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RNS Number:4214S
UK Balanced Property Trust Ltd(The)
24 November 2003
The UK Balanced Property Trust Limited
Interim Report and
Condensed Consolidated Financial Statements
for the half-year to
30 September 2003
Page 1
THE UK BALANCED PROPERTY TRUST LIMITED
Investment Objective
The investment objective of the UK Balanced Property Trust Limited is to provide
Ordinary Shareholders with a high level of income together with the prospect of
income and capital growth from investing in a diversified portfolio of UK
commerical property.
Page 2
THE UK BALANCED PROPERTY TRUST LIMITED
Directors and Advisers
Directors: Property Valuers:
Peter Harwood (Chairman) Drivers Jonas
Nicola Adamson 6 Grosvenor Street
Peter Le Cheminant London W1K 4DJ
Francis Malcolm
Stephen Vernon CB Richard Ellis
(formerly:Insignia Richard Ellis Ltd)
Registered Office: 77 Grosvenor Street
Butterfield House London W1K 3JT
The Grange
St. Peter Port Auditors:
Guernsey GY1 3NQ Ernst & Young LLP
14 New Street
Investment Manager: St Peter Port
Scottish Widows Investment Partnership Limited Guernsey GY1 4AF
Edinburgh One
Morrison Street Tax Advisers:
Edinburgh EH3 8BE Ernst & Young LLP
10 George Street
Financial & Marketing Adviser: Edinburgh EH2 2DZ
G&N Collective Funds Services Limited
14 Alva Street Legal Advisers:
Edinburgh EH2 8BE As to Guernsey Law:
Ozannes
UK Transfer Agent: 1 Le Marchant Street
Lloyds TSB Registrars St Peter Port
The Causeway Guernsey GY1 4HP
Worthing
West Sussex BN99 6DA As to UK Law:
Dickson Minto W.S.
Administrator, Secretary 11 Walker Street
and Registrar of the Company: Edinburgh EH3 7NE
Butterfield Fund Managers (Guernsey) Limited
La Tonnelle House As to Property Law:
Les Banques Dundas & Wilson C.S.
St Sampsons 9th Floor, North West Wing
Guernsey GY2 4BF Bush House
Aldwych
Principal Bankers: London WC2 B4E
The Royal Bank of Scotland plc
135 Bishopsgate
London EC2M 3UR
Page 3
THE UK BALANCED PROPERTY TRUST LIMITED
Investment Manager's
Interim Report
Performance
(i) Net Asset Value (NAV)
The NAV per share (capital only) has increased by 2.3% from the NAV of
100.96p at 31 March 2003 to 103.25p as at 30 September 2003.
(ii) Share Price
The Company's share price has traded, on average, at around 105.2p over
the half-year to 30 September 2003 (Source:Datastream), which is 5.2%
above the initial subscription price.
Over the 6 months to 30th September 2003 the total return on the Company's
shares has been 10.8% against the FTSE All Share at 19.0% and the FTSE
Real Estate at 28.6%. Since launch (to 19 September 2003) the total return
on the Company's shares has been 17.3% against the FTSE All Share at
-13.3% and the FTSE Real Estate at 3.0%. Over the period the total return
on the Company relative to the FTSE All Share was 35.3% and 13.9% relative
to the FTSE Real Estate. (Source: Datastream).
Page 4
THE UK BALANCED PROPERTY TRUST LIMITED
Investment Manager's
Interim Report (Continued)
(iii) Investment Property Databank (IPD)
The IPD All Monthly and Quarterly Valued Funds Index provides the
benchmark for the Company's property portfolio. Over the last 2 quarters
(from 31 March to 30 September 2003) the IPD total return figure for The
UK Balanced Property Trust Limited was 5.90%, in comparison to the total
return figure for the IPD Index of Monthly and Quarterly Valued Funds of
5.30%.
Activity
The second share issue in March 2003 facilitated the purchase of Toronsay UK
Real Estate LP, which included 21 properties.
There have been 3 disposals in the period with a total realisation of #1.0m,
representing a gain of #142,778 on valuation.
In total, 10 leases were formally renewed, retaining #213,000 p.a. of income, 21
rent reviews have been settled, increasing the annual income by #182,000 p.a.,
and 9 units were let, adding #239,000 p.a. to annual income.The portfolio void
rate during the period increased from 3.2% to 3.6%.
As at 30 September 2003 the property valuation was #295.42m, with an annual
income of #22.65m, which represented a running yield of 7.7%. As at 30 September
2003, the Company's portfolio contained 89 properties, diversified across all
three commercial sectors and let to a broad base of tenants.
Investment Background
During the reporting period, upward revisions to official data suggest that the
UK economy may now be growing at close to trend pace. GDP growth in the second
quarter of 2003 was revised up to 0.6% and recent surveys suggest that third
quarter growth may have been even higher at around 0.75%.This level of growth
indicates that full year economic growth could come in at around the 2.0% mark
for 2003, just within the Chancellor's forecast range.
Consumer spending seems to have re-accelerated after slowing down in the early
months of the year, but the main influences on the higher rates of economic
growth have been higher public spending, improved manufacturing output and
better performances from business investment and exports. The improved tone to
the US economy and indications that growth is now becoming more entrenched
outside the US have also helped contribute to the upturn in domestic growth.
Property returns remain firm over 2003. Despite weaker property fundamentals,
capital values remain remarkably strong. Rents are falling in many areas, yet
yields are hardening, being driven by strong interest in commercial property
from geared buyers who are taking advantage of low interest rates.
Although commercial property continues to show favourable levels of returns over
the last decade, the bounce back in global equity markets from their pre-Gulf
War troughs has pushed equity returns ahead of those from commercial property
over the last 12 months. Over longer terms, however, commercial property
continues to outperform equities and bonds.
Within the property market, offices remain the weakest performers, with London
office rents continuing to fall. Although there are tentative signs that the
rate of decline is beginning to level off, we do not expect a rapid recovery in
rental growth in these markets. Retail remains the best performing sector, both
in terms of tenant demand and rental growth.This has driven investment demand,
which has driven up values as yields have generally hardened quite
considerably.The industrial sector has also delvered strong performance numbers,
driven primarily by a hardening of yields.
Page 5
THE UK BALANCED PROPERTY TRUST LIMITED
Investment Manager's
Interim Report (Continued)
Outlook
The UK economy appears to be stronger and better balanced than had been
previously expected. Although consumer spending may tail off as the anticipated
interest rate rises and further tax rises begin to hit home next year,
increasing levels of exports and business investment are expected to more than
offset any decline in the rate of growth of consumer spending. With the UK
currently accelerating towards trend rate of growth we anticipate this momentum
continuing into 2004 and the following year. Consequently, we expect the rate of
GDP growth to increase to an above trend rate of 2.8% in both years. We are not
however expecting this bullish view of the economy to be quickly translated into
rental growth. The retail sector is likely to remain the most buoyant in terms
of tenant demand and rental growth over the near term but the office sector, in
particular, will see little rental growth next year and it may be into 2005
before material rises in rents are seen. Both the retail and the office sectors
will benefit from the relative scarcity of new supply coming on stream in the
coming years and rates of rental growth above inflation are expected from 2006.
The Manager's strategy for the Company will be continued activity in the
management of the portfolio, including completion of outstanding rent reviews,
extension of existing short term leases, maximising results on forthcoming rent
reviews, lettings and renewals, reducing the void rate, and consideration of
sales of functionally obsolete properties in order to build up reserves to
re-invest. In addition, available capital will be fully invested in properties
of a suitable size and yield for the portfolio, when available.
While the next twelve months look set to be a challenging time for investors in
property, the Company's carefully selected and well diversified portfolio is
suitably placed to continue delivering income stability and thus anticipated
dividends to its shareholders.
Scottish Widows Investment Partnership Limited
November 2003
Page 6
THE UK BALANCED PROPERTY TRUST LIMITED
Unaudited Interim Condensed Consolidated Income Statement
for the half-year to 30 September 2003
Period 1 April to Period 22 January to Period 22 January 2002
30 September 2003 30 September 2002 to 31 March 2003
(restated)
unaudited unaudited audited
Notes GBP GBP GBP
Income
Rental income from investment
properties 11,439,107 8,232,099 17,259,950
Expenditure
Investment Manager's fee (1,671,144) (1,339,195) (2,631,804)
Property expenses (670,627) (319,477) (910,077)
Other expenses (410,497) (4,005,582) (5,298,203)
(2,752,268) (5,664,254) (8,840,084)
Net operating profit for
the period before finance costs 8,686,839 2,567,845 8,419,866
Interest receivable 171,736 205,345 455,340
Interest payble and similar charges (3,248,701) (1,681,691) (3,504,152)
(3,076,965) (1,476,346) (3,048,812)
Net profit from ordinary activities
before taxation 5,609,874 1,091,499 5,371,054
Taxation on profit
on ordinary activities (150,000) - (126,299)
Net profit from ordinary activities
after taxation 5,459,874 1,091,499 5,244,755
Gain from investments
Realised gain on disposal of
investment properties 142,778 722,558 1,386,057
Movement in unrealised gain on
revaluation of investment properties 4,709,927 2,378,438 4,043,979
4,852,705 3,100,996 5,430,036
Net profit for the period 10,312,579 4,192,495 10,674,791
Pence Pence Pence
Earnings per ordinary share 4 5.40 2.79 7.06
All items in the above statement derive from continuing operations
Page 7
THE UK BALANCED PROPERTY TRUST LIMITED
Unaudited Interim Condensed Consolidated Balance Sheet
At 30 September 2003
30 September 2003 30 September 2002 31 March 2003
(restated)
unaudited unaudited audited
Notes GBP GBP GBP
Non-current assets
Freehold properties: at market value 5 267,640,000 193,920,000 263,485,000
Leasehold properties: at amortised cost 5 25,482,181 21,318,949 25,566,588
293,122,181 215,238,949 289,051,588
Current assets
Debtors and prepayments 6 6,200,906 1,204,659 6,092,353
Cash and cash equivalents 6,203,096 13,335,332 7,980,692
12,404,002 14,539,991 14,073,045
Total assets 305,526,183 229,778,940 303,124,633
Non-current liabilities
Bank loan 7 (100,162,949) (71,800,000) (100,132,486)
Interest rate swap liability 7 (6,672,238) (5,675,501) (8,482,772)
Deferred income tax liabilities (150,000) - (62,299)
(106,985,187) (77,475,501) (108,677,557)
Current liabilities
Creditors 8 (8,042,294) (7,750,172) (12,200,130)
Income tax payable - - (21,702)
(8,042,294) (7,750,172) (12,221,832)
Total liabilities (115,027,481) (85,225,673) (120,899,389)
NET ASSETS 190,498,702 144,553,267 182,225,244
Equity
Share capital 9 47,780,250 37,500,000 47,780,250
Share premium 9 142,403,475 111,161,273 142,403,475
Revenue reserves 10 (3,295,526) (1,533,501) (4,905,745)
Capital reserves 11 3,610,503 (2,574,505) (3,052,736)
TOTAL EQUITY 190,498,702 144,553,267 182,225,244
Pence Pence Pence
Net asset value per ordinary share 12 99.67 96.37 95.35
Page 8
THE UK BALANCED PROPERTY TRUST LIMITED
Unaudited Interim Condensed Consolidated Statement of Changes in Equity
for the half-year to 30 September 2003
1 April to Period 22 January Period 22 January 2002
30 September 2003 to 30 September 2002 to 31 March 2003
(restated)
unaudited unaudited audited
GBP GBP GBP
Opening net assets 182,225,244 - -
Net profit for the period 10,312,579 4,192,495 10,674,791
Issue of ordinary share capital - 150,000,000 191,943,420
Share issue costs - (1,338,727) (1,759,695)
Movement in unrealised loss on
revaluation
of interest rate swap 1,810,534 (5,675,501) (8,482,772)
Dividends paid and declared (3,849,655) (2,625,000) (10,150,500)
Closing net assets 190,498,702 144,553,267 182,225,244
Pence Pence Pence
Dividends paid and declared per 2.01 1.75 6.77
ordinary share
Page 9
THE UK BALANCED PROPERTY TRUST LIMITED
Unaudited Interim Condensed Consolidated Cash Flow Statement
for the half-year to 30 September 2003
1 April to Period 22 January Period 22 January
30 September 2003 to 30 September 2002 to 31 March 2003
(restated)
unaudited unaudited audited
GBP GBP GBP
OPERATING ACTIVITIES
Net operating profit for the period 8,686,836 2,567,845 8,419,866
Adjustment for:
Non cash item: amortisation of leasehold 84,407 66,527 162,523
properties
Increase in operating debtors and prepayments (108,554) (1,159,659) (6,086,353)
(Decrease)/increase in operating creditors
and accruals (1,955,550) 6,785,921 8,401,211
(1,979,697) 5,692,789 2,477,381
Income tax paid - - (42,298)
Interest received 171,736 160,345 449,340
Interest paid (3,229,023) (719,756) (3,363,960)
(3,057,287) (559,411) (2,914,620)
Net cash inflow from operating activities 3,649,852 7,701,223 7,940,329
INVESTING ACTIVITIES
Purchases of investment properties (249,913) (215,004,480) (291,582,568)
Sales of investment properties 947,617 2,800,000 7,798,493
Net cash inflow/(outflow) from investing 697,704 (212,204,480) (283,784,075)
activities
FINANCING ACTIVITIES
Proceeds from issue of ordinary share capital - 148,661,273 191,943,420
Less: directly attributable set up costs - - (334,724)
Draw down of bank loan - 71,800,000 100,700,000
Bank loan arrangement fees - - (609,258)
Dividends paid (6,125,152) (2,622,684) (7,875,000)
Net cash (outflow)/inflow from financing (6,125,152) 217,838,589 283,824,438
activities
(Decrease)/increase in cash during
the period (1,777,596) 13,335,332 7,980,692
Page 10
THE UK BALANCED PROPERTY TRUST LIMITED
Notes to the unaudited condensed consolidated interim financial statements
for the half-year to 30 September 2003
1 Accounting policies
The financial statements for the half-year to 30 September 2003 have been
prepared on the basis of the accounting policies set out in the consolidated
financial statements prepared to 31 March 2003 except that the
classification of the movement in fair value revaluation of the interest
rate swap contract was transferred from the Income Statement to the
Statement of Changes in Equity in the 2002 comparative as it meets the
criteria for hedge accounting set out in the 31 March 2003 statutory
financial statements.
The condensed consolidated interim financial statements have been prepared
in accordance with International Accounting Standard 34 - Interim Financial
Reporting.
2 Taxation
1 April to Period 22 January Period 22 January 2002
30 September 2003 to 30 September 2002 to 31 March 2003
GBP GBP GBP
Current income tax - - 64,000
Deferred income tax relating to origination
and reversal of temporary differences 150,000 - 62,299
150,000 - 126,299
3 Dividends
The first interim dividend of 1.78125p for the year to 31 March 2004 was
paid on 30 July 2003 to shareholders on the register on 18 July 2003.The
ex-dividend date was 16 July 2003.
The second interim dividend of 1.78125p for the year to 31 March 2004 was
declared on 9 October 2003 and paid on 29 October 2003 to shareholders on
the register on 17 October 2003.The ex-dividend date was 15 October 2003.
4 Earnings per ordinary share
The earnings per ordinary share is based on the net profit of #10,312,579
(30 September 2002: #4,192,495 and 31 March 2003: #10,674,791) and on
191,121,000 ordinary shares (30 September 2002: 150,000,000 and 31 March
2003: 151,203,008), being the weighted average number of ordinary shares in
issue throughout the period.
Page 11
THE UK BALANCED PROPERTY TRUST LIMITED
Notes to the unaudited condensed consolidated interim financial statements
for the half-year to 30 September 2002
5 Investment properties
30 September 30 September 31 March
2003 2002 2003
GBP GBP GBP
Freehold properties
Cost of freehold properties on hand at period start 259,441,021 - -
Cost of freehold properties purchased - 191,017,392 264,635,672
Additions 249,913 2,556,687 1,217,785
Total cost 259,690,934 193,574,079 265,853,457
Disposals at cost (804,840) (2,032,517) (6,412,436)
Cost of freehold properties on hand at period end 258,886,094 191,541,562 259,441,021
Surplus on revaluation 8,753,906 2,378,438 4,043,979
Market value of freehold properties on hand at period end 267,640,000 193,920,000 263,485,000
Long leasehold properties
Cost of leasehold properties on hand at period start 25,729,111 - -
Cost of leasehold properties purchased - 20,645,300 25,588,382
Additions - 740,176 140,729
Total cost 25,729,111 21,385,476 25,729,111
Amortisation at period start (162,523) - -
Amortisation for the period (84,407) (66,527) (162,523)
Amortised cost of leasehold properties on hand at
period end 25,482,181 21,318,949 25,566,588
Reconciliation of property values to the Schedule of Investment Property
Amoritsed cost of leasehold properties on hand at period end 25,482,181 21,318,949 25,566,588
Unrealised profit on leasehold properties on hand at period end
(not recognised for accounting purposes) 2,292,819 56,051 1,373,412
Market value of leasehold properties on hand at period end 27,775,000 21,375,000 26,940,000
Market value of freehold properties on hand at period end 267,640,000 193,920,000 263,485,000
Market value of all properties on hand at period end 295,415,000 215,295,000 290,425,000
The loan finance is secured on the property portfolio
6 Debtors and pre-payments
30 September 30 September 31 March
2003 2002 2003
GBP GBP GBP
Tenant arrears (net of provision for bad debts) 6,085,978 1,078,159 5,950,701
Other debtors and pre-payments 114,928 126,500 141,652
6,200,906 1,204,659 6,092,353
7 Bank loan and interest rate swap liability
30 September 30 September 31 March
2003 2002 2003
GBP GBP GBP
Facility 100,700,000 77,800,000 100,700,000
The Directors estimate that the fair value of the interest rate swap
contract at 30 September 2003 is a liability of #6,672,238 (30 September
2002: liability of #5,675,501 and 31 March 2003: liability of #8,482,772),
which is based on a discounted cash flow projection using interest rates
prevailing at the balance sheet date.
Page 12
THE UK BALANCED PROPERTY TRUST LIMITED
Notes to the unaudited condensed consolidated interim financial statements
for the half-year to 30 September 2002
8 Creditors
30 September 30 September 31 March
2003 2002 2003
GBP GBP GBP
Rental income received in advance 4,684,252 10,185 4,796,927
Dividends payable - - 2,275,500
Investment management fees 1,579,473 1,339,195 664,829
Property creditors 924,863 1,533,173 1,106,485
Due to SWIP 99,337 2,071,032 1,525,365
Other creditors 754,369 2,796,587 1,851,024
8,042,294 7,750,172 12,200,130
9 Share capital and share premium
30 September 30 September 31 March
2003 2002 2003
GBP GBP GBP
Authorised share capital:
300,000,000 ordinary shares of #0.25 each, fully paid
(30 September 2002: 150,000,000 and
31 March 2003: 300,000,000): 75,000,000 62,500,000 75,000,000
Issued share capital:
191,121,000 ordinary shares of #0.25 each, fully paid
(30 September 2002: 150,000,000 and
31 March 2003: 191,121,000): 47,780,250 37,500,000 47,780,250
Share premium:
Received on the placing of ordinary shares 144,163,170 112,500,000 144,163,170
Less: directly attributable set-up costs (1,759,695) (1,338,727) (1,759,695)
142,403,475 111,161,273 142,403,475
10 Revenue reserve
30 September 30 September 31 March
2003 2002 2003
GBP GBP GBP
Opening balance (4,905,745) - -
Net profit for the period 5,459,874 1,091,499 5,244,755
Dividends paid (3,849,655) (2,625,000) (10,150,500)
(3,295,526) (1,533,501) (4,905,745)
Rental income accrues evenly over the period
11 Capital reserve
30 September 30 September 31 March
2003 2002 2003
GBP GBP GBP
Opening balance (3,052,736) - -
Realised gain on disposal of investment properties 142,778 722,558 1,386,057
Movement in unrealised gain on revaluation of
investment properties for the period 4,709,927 2,378,438 4,043,979
Movement in unrealised loss on revaluation of
interest rate swap 1,810,534 (5,675,501) (8,482,772)
3,610,503 (2,574,505) (3,052,736)
Page 13
THE UK BALANCED PROPERTY TRUST LIMITED
Notes to the unaudited condensed consolidated interim financial statements
for the half-year to 30 September 2002
12 Reconciliation of consolidated net asset value per interim financial
statements to published net asset value
Total 30 September 30 September 31 March
2003 2002 2003
GBP GBP GBP
Consolidated net asset value per financial statements 190,498,702 144,553,267 182,225,244
Adjustments:
Revenue reserves*
Net operating profit for the period (5,459,874) (1,091,499) (5,244,755)
Unrealised loss on revaluation of interest rate swap 6,672,238 5,675,501 8,482,772
Dividends paid or declared 3,404,343 2,625,000 10,150,500
Set up costs - (3,786,773) (4,965,805)
International Financial Reporting
Standards adjustments*
Unrealised surplus on leasehold properties 2,208,415 56,051 1,373,412
Year end accounting adjustments
Additions to book costs - - 6,520
Revaluation of Toronsay Portfolio - - 921,000
Published net asset value 197,323,824 148,031,547 192,948,888
Per share 30 Sept 2003 30 Sept 2002 31 Mar 2003
Pence Pence Pence
Consolidated net asset value per financial statements 99.68 96.37 95.35
Adjustments:
Revenue reserves*
Net operating profit for the period (2.86) (0.73) (2.74)
Unrealised loss on revaluation of interest rate swap 3.49 3.78 4.44
Dividends paid or declared 1.78 1.75 5.31
Set up costs (2.52) (2.60)
International Financial Reporting Standards adjustments*
Unrealised surlpus on leasehold properties 1.16 0.04 0.72
Year end accounting adjustments
Additions to book costs - - -
Revaluation of Toronsay Portfolio - - 0.48
Published net asset value per share 103.25 98.69 100.96
* The published NAV is calculated on a capital only basis and otherwise in
accordance with UK accounting standards. In order to reconcile to the
published NAV it is necessary to add back all revenue reserves and account
for the effect of International Financial Reporting Standards versus UK GAAP
differences. All set up costs are deducted from the published NAV.
Page 14
THE UK BALANCED PROPERTY TRUST LIMITED
Schedule of Investment Property
Ten Largest Investment Property Holdings at 30 September 2003
Property Open market value at
30 September
2003
GBP
SITTINGBOURNE,The Forum Centre, Kent 12,850,000
WATFORD, Radius, 51 Clarendon Road, Hertfordshire 11,775,000
BRADFORD, 26 Market Street,West Yorkshire 8,500,000
SWINDON, Units 1/14, Hillmead Complex,Wiltshire 8,425,000
PERTH, Phase 3, St Catherines Retail Park 8,400,000
GUILDFORD, 67/70 North Street & 14/18 Market Street, Surrey 8,050,000
LONDON NW10, 40 Cumberland Avenue, Greater London 7,725,000
CRAWLEY,The Brunel Centre, Newton Road,West Sussex 7,375,000
SCARBOROUGH,The Balmoral Centre, North Yorkshire 7,375,000
STEVENAGE, Longacres House, Six Hills Way, Hertfordshire 7,200,000
Page 15
THE UK BALANCED PROPERTY TRUST LIMITED
Schedule of Investment Property (continued)
Geographical and sector classification
Sector Open market value % of
at 30 September 2003 Porfolio
GBP
Offices-Rest of UK
CHESTER, Chester Business Park, Cheshire
CREWE, Burford House, 8, Earle Street, Cheshire
HULL, Priory Park, Saxon Way,West Hessle, Kingston-upon-Hull
LEAMINGTON SPA, Clarendon House, 1/2, Clarendon Square, Warwickshire
LEEDS,York Towers, 383/387 York Road,West Yorkshire
LEICESTER, Enkalon House, 86/92 Regent Road, Leicestershire
LEICESTER, Mansion House, 41 Guildhall Lane, Leicestershire
STEVENAGE, Longacres House, Six Hills Way, Hertfordshire
STOCKPORT, Owl House, 57/65 Great Underbank, Cheshire
SUTTON COLDFIELD, 31/37 Birmingham Road/Duke Street, West Midlands
SUTTON COLDFIELD, King Edward's Court, King Edward's Square, West Midlands
WATFORD, Radius, 51 Clarendon Road, Hertfordshire
Total 43,450,000 14.71%
Offices-South East
EPSOM, Emerald House, East Street, Surrey
GODALMING, Berkeley House, 11/13, Ockford Road, Surrey
MILTON KEYNES, Sovereign Court,Witan Gate East, Buckinghamshire
READING, 10 Crown Street, Berkshire
REDHILL, Berkeley House, 49/53 High Street, Surrey
SLOUGH, Focal Point, Stoke Road, Berkshire
WALTON ON THAMES,Auckland House, New Zealand Avenue, Surrey
WOKING, 76/86 Chertsey Road, Surrey
WOKINGHAM,West Forest Gate, Finchampstead Road, Berkshire
Total 31,940,000 10.81%
Retail Warehouse
BOSTON, Albyn Retail Park, Grantham Road, Lincolnshire
CARMARTHEN, Stephens Way, Carmerthenshire
CHESTERFIELD, MFI Unit, Lordsmill Street, Derbyshire
GRANTHAM, Units A/D, Gonerby Road, Lincolnshire
LEEDS,York Road,West Yorkshire
LONDON E17,Walthamstow Avenue
PERTH, Phase 3, St Catherines Retail Park
Total 35,960,000 12.17%
Page 16
THE UK BALANCED PROPERTY TRUST LIMITED
Schedule of Investment Property (continued)
Geographical and sector classification (continued)
Sector Open market value % of
at 30 September 2003 Porfolio
GBP
Shopping Centres
ROTHERHAM, Old Town Hall, Howard Street, South Yorkshire
SCARBOROUGH,The Balmoral Centre, North Yorkshire
SITTINGBOURNE,The Forum Centre, Kent
Total 22,725,000 7.69%
Traditional Industrial-Rest of UK
BEDFORD, Elm Farm Industrial Estate, Bedfordshire
COVENTRY, Units 7040, 7050 & 7060, Middlemarch Business Park, West Midlands
NEWTON AYCLIFFE,Whesso Building, Heighton Lane, County Durham
OAKDALE, Unit 17/18 Pen Y Fan Ind. Est.,Willow Road,West Glamorgan
REDDITCH, Burnt Meadow Road, Moons Moat,Worcestershire
ST ALBANS, Units 15/18, Brick Knoll Park, Hertfordshire
SWINDON, Booker Unit, Elgin Drive,Wiltshire
SWINDON, Units 1/14, Hillmead Complex,Wiltshire
Total 25,975,000 8.79%
Traditional Industrial-South East
CHANDLERS FORD, Chandlers Park, Hampshire
CRAWLEY,The Brunel Centre, Newton Road,West Sussex
LONDON N22, St George's Industrial Estate,White Hart Lane,Wood Green
LONDON NW10, 40 Cumberland Avenue, Greater London
LONDON SE 15, Unit 1/3,Wevco Industrial Estate, Sandgate Street Greater London
LONDON SW8, 78, Silverthorne Road, Battersea
LONDON W4, Codap House, Chiswick Roundabout, Greater London
Total 35,410,000 11.99%
Page 17
THE UK BALANCED PROPERTY TRUST LIMITED
Schedule of Investment Property (continued)
Geographical and sector classification (continued)
Sector Open market value % of
at 30 September 2003 Porfolio
GBP
Unit Shops-North
ALTRINCHAM, 57/67 George Street, Cheshire
BRADFORD, 26 Market Street,West Yorkshire
BURY, Lester House, Market Street, Lanacashire
CHESTERFILED, 29/33 Burlington street, Derbyshire
CREWE, 55/57, Market Street, Cheshire
DUNFERMLINE, 72/76 High Street, Fife
ERDINGTON, 210/216 High Street,West Midlands
HEREFORD, 3/4 Commercial Road, Herefordshire
LIVERPOOL, 72/82,Walton Vale, Merseyside
LIVERPOOL, Arndale House, 89/103 London Road, Merseyside
ORMSKIRK, 1/10 (16/28) Wheatsheaf Walk (Burscough Street), Lancashire
ORMSKIRK, 33/37 Moor Street, Lancashire
SCARBOROUGH, 112 Westborough, North Yorkshire
SCARBOROUGH,Aberdeen Walk, Bar House,Westborough, North Yorkshire
STAFFORD, 1/7 & 21/24 Market Street & Salter Street, Staffordshire
SUTTON COLDFIELD, 45/57 & 59/63, Birmingham Road,West Midlands
YORK, 26/27 High Ousegate, North Yorkshire
YORK, 44/46 Fossgate & Merchant Chambers, North Yorkshire
YORK, 9 Coney Street, North Yorkshire
Total 44,115,000 14.93%
Page 18
THE UK BALANCED PROPERTY TRUST LIMITED
Schedule of Investment Property (continued)
Geographical and sector classification (continued)
Sector Open market value % of
at 30 September 2003 Porfolio
GBP
Unit Shops-South
BARNSTAPLE, 76 High Street, Devon
BASINGSTOKE, 20/24 Wote Street, Hampshire
CAMBERLEY, 1A High Street, Surrey
CAMBERLEY, 35 High Street, Surrey
CAMBERLEY, 67/73 Park Street, Surrey
CHELMSFORD, 49-50 High Street, Essex
CROYDON, 59/61 North End, Surrey
EXETER, 43/45 High Street, Devon
GUILDFORD, 67/70 North Street & 14 / 18 Market Street, Surrey
GUILDFORD, 71/72 North Street, Surrey
HARROW, 38/44 St Ann's Road, Middlesex
HOUNSLOW, 28/34 High Street, Middlesex
ILFORD, 102/104 High Road, Essex
KINGS LYNN, 43/44 High Street, Norfolk
LONDON W1, 16 South Molton Street, Greater London
NORWICH, 24,26 & 28 Prince of Wales Road, Norfolk
PETERBOROUGH, Britannic House, Cowgate, Cambridgeshire
PORTSMOUTH, 152 Commercial Road, Hampshire
SITTINGBOURNE, Brewers Yard, St Michaels Road, Kent
SOUTHEND ON SEA, 21/23 High Street, Essex
SOUTHEND ON SEA, 25 High Street, Essex
WATFORD,The Parade, 49/61 High St, Hertfordshire
WINDSOR, 12 Peascod Street, Berkshire
Total 55,840,000 18.91%
GRAND TOTAL 295,415,000 100.00%
This information is provided by RNS
The company news service from the London Stock Exchange
END
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