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Portfolio statistics

Property Portfolio Analysis


At 30 September 2011

Investment
Value
£m
Overall
Portfolio
%
   
Equity
£m
London Office 90.0 20.5     34.6
Provincial Office 7.6 1.8     2.1
Industrial 20.8 4.7     12.5
In town retail 146.0 33.2     63.6
Out of town retail 14.2 3.2     6.4
Retirement village 4.8 1.1     4.8
Total 283.4 64.5     124.0


Trading and
Development


Book Value
£m

Overall
Portfolio
%


Fair Value
£m
Surplus Fair
Value over
Book
£m


Equity
£m
London Office 2.4 0.5 5.3 2.9 8.3
Provincial Office 8.0 1.8 8.1 0.1 -2.0
Industrial 8.3 1.9 8.3 - 8.3
In town retail 9.2 2.1 9.5 0.3 7.6
Out of town retail 3.3 0.8 3.3 - 3.3
Retirement villages 60.4 13.7 72.9 12.5 47.0
Change of Use 4.3 1.0 6.4 2.1 8.6
Mixed use 4.3 1.0 14.9 10.6 22.5
Poland 56.0 12.7 61.0 5.0 32.0
Total

156.2 35.5 189.7 33.5 135.6
Grand Total 439.6 100.0     259.6

This table includes all assets included in the consolidated accounts, less our profit-share partners’ share of these assets plus our share of assets held in associated companies

Equity is defined as being the fair value of the property less borrowings.

Investment properties

The yields on of the investment portfolio as at 30 September 2011 were as follows:

   
Initial
Yield
%

Reversionary
Yield
%
Yield on
letting
voids
%

Equivalent
Yield (AiA)
%
Industrial   8.2 9.4 8.8 8.9
London Offices   5.1 8.2 7.7 7.6
South East Offices   7.4 8.6 7.4 9.3
Retail   7.1 7.9 7.6 7.6
Total   6.7 7.9 7.7 7.8

Note: Includes our share of Clyde Shopping Centre but excludes our share of Barts.

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