We have just received our end of year property valuations for our German portfolio which indicate a 4.5% increase in property value since the date of purchase.   In the context of the overall performance of German property, we are pleased with the increase.   The most recent IPD German annual Property index indicated a 2% overall total return in the office sector of property investments.  Current share valuations for the German portfolio, which are completed monthly are also on a steady and rising trend .

Our policy to purchase assets where there is latent asset management potential, we believe, has contributed largely to this rise in valuation, year on year.  Forecasts are for continued steady economic growth in Germany in 2011 and we look forward to an uplift in the real estate market which will continue to have a positive effect on the valuations of the German portfolio. Our policy to purchase assets where there is latent asset management potential , we believe, has contributed largely to this rise in valuation, year on year.  Forecasts are for continued steady economic growth in Germany in 2011 and we look forward to an uplift in the real estate market which will continue to have a positive effect on the valuations of the German portfolio.