Net Asset Value(s)

RNS Number:3589K
Westbury Property Fund Limited
12 October 2006

For immediate release                                           12 October 2006



                         Westbury Property Fund Limited
                     Q3 Net Asset Value and trading update


  * Q3 revaluation surplus of #13.1m.

  * NAV per share of 155p as at 30th September 2006 which is net of all costs,
    performance fee provision and dividends paid and is after the effect of
    issuing 43.6m new shares at 140p in August 2006.

  * Completion of two balanced portfolio acquisitions in London and the North
    West, at a combined purchase price of #12.35m plus a small venture portfolio
    investment in Surrey.

  * Demolition of buildings at Weston Point Docks in preparation for
    development of new port facilities.

  * Planning application submitted on joint venture development in Ware,
    Hertfordshire.

  * Once new bank facilities are in place, there will be circa #150m
    available for investment


The Westbury Property Fund today announced that its NAV has increased to 155p
per Ordinary Share.


"The figures show good underlying capital growth for the quarter and the NAV has
increased notwithstanding the impact of the substantial share issue completed in
August," said Richard Burrell, Investment Manager to the Westbury Property Fund.


"Since raising an additional #60m of equity in August, we have continued our
programme of investment in the balanced portfolio and secured 100% control of
Weston Point Docks where we have commenced new investment in the port facility
to significantly expand future operations from the site."


Since the Interim Results which were announced on 13 July 2006, the Fund has:


* Commenced the demolition of buildings on the Weston Point site in
  preparation for the first phase of development.

* Acquired the freehold interest in 90/92 Queen's Gate, London SW7 for
  #8.55m. The three interlinked buildings, which total circa 21,000 sq ft, are
  situated in a prime Kensington location.  The buildings have a D1 educational
  use and are leased to Mander Portman Woodward on a new 25 year lease with 
  tenant break options at years 15 and 20.  The rent is reviewed on a 5 yearly 
  basis to the higher of D1 (educational) or B1 (offices) open market value.  
  The purchase reflects a net initial yield of circa 5%.  The investment offers 
  secure, long term income with good growth prospects and is underpinned by 
  alternative use values.

* Acquired Units 1 & 2, Centuria Business Park, Bromborough, Wirral for
  #3.8m reflecting a net initial yield of 6.4%.  The property comprises two
  modern, self contained industrial warehouses totalling circa 64,000 sq ft on 
  the Wirral International Business Park.  The property is let to Geoffrey Black 
  Ltd for 5 years and Unilever UK Central Resources Ltd for 13 years and offers 
  an attractive income yield with good rental growth prospects.

* Invested #0.25m in a joint venture that has acquired a 526 acre site in
  Banstead, Surrey with potential for value enhancement through planning
  improvement.

* Through its joint venture interest in Endeavour Ware Limited, applied
  for planning permission for 127 dwellings (76 for sale, 51 affordable) and 45
  very sheltered apartments for the elderly and frail elderly at Watton Road,
  Ware.



                                  - e n d s -



For further information, please contact:

Richard Burrell / Ben Browne-Clayton     Shirley Hatherton / Sarah Campbell
Berrington Fund Management LLP           Lansons Communications
020 7107 3800                            020 7294 3615 / 020 7566 9703








                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

NAVGCBDGRGBGGLD