London Properties
I am pleased to report on an active period during which made further significant progress in pursuing its strategy of growing its net asset base. We have continued our policy of ensuring that our portfolio comprises substantial property assets with long term growth potential.
This was the reasoning behind our acquisition of the outstanding 50% of Analytical Properties, our joint venture with Bank of Scotland. Analytical's sole asset is King Edward Court, Windsor, a prime shopping centre in the heart of Windsor's shopping core.
Over the last few years we have deliberately changed the emphasis of our portfolio and sold assets which we viewed as having matured. We also wished to take advantage of a buoyant market background and, so far this year, we have sold properties with a combined value of £43.9m against a book value, as at 31 December 2006, of £41.3m. In the last three years we have sold some £132m of mature property. see the full announcment