPR has hired Mac
Daniels, who has ten years’ experience in mall operation in South Africa.
At Kalyan the two main anchor tenants, Big Bazaar and MacDonalds, started operations in March 2008, and the bulk
of the other tenants on the ground floor of this mall have been open for business since June 2008. Tenants on the
lower ground, ground and first floors are also in the process of completing the fit-outs and opening. This represents
approximately 70-80% of the total 500,000 sq.ft GLA – the remainder being the top floor which will house the cinema
and food court. Construction of this top floor finished in June and it should be fully operational and fully occupied by
end December 2008.
Visitor numbers have been very good: in August the average was 66,000 visitors per day, the highest for any mall in
Mumbai, and on one day this figure topped 100,000. Few rival existing malls can cope with such high volumes. This
success should allow higher rents to be obtained for the remaining shopping units. The final approvals for Phase II
has been received and construction has started.
Cushman & Wakefield’s valuation of this project was US$127m, which is in line with the estimate at IPO. The
valuation does not take into account further tenancies agreed and occupied since then. (27-Aug-08)
Portfolio Summary
WPR’s first mall at Kalyan, 30 miles north-east of Mumbai, has opened and the company has moved from being solely
a developer of shopping malls to being an operator as well. The other two projects (Aurangabad and Nashik) are at
early stages, with land parcels purchased and architects appointed. Ground break is expected in 4Q 2008. WPR plans
one more project to take it from the current 3 m sq.ft GLA to 4 m.
Portfolio
Project Sector Area (sq.ft.) Completion Occupancy Status
Kalyan phase 1 Shopping centre 524.000 Completed 70% leased Operationa
l
Kalyan phase 2 Shopping centre 250.000 2010-12 Unoccupied Constructio
n started
Nashik Mixed mall-hotel 500.000 2011-13
Aurangabad Mixed mall-hotel 750,000 2011-13
Negotiating
with anchor
tenants
Awaiting
final
approvals
Source: WPR at June 30 2008
Country % Value(US$m)
Cash and held – for - trading investments 29 26.5
Property and prepayments 71 64.5
Investment Manager
Mr Sohonie has substantial senior management and marketing experience in the Indian retail and consumer goods
sector. Prior to joining WPR he held a variety of positions at Hindustan Lever Limited, the Indian subsidiary of
Unilever, including marketing and sales manager roles for some of Unilever's branded products. Mr Sohonie was
seconded to Quest International, a Unilever subsidiary, as divisional business manager and went on to hold the
position of director and CEO on formation of Quest International India, a JV between Unilever and ICI. Mr Sohonie’s
accomplishments include the investment of c.US$20m in the establishment of new factories and operational
systems; the formation of the necessary internal controls and operations; and the implementation of key marketing
initiatives in home and personal care products. Mr Sohonie holds a BSc in Statistics and Economics from Mumbai
University and Master of Management Studies from the Bajaj Institute of Management Studies at Mumbai University.
Investment Strategy
WPR aims to become a leading developer and manager of high-quality shopping malls in India while generating
attractive returns for shareholders from growth in income and underlying asset value.The directors intend to achieve
these objectives through targeting Tier II cities, where rapid growth is expected, and early land acquisition, to benefit
from projected appreciation in values. In addition rigorous research and planning is carried out in all development.
WPR targets the middle class population as an important customer base for its retailers and delivers a consumer-
centric shopping experience. The company, which offers competitive pricing to retailers, is building the brand, by
becoming a recognised shopping mall operator. Complete control of each shopping mall is maintained, with mixed-
use developments being created between retail and hotels.

Autumn 2008 157
Listing Details
Bloomberg WICH LN
Exchange AIM
ISIN GB002431736
Investment Focus
Geography UK (75%) – Europe (25%)
Strategy Investor
Sector Commercial
Current Trading
Price 53.00p
NAV date 31-Mar-08
NAV frequency H
Discount -61.1%
50
70
90
110
130
150
170
190
210
Jan-08
Assets
Cash £17.3m
% cash 2.7%
Loans £442.4m
Gross gearing 68.9%
Net gearing 66.2%
Management
Management group Wichford Property Mgt.
Annual fee n/a
Performance fee n/a
Key individual James Hambro
Tel. +44 (0)20 77475678
E-mail n/a
Valuer Atisreal; Jones Lang LaSalle; Savills
Website www.wichford.com
Wichford plc
Company Summary
Wichford plc (WICH) is a property investment company focusing on investing in properties in the UK and continental
Europe which have central and state government occupiers. The company acquires single properties, portfolios of
multiple properties or property special purpose vehicles and, where appropriate, invests in joint ventures. Properties
are held for the long term, but may be disposed of and the funds re-invested if this is believed to be advantageous to
the long-term investment performance of the company. WICH seeks to enhance the underlying value of its
properties by active management in order to capture value enhancement opportunities.
Property Portfolio
(%)
Net Assets
(%)
Value
(£m)
Weiner Platz, Dresden, Germany 25.02 7.26 44.08
Justizzentrum, Halle, Germany 22.46 6.52 39.57
Martin Luther Strasse, Stuttgart, Germany 19.09 5.54 33.63
Centenary Court, Bradford, UK 13.25 3.85 23.35
Castle House, Leeds, UK 11.66 3.39 20.55
Woodlands, Bedford, UK 10.07 2.93 17.75
Unicorn House, Bromley, UK 9.2 2.67 16.2
(£m)
European Developed Property 25.11 154.820
Investment Manager
The business is advised on an exclusive basis by Wichford Property Management Limited (WPML), a property
management company jointly owned by J O Hambro Capital Management Limited (JOHCM) and Corovest Fund
Managers (UK) Limited (Corovest). WPML's management team has considerable expertise in property and structured
finance with a combined total of over 50 years’ experience in these areas. WICH also benefits from a property
consultancy relationship with Brown Cooper Marples Limited (BCM). BCM, a privately owned property investment
adviser specialising in property acquisitions and sales, is well known in the investment property market for sourcing
and delivering substantial property transactions. Philip Cooper, a founder of BCM, is a director of WPML.
Investment Strategy
WICH acquires and maintains a portfolio of properties across the UK and continental Europe with unit values
generally ranging from £1m to £35m. The properties are occupied by central and state government bodies, which
the company considers provides a very low risk of default on rental payments combined with long-term stability as a
result of low tenant turnover.

Autumn 2008 158
Listing Details
Bloomberg WKP LN
Exchange LSE
ISIN GB0005296354
Domicile UK
Investment Focus
Geography UK
Strategy UK REIT
Sector Commercial
Current Trading
Price 93.50p
NAV date 30-Sep-08
NAV frequency Q
Discount -59.7%
80
130
180
230
280
330
380
430
480
Assets
Cash £2.6m
% cash 0.3%
Loans £448.9m
Gross gearing 45.1%
Net gearing 44.8%
Management
Annual fee n/a
Performance fee n/a
Key individual Harry Platt
Tel. +44 (0)20 7247 7614
E-mail info@workspacegroup.co.uk
Valuer -
Website www.workspacegroup.co.uk
Workspace Group plc
Company Summary
Workspace Group PLC (WKP) is a specialised property based business devoted to the provision of office, studio and
light industrial workspace for small businesses. The parent company and its subsidiaries assist new and existing small
businesses by creating affordable accommodation for rent on flexible and user-friendly terms. Currently, WKP owns
over 100 estates, comprising over 6 million sq.ft, and provides accommodation for more than 4,500 small businesses
in London and the south east of England. Of WKP’s properties, 97% are within the M25.
Analyst’s Comment
The underlying business is trading well. WKP has a large and diverse client base and with its flexible space should be
able to weather the recession better than its peers. WKP does not have a concentrated portfolio and little exposure
to the City, financial and retail sectors, where we expect the worst results. (Nov-17-08)
(sq.m)
No. of
Units
ERV
(£000)
Clerkenwell London Offices 53,202 99 2,467
Enterprise House London Offices 73,053 66 2,295
Great Guildford London Offices 94,014 126 2,074
Leathermarket London Offices 123,778 150 3,052
Southbank House London Offices 62,329 192 2,178
Source: WKP at June 30 2008
Sector No. of
Properties
Geography Area
(sq.ft)
No. of
Units
Value
(£m)
%
Office 65 Central London 804,073 1,171 296,145 30
Industrial 40 North London 882,137 773 129,475 12
East London 973,233 590 137,685 14
South London 1,070.4 633 202,010 20
West London 1,216.0 1,380 211,120 22
Outside London 209,801 64 16,790 2
Total 105
Total 5,155.8 4,611 993,225 100
Source: WKP at June 30 2008
Investment Manager
Mr Platt joined the board as director and general manager in April 1991, became managing director in April 1992 and
chief executive in October 1999. He was chief executive of Harlow District Council between 1983 and 1989 and,
before that, assistant chief executive at the London Borough of Greenwich. Prior to joining WKP, Mr Platt was
operations director of Dixons Commercial Properties Limited. He is also a non-executive director of the The Real
Hotel Company plc.
Investment Strategy
WKP’s strategy and goal is to grow in conjunction with London and its SMEs. The company aims to continue to
increase shareholder value and portfolio returns in advance of the sector by: (a) growing rents (the average rent of
£11.54 per sq.ft has substantial potential to increase and yet remain affordable for WKP’s customers); (b) realising the
latent value in the portfolio, targeting where intensification or change of use is possible. (In the longer term, some
54% of WKP’s portfolio has such potential, whilst on a five-year basis over 18 estates are being worked on and a
further 16 are in the joint venture with Glebe; (c) acquiring properties where long-term value is perceived (a large
number of potential property acquisitions in London are being tracked); and (d) improving margins (on certain
estates there is the potential to further increase rents with added service offerings).

Autumn 2008 159
Listing Details
Bloomberg XXIC LN
Exchange AIM
ISIN CY0009731015
Domicile Cyprus
Investment Focus
Geography Ukraine
Strategy Developer
Current Trading
Price 32.50p
NAV per share n/a
NAV date n/a
NAV frequency n/a
Next NAV announced n/a
Discount -
Dividend yield -
20
220
420
620
820
1020
1220
1420
1620
Assets
Cash US$174.4m
% cash 6.8%
Loans US$420.6m
Gross gearing 16.3%
Net gearing 9.6%
Management
Annual fee US$0.13m
Performance fee -
Key individual Lev Partskhaladze
Tel. +380 44 2000 457
E-mail office@21.com.ua
Valuer DTZ
Website www.21.com.ua
XXI Century Investments Public Ltd
Company Summary
XXI Century Investments Public Limited (XXIC) is one of Ukraine’s leading real estate investment, development and
property management companies. XXIC established its real estate operations in 1999 and listed on the LSE’s AIM
market in December 2005. The company develops and manages real estate projects such as shopping centres (chain
of Kvadrat shopping centres), offices, hotels, logistics centres and residential property at different development
stages in Kiev and throughout Ukraine.
Analyst’s Comment
We have seen political turmoil in Ukraine recently following Russia’s intervention in Georgia. Whichever way the
leaders end up facing (towards NATO and the west or CIS and Russia), we believe the fundamentals of the country
are strong (GDP growth of 7% and FDI at $8.6bn). Changes at the political level at the top of the country will have
little impact at the level of the local city mayors, where planning approvals are negotiated. Kyiv’s mayoral elections
were six months ago and are not scheduled again for the next four years. We therefore expect no delays in XXIC’s
project approval procedures. A large quality portfolio such as that of XXIC should be able to withstand the
immediate slowdown in availability of banking finance, and we applaud the refocusing of the company’s strategy.
(Sep-30-08)
Property Portfolio
(%)
Net Assets
(%)
Value
(£m)
Virlytsia (Mixed-Use) 17.45 19.9 354.54
Alupka 6.69 7.63 135.95
Brovarskiy (Business Centre) 5.98 6.82 121.5
Berezneva (Mixed-Use) 5.73 6.54 116.46
Kvadrat-Perova 4.33 4.94 87.95
Poltava (Mixed-Use) 4.27 4.87 86.82
Lisova 3.68 4.19 74.67
(US$m)
Hotels 2 Ukraine 100.73 2,031.0
Industrials 14
Office 14
Shopping Centres 21
Housing 49
Investment Manager
Mr Partskhaladze, chairman of XXIC’s board of directors and CEO, is a graduate in organisational management from
the European University of Kyiv. He is president of the Ukrainian Building Association, a professional association of
more than 200 leading Kyiv and Ukrainian investment and construction companies.
Investment Strategy
XXIC's key objectives in the near term are to maximise liquidity through an assertive cost-cutting programme which
involves reducing overheads and administrative expenses as well as selling non-core assets, exiting non-core
businesses and attracting investors and partners for its projects and systemic businesses.The company will focus on
three core business segments - retail, high-end residential, and offices.

Autumn 2008 160
Listing Details
Bloomberg YATRA NA
Exchange Euronext
ISIN JE00B1FBT077
Domicile Jersey
Investment Focus
Geography India
Strategy Developer
Current Trading
Price €2.90
NAV date 24-Jul-09
NAV frequency H
Discount -76.6%
Dividend yield -
0
2
4
6
8
10
12
14
16
18
20
Dec-07
Assets
Cash €79.5m
% cash 25.7%
Loans €19.0m
Gross gearing 6.1%
Net gearing -19.5%
Management
Management group Saffron Capital Advisors
Annual fee 2% + costs
Management notice period 3yrs + 1 yr
Key individual Ajoy Veer Kapoor
Tel. +91 22 6622 1500
E-mail info@yatracapital.com
Valuer -
Website www.yatracapital.com
Yatra Capital Ltd
Company Summary
Yatra Capital Limited (YATRA) is the first and only Euronext, Amsterdam listed company with a strategy to make real
estate investments in India. The IPO on Euronext was on December 6 2006. The IPO proceeds were fully invested in
eleven months (seven months ahead of schedule); secondary fundraising of €120m in Octocber 2007; now 83%
invested. In June 2007 YATRA bought the commercial and residential real estate development portfolio of Eredene
Capital (ERE) which had been managed by Saffron Capital Advisors.
Analyst’s Comment
Construction has started at six sites and the first to be operational will be the shopping centre at Nashik. YATRA has
some similarities with West Pioneer Properties (WPR). YATRA's Nashik project is a shopping mall and is similar to
WPR's in the same city, even having similar tenants, Big Bazaar. YATRA’s will open first in 3Q08. (Jul-31-08)
Portfolio Summary
YATRA has made investment commitments of €175.89 m of the net funds, in 16 projects, with over 27 million sq.ft
under development across nine cities and seven sectors. As at 31/7/08: total portfolio valued at €291.30m vs
€149.78m cost; adjusted NAV up 54% in 1 year (31/3/07: €9.55; 31/3/08: €14.69).
(sq.ft)
Amount
Committed (€m)
Value
(€m)
Market City Bangalore Mixed-use 3.5m 28 77
Forum IT Kolkata Office 1.4m 16 35
IT Sez Kolkata Office-Resid 3.3m 20 34
Residential Pr Pune Residential 2.3m 17 26
Market City Pune Mixed-use 1.8m 21 24
Source: YATRA at October 07 2008
Retail 37 Pune 27
Commercial 24 Kolkata 25
Residential 22 Bangalore 19
Hospitality 10 Indore 11
Nashik 5Enterprise 7
Hyderabad 5
Other 8
Source: YATRA at October 07 2008
Investment Manager
Mr Kapoor is an entrepreneur and banker with a career spanning over 25 years, with global exposure to real estate
investment, development and management. His last assignment was as global head, strategy and implementation
corporate real estate at HSBC, UK, where he was responsible for strategic management and project implementation
of 75 million sq.ft across 79 countries. Prior to that, Mr Kapoor was managing committee member and regional head
in India, corporate real estate & strategic sourcing at Standard Chartered Bank, managing a mixed portfolio of over
11 million sq.ft. He has also been involved in development management of several million sq.ft of real estate during
his various assignments. Between 1980 to 1995, Mr Kapoor built and sold Lamco, a chain of convenience stores. He is
one of the leading real estate professionals within India, where he is well known for creating and delivering value in a
complex environment.
Investment Strategy
YATRA focuses on investments across the real estate spectrum in areas with strong local attributes, supported by
stable, growing or emerging demographic and economic trends. The investment manager leverages its significant
market presence, brand awareness and key strategic relationships, to source investment opportunities with
significant yield and value enhancement potential. Investments are also selected where the ability to take advantage
of supply and demand imbalances, temporary market illiquidity, time sensitive sellers, or other factors may permit an
opportunistic purchase. YATRA partners with developers and other service providers who are leaders in their
respective fields. All partners have extensive sector specific experience, and insight into the local real estate markets
and asset classes. YATRA manages the capital structure of each of the investments, adhering to a policy of prudent
leverage. In addition to a representative seat on the board of directors with affirmative rights, the investment
manager uses its asset management capability to maintain an active involvement and add value at every stage of a
project. This includes maintaining the most suitable tenant mix, ensuring high-quality maintenance and upkeep of
buildings, and using well-considered financial structuring and documentation for each project. Each asset is analysed
periodically with respect to potential disposal. In evaluating any development or investment opportunity, one of the
primary considerations is the potential exit strategy. To that end, YATRA focuses on making investments in high
quality, well-located assets that should appeal to a wide group of subsequent buyers. YATRA strives to seek
investments with multiple exit strategies to maintain the highest possible valuation. In addition to its corporate
objectives, YATRA is committed to implementing investment principles that ensure it acts in an ethical manner and
provides long term benefit to society in general.

Autumn 2008 161
London-Listed Real Estate Companies
Code ISIN Name Region
3IN.L JE00B1RJLF86 3i Infrastructure plc Global
ABL.L GG00B1LB2139 Ablon Group Ltd CEE
TAP.L GB00B05LNH5 Advantage Property Income Trust Ltd UK
AFID.LI US00106J2006 AFI Development plc CIS
AISI.L CY0100441019 Aisi Realty Public Ltd CIS
ALPH.L GB00B0P6FY18 Alpha Pyrenees Trust Ltd Western Europe
ATPT.L GB00B13VDP26 Alpha Tiger Property Trust Ltd India
AREO.L GB00B17PFQ50 Argo Real Estate Opportunities Fund Ltd SEE
ASPL.L JE00B1RZDJ41 Aseana Properties Ltd Asia
AGP.L VGG054341083 Asian Growth Properties Ltd Asia
AGR.L GB0033732602 Assura Group Ltd UK
ATLS.L GB00B0WDBP88 Atlas Estates Ltd CEE
APT.L GB00B06T2607 AXA Property Trust Ltd Western Europe
BBPP.L GB00B188SR50 Babcock & Brown Public Partnerships Ltd Global
BYG.L GB0002869419 Big Yellow Group plc UK
BKSA.L GB00B068H734 Black Sea Property Fund Ltd SEE
BLK.L IE00B134XK63 Blackrock International Land plc Global
BLND.L GB0001367019 British Land Company plc UK
BXTN.L GB0001430023 Brixton plc UK
BLD.L GB00B11PLD04 Bulgarian Land Development plc SEE
BPD.L GB00B058TT05 Bulgarian Property Developments plc SEE
CNMI.L GG00B1FCZR96 Camper & Nicholson Marina Investments Ltd Global
CPIL.L VGG182601028 Canton Property Investment Ltd China
CAL.L GB0001741544 Capital & Regional plc Western Europe
CPT.L GB00B0B66533 Carpathian plc CEE
CCPL.L IM00B1XCMK33 China Central Properties Ltd China
CREO.L JE00B1P8F991 China Real Estate Opportunities Ltd China
CRF.L GB00B13PT348 Ciref Ltd Western Europe
CHI.L GB0032098047 Close High Income Properties plc UK
CHID.L GB00B0RTZ046 Close High Income Properties plc (D shares) UK
CIC.L GB0033698720 Conygar Investment Company plc UK
RIG.L GG00B1GVK032 CQS Rig Finance Fund Ltd Global
CBX.L GB00B3BPBV21 Cubus Lux plc SEE
DTR.L GB00B0RFL714 Dawnay Day Treveria plc Western Europe
DGRE.L JE00B1S0VN88 Delek Global Real Estate Ltd Global
DLN.L GB0002652740 Derwent London plc UK
DLD.L GB00B10QQ280 Deutsche Land plc Western Europe
DDE.L GB00B151M860 Develica Deutschland Ltd Western Europe
DSC.L GB0002668464 Development Securities plc UK
DCI.L VGG2803G1028 Dolphin Capital Investors Ltd SEE
DUPD.L IM00B1XH2B90 Dragon-Ukrainian Properties & Development plc CIS
EEP.L GB00B0XQ3R24 Eastern European Property Fund Ltd SEE
EEE.L NL0000051043 Engel East Europe NV CEE
EBP.L GB00B0QB4K42 Equest Balkan Properties plc SEE
ERE.L GB00B064S565 Eredene Capital plc India
ECDC.L GB00B1BJRB27 European Convergence Development Company plc SEE
ECPC.L GB00B0B7ZC68 European Convergence Property Company plc SEE
FCPT.L GB00B05KL904 F&C Commercial Property Trust Ltd UK
FAB.L JE00B1G3K654 Fabian Romania Ltd SEE
GPOR.L GB00B01FLL16 Great Portland Estate plc UK
HMSO.L GB0004065016 Hammerson plc Western Europe
HSTN.L GB00B0PPFY88 Hansteen Holdings plc Western Europe
HGPC.L GB00B17MXW87 Henderson Global Property Companies Ltd Global
HCFT.L GB0004254875 Highcroft Investments plc UK
HRCO.L IM00B1HYQS19 Hirco plc India
HICL.L GB00B0T4LH64 HSBC Infrastructure Company Ltd UK
IIP.L IM00B2QVWM67 Infrastructure India plc India
IGRE.L GB00B132SB63 ING Global Real Estate Securities Ltd Global
IRET.L GB00B0LCW208 ING UK Real Estate Income Trust Ltd UK
INL.L GB00B1TR0310 Inland plc UK
IPI.L GB00B02TTS55 Invesco Property Income Trust Ltd Western Europe
IERE.L LU0273211432 Invista European Real Estate Trust Western Europe
IFD.L GB00B01HM147 Invista Foundation Property Trust Ltd UK
IRP.L GB00B012T521 IRP Property Investments Ltd UK
ISH.L IM00B1FW3316 Ishaan Real Estate plc India
IPT.L GB0033674564 ISIS Property Trust Ltd UK
ITA.L VGG497051091 Itacare Capital Investments Ltd South America
JRIC.L GG00B1FB3X85 Japan Residential Investment Company Ltd Asia
JSM.L KYG821151092 JSM Indochina Ltd Asia
KDDG.L NL0006146185 KDD Group NV CIS

Autumn 2008 162
London-Listed Real Estate Companies
Code ISIN Name Region
KEIF.L GB00B1CH3174 Kenmore European Industrial Fund Western Europe
LAND.L GB0031809436 Land Securities Group plc UK
LCSR.L GG00B2334D09 Lewis Charles Romania Property Fund Ltd SEE
LCSS.L GB00B0BV8078 Lewis Charles Sofia Property Fund SEE
LII.L GB0006834344 Liberty International plc UK
LSR.L GB00B1VS7G47 Local Shopping REIT plc UK
LSP.L GG00B1Z5TP40 London & Stamford Property Ltd UK
MPO.L GB00B1436N68 Macau Property Opportunities Fund Ltd China
MKIF.LI US5560922042 Macquarie Korea Infrastructure Fund Asia
MBF.L JE00B1VN4914 Madara Bulgarian Property Fund Ltd SEE
MERE.L GB00B1460W25 Matrix European Real Estate Investment Trust Ltd Western Europe
MCKS.L GB0005522007 McKay Securities plc UK
MXF.L GG00B1DVQL92 MedicX Fund Ltd UK
MET.L IM00B1G4ZQ34 Metro Baltic Horizons plc Nordics & Baltic
MLD.L CY0100141015 Mirland Development Corporation plc CIS
MKLW.L GB0006091408 Mucklow (A&J) Group plc UK
NAT.L NL0000685246 Nanette Real Estate Group NV CEE
NBPC.L IM00B1N95Z00 Naya Bharat Property Company plc India
NEPI.L IM00B23XCH02 New Europe Property Investment plc SEE
NLD.L JE00B1Z91C77 Nordic Land Ltd Nordics & Baltic
NRP.AS JE00B1G3KL02 NR Nordic & Russia Properties Ltd Nordics & Baltic
OTE.L GB00B0XPT375 O Twelve Estates Ltd UK
OPF.L GB0032774365 Off-Plan Fund Ltd UK
OCH.L KYG6791P1072 Orchid Developments Ltd SEE
OTM.L GB00B0PJ6V42 Ottoman Fund Ltd SEE
PACL.L KYG6846Y1035 Pacific Alliance China Land Ltd China
PHU.L GB00B0YMRZ51 Pactolus Hungarian Property plc CEE
PLAZ.L NL0000686772 Plaza Centers NV CEE
PMEA.L IM00B1WSL611 PME African Infrastructure Opportunities plc Africa
PHP.L GB0007015521 Primary Health Properties plc UK
PEJR.L IM00B1FW6C18 Prospect Epicure J-REIT Value Fund plc Asia
PSPI.L VGG729641024 Public Service Properties Investments Ltd Global
PUMA.L GB00B0ZC7216 Puma Brandenburg Ltd Western Europe
RUS.L GB00B0D5V538 Raven Russia Ltd CIS
RLE.L GB00B014B855 Real Estate Investors plc UK
REO.L GB0030364995 Real Estate Opportunities Ltd (Ordinary Shares) UK
RGI.L GG00B1H11J88 RGI International Ltd CIS
RUGB.L GB00B1VVM685 Rugby Estates Investment Trust plc UK
RTY.L GB00B124YN79 Rutley European Property Ltd Western Europe
SGRO.L GB00B1YFN979 Segro plc UK
SGLV.L KYG8059T1022 SGL Vietnam Development Ltd Asia
SHB.L GB0007990962 Shaftesbury plc UK
SRE.L GG00B1W3VF54 Sirius Real Estate Ltd Western Europe
SAPO.L GB00B16GQJ90 South African Property Opportunities plc Africa
SVN.L GB0008467432 Sovereign Reversion plc UK
SPNV.L NL0000686319 Spazio Investment NV Western Europe
SDIC.L IM00B1W65B86 Speymill Deutsche Immobilien Company plc Western Europe
MCAU.L IM00B1GJR404 Speymill Macau Property Company plc China
SLI.L GB0033875286 Standard Life Investment Property Income Trust plc UK
SGL.L GB00B126Y552 Summit Germany Ltd Western Europe
TPF.L JE00B2375J51 Taliesin Property Fund Ltd Western Europe
TCF.L KYG8761F1019 Terra Catalyst Fund Western Europe
THG.L GB0006294382 Terrace Hill Group plc UK
TCSC.L GB0003062816 Town Centre Securities plc UK
TRY.L GB0009064097 TR Property Investment Trust plc Global
TRYS.L GB00B1YW2J11 TR Property Investment Trust plc (Sigma) Western Europe
TRC.L GB00B0ZL5243 Trikona Trinity Capital plc India
UKCM.L GB00B19Z2J52 UK Commercial Property Trust Ltd UK
UCP.L IM00B1HWL911 Unitech Corporate Parks plc India
VNI.L KYG936121022 Vietnam Infrastructure Ltd Asia
VPF.L KYG9362H1083 Vietnam Property Fund Ltd Asia
VNL.L KYG936361016 Vinaland Ltd Asia
WNER.L GB0009406561 Warner Estate Holdings plc UK
WPR.L VGG955191074 West Pioneer Properties Ltd India
WICH.L GB002431736 Wichford plc Western Europe
WKP.L GB0005296354 Workspace Group plc UK
XXIC.L CY0009731015 XXI Century Investments Public Ltd CIS
YATRA.AS JE00B1FBT077 Yatra Capital Ltd India

SectorOverviewREALESTATE
London
16 Berkeley Street
London W1J 8DZ
United Kingdom
+44 20 7569 9650
+44 20 7569 9688
Stockholm
Strandvägen 5B
11451 Stockholm
Sweden
+46 8 5053 2600
Los Angeles
9615 Brighton Way
Beverly Hills
CA 90210
United States
+1 310 278 0035
Dubai
The Gate Village 4
Dubai International
Financial Centre
PO Box 506621
Dubai, UAE
+971 4 429 4800
New York
245 Park Avenue
New York
NY 10167
United States
+1 212 672 1766
London
16 Berkeley Street
London
W1J 8DZ
United Kingdom
+44 20 7569 9650
Dubai
The Gate Village 4
DIFC
PO Box 506621
Dubai UAE
+971 4 429 4800
Hong Kong
9F The Hong Kong
Club Building
3A Chater Road
Central
Hong Kong
+852 3525 9100
SECURITIES
Head of Research
Reginal D. King
rking@libertascapital.com
+44 (0)20 7569 9663
Corporate Broking & Research
Sue Munden, CFA
sue.munden@libertascapital.com
+44 (0)20 7569 9679
Head of Securities
Justin Tooth
justin.tooth@libertascapital.com
+44 (0)20 7569 9682
RESEARCH
Infrastructure
Nigel Hawkins
nigel.hawkins@libertascapital.com
+44 (0)20 7569 9676
Real Estate
Simon Moore
simon.moore@libertascapital.com
+44 (0)20 7569 9675
Renewable Energy
Wafic Mounla
wafic.mounla@libertascapital.com
+44 (0)20 7569 9674
Natural Resources
Peter J. Dupont
peter.dupont@libertascapital.com
+44 (0)20 7569 9684
Real Estate
Marco Merciai
marco.merciai@libertascapital.com
+44 (0)20 7569 9608
Technology & Telecoms
Titus Menzies, CFA
titus.menzies@libertascapital.com
+44 (0)20 7569 9692
Oil and Gas
Leila Reddy
leila.reddy@libertascapital.com
+44 (0)20 7569 9680
Renewable Energy
Denis Christie
denis.christie@libertascapital.com
+44 (0)20 7569 9677
SALES
Iek Van Cruyningen
iek.vancruyningen@libertascapital.com
+1 (212) 672 1765
John Gilbert
john.gilbert@libertascapital.com
+44 (0)20 7569 9691
Samer Tadross
samer.tadross@libertascapital.com
+971 (0)4 429 4834
Guido Lami
guido.lami@libertascapital.com
+852 3 525 9127/+1 (212) 672 1765
Richard Parlons
richard.parlons@libertascapital.com
+44 (0)20 7569 9673
Wali Khan
wali.khan@libertascapital.com
+971 (0)4 429 4831
Charles Goodfellow
charles.goodfellow@libertascapital.com
+44 (0)20 7569 9672
Evan King
evan.king@libertascapital.com
+852 3 525 9128
Declan McCaffrey
declan.mccaffrey@libertascapital.com
+44 (0)20 7569 9686
Amjad S. AbdulGhani
amjad.saeed@libertascapital.com
+971 (0)4 429 4833
TRADING
Paul Walker
paul.walker@libertascapital.com
+44 (0)20 7569 9693
Mark Chapman-Smith
mcs@libertascapital.com
+44 (0)20 7569 9656

Building_the_Future_Dec08_lowres

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