Conygar Portfolio

At 30 September 2010, the Group’s 45 investment properties were independently valued at £151.1 million. The portfolio has an annual net rent roll of £13.4 million giving a net initial yield of 8.25%. The estimated rental value (“ERV”) of the property is £14.7 million per annum. The investment void is 14.0% and the ERV of vacant units is £2.1 million per annum. We are in the process of a number of asset management initiatives which should increase value and reduce vacancy rates.

Edinmore Portfolio

In December 2011, we acquired a portfolio of nine freehold and long leasehold properties from a consortium including a subsidiary of Caledonia Investments plc and Buccleuch Property in an off-market transaction for a total cash consideration, including al

Lamont Portfolio

In November 2009, we acquired a portfolio of seven freehold and leasehold buildings for £44.8 million (the “Lamont portfolio”).

The Advantage Property Income Trust Limited

TAP was acquired by the Group in September 2009 following a hostile reverse takeover. Having acquired a strategic 28.9% stake in January 2009, we made a successful offer for the whole company and took control.